Making a budget is a great idea, but if you forget to plan three or four things, then your whole budget can get thrown off. In order to avoid having to replan your whole budget, here are 20 things that you’re probably forgetting that you should put in your budget right now.
Most people don’t add an emergency fund to their budget. We often have savings calculated in (for big purchases), but not a fund for emergencies that are unexpected. Funnel some money into an emergency account every month to take care of that issue.
Haircuts and personal care are often things that go forgotten until right when we need them. So, when you sit down at the beginning of the week or month to budget, don’t forget this category!
It’s sometimes hard to track the amount you spend on heating and cooling because it varies so much on what month and season it is. However, to the best of your ability, plan for the months where you’re going to probably be using them a lot so you have the money in your budget to cover it.
We should all be budgeting for a vacation. It doesn’t have to be a big European getaway, but a little vacation to a bed and breakfast a few hours away should always be worked into the budget.
I have a good friend who always says that if you don’t want to spend money on dates with your spouse, you’ll just be spending that money on therapy! So, make sure you work date nights and entertainment into the budget so you can relax and enjoy yourself after a hard week of working.
Along with that, you should also have some money set aside for eating out. Buying fast food usually comes up in the moment (because it’s convenient), so work that into your budget ahead of time so you don’t have to worry about balancing the books later.
Annual payments are super easy to forget about because we only pay for them once a year. Things like credit card fees or some memberships can be hefty but sneaky, so make sure they’re in your budget.
While having to buy school supplies only happens once or twice a year (depending on how fast your kids go through them), it can be a pretty large chunk of money. So, if you don’t budget for it, then it might throw a wrench in your budget. Sit down now, and make sure you have it worked into your finances.
Every now and then, you’re going to have to buy new work clothes. Things like shoes, suits, etc. can all be a pretty large charge if you have to buy them all at once. Figure out if you’re going to need new clothes this month or year, and then budget it.
Gifts are something that always seem to pop up as extra expenses for me. Holidays like Christmas and Valentine’s Day don’t do this; but friends birthdays are usually the guiltiest! So make sure you know everyone’s birthday who you buy presents for, or just plan in some extra money each month for surprise presents.
Pets can be just as expensive as children sometimes! Shots, food, leashes, emergencies, and other things can all add up pretty quickly if you haven’t budgeted them.
If you own a home, then you know how home and yard maintenance’s can get pretty expensive. Blowing out the sprinklers, fixing the mower, painting the front porch, and other projects can cause some financial issues if you don’t budget them.
Don’t let car expenses sneak up on you! Things like registration, tabs, repairs, or other problems should be worked into your budget so you’re not stressed when they come up.
For those of you who contribute frequent donations, then make sure they’re in your budget! While it’s always good to give to charity, you want to go about it smartly.
If you have monthly subscriptions like magazines or weekly delivery systems, then they need to be in your budget! If not, you’ll be wondering where all that money is going every month!
While it’s great to get some extra income (especially when it’s not expected), if it’s not calculated into your taxes, then you can see a big chunk of your monthly budget get taken by those taxes! And you can even get fees tacked on if you don’t pay the taxes, which is even worse!
If your kids are into sports or art groups, then the enrollment fees and cost of equipment can be a burden if not planned for. For the months when those activities start, make sure you budget for these expenses.
Clothing is another thing you’ll have to buy frequently when you have growing kids in the home. You may find yourself buying new pants every few months and, if you don’t plan for it, the costs can build up.
Unfortunately, even if you have insurance, medical bills can be pretty large. If you have regular doctor visits, set money aside for them, but also add a bit of money for emergency visits or other situations.
You’ll also want money for non-prescription medication; things like aspirin, Nyquil, allergy medicine, and others are expensive, and if you don’t plan on buying them, then their price seems even bigger!