Creating a budget helps us all live within our means without feeling stressed out about money and to keep you from running out before your next paycheck. However, there are certain common expenses that are easily overlooked and if you forget to budget them in you might end up having to pull money out of savings only because you simply forgot to add them to your list of expenses.
Keep reading to learn more about these expenses that you want to make sure you add to your budget list.
- Car Insurance
Whether you choose to pay your car insurance monthly, quarterly, or annually this is an expense we all have and can easily overlook until we receive the bill in the mail. If you opt for an annual payment it can make it easy to forget about your next bill which is 11 months away.
Put money aside each month to have enough for the next annual or quarterly payment.
If your kid’s hair grows often or you know you like to get a haircut every month then why not budget for it? Calculating haircuts into your monthly expenses will ensure that you always put money aside for it.
This way when it is time for everyone to get a haircut in your home you already have the money saved up.
- Home Insurance
If you own a home you will have an insurance payment to protect all of your belongings and also protect your home in case something happens. If you don’t own a home then carrying renter’s insurance will help you in case something were to happen.
This is an expense that is often overlooked but important to have in case of any emergencies.
- Car Maintenance
Cars do not only need insurance every month in case you are involved in an accident, but they also require maintenance. Many times we forget to add vehicle maintenance to our budget every month. Maintenance costs can include many things such as tire changes, changing brakes, getting wheel alignments, new wipers, plus anything else that can go wrong.
If you ever find yourself in a bind because your car breaks down unexpectedly and costs a lot more than you have in the bank Money Trumpet can help. Car breakdowns are never expected and the bills that come with fixing a vehicle can be very high.
- Pet Care
If you have a fur baby you have to add grooming and veterinarian visits into your budget. You also never know when they are going to get sick. Pets doctor visits can add up quickly, especially if it is an emergency visit.
Add their shots, annual exams, and food to your monthly expenses to make sure that you always have the money aside that you will need to take care of them.
- School Supplies
If you have kids you know that at the beginning of every year you will have a list of school supplies you have to send your child to school with. You also know how quickly these supplies add up.
Prepare for these expenses by budgeting for them each month to make it easier when the time comes around for school to begin again.
Everyone uses soap, toothpaste, shampoo, etc but the majority of people do not add these expenses to their budget. Because they are necessary they should definitely be part of the budget every month where you add a certain amount to cover those must-have toiletries.
No matter how healthy you are, you never know when you will come down with a cold. Getting sick can create a domino effect on your finances because not only will you need medicine and possibly a visit to the doctor, you might also miss work and not get paid. Fever reducers, sore throat medicines, and cough syrups can be pricey.
Budgeting medicines will help you avoid those annoying unaccounted monthly expenses that we all dislike.
Clothing is something that we all use but forget to add it to our budgets. If you have an office job you want to make sure you add your work clothing into your expenses every month. If you workout, add your workout clothing into your budget and also do not forget about seasonal clothing.
If you live in an area with winter do not forget that you will need warmer clothes to make it through the season. Instead of waiting until winter to come up with the money for jackets, hats, and gloves, budget every month for this expense.
- Tickets and Tolls
Hopefully, you are a safe driver and do not find yourself with speeding tickets or any other tickets. The best way to prepare for unexpected tickets is to put money aside for them just in case. If you live in a state that has toll roads then this is another expense you want to put into your budget.
If you are prone to getting speeding tickets because of speeding cameras being on every corner or you never follow the speed limits then adding speeding tickets to your budget is a must.
Now You Know More About Common Expenses
If you have forgotten about these common expenses now you can make sure to add them to your budget list. Not all of these expenses will apply to everyone but all of these are very common and easily forgotten.
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