You are doing better than most people if you even have a household budget! But, it is very likely that no matter how much you tried to think of everything when making your budget, there still are a few things that you didn’t think about. They say that it’s the little foxes that spoil the vine and this is especially true with personal financial matters.
Here are six things you should remember to include when creating your budget:
1. Pet-related expenses. Food, boarding, health care, toys, grooming fees, bedding, and any other supplies you feel your pet needs to be happy and comfortable can sometimes sneak up on you and play havoc with your budget. If you have a pet, or pets, be sure to include them in your planning..
2. Big ticket items. Are you thinking about buying a new car? Planning a vacation? Will you need a new washing machine in the near future? These are some of the items that often slip our minds when we are making financial plans. Remember to plan for and include these expenses in your budget projections.
3. Non-monthly bills. Most of our bills are paid monthly, and budgets are usually set up on the same schedule. However, some bills aren’t on a monthly basis. Depending on where you live, the water and trash bills might be quarterly.
- Automobile registration is an annual bill. This is a small amount in many states, but it can be a very large bill in others. Set aside a little each month if the expense is considerable.
- Property taxes often are built into your monthly mortgage payment, but this isn’t always the case. If you don’t have a mortgage, it certainly isn’t the case. Plan ahead.
- Insurance premiums are often paid annually or quarterly. Remember to budget for these.
- Subscriptions and memberships are other non-monthly bills. These can include such things as gym memberships, magazine or newspaper subscriptions, and warehouse club membership fees.
- Home and car maintenance and repair costs can vary from year to year. It’s easy to plan for oil changes and furnace filters. But how is your roof looking? What about the tires on your car? These possible expenses can also be budgeted for if you remember them.
- Eye examinations, dental checkups, and annual trips to the doctor are other expenses that many of us forget when creating a budget. If you need a new pair of orthotics each year, include them, too. Consider your regular medical expenses and accommodate for them within your budget.
4. Clothing. Think about your clothing costs over the course of a year and include a line item in your budget. Do you have any special occasions coming up this year? Perhaps a wedding or other formal event that will require special financial consideration? Everyone needs to buy clothes on occasion.
5. Gifts. Christmas and birthdays have a way of sneaking up on us. Christmas can be a major expense, depending on your traditions and the size of your family. It might be a good idea to start saving, and maybe even shopping, in January.
6. School-related expenses. School supplies, field trip fees, school lunches, physicals for sports, and numerous other expenses can add up over the school year.
As much as possible, it is important to account for everything in your budget. A household budget will not be very effective if very many of your expenses are not included. Many financial expenditures are routinely forgotten when a budget is being made. Go over your bills from last year and try to ensure you’re including everything relevant.
What other things can you think of that might be forgotten when planning a budget? Share them with us in the comments section below.