Budgeting is a necessary part of financial stability. When you budget, you remember the mortgage, food, gas, and basic bills, but there are many things you may forget.
Do you ever have a well-intentioned plan at the beginning of the month with a name for every quarter, nickel, and dime, and then you make it to the end and wonder: where did the money go? Maybe it's because you forget to think beyond the basics.
1. Subscription memberships
Various monthly deliveries, Netflix, or gym memberships are often overlooked. Some are inexpensive, but five to ten dollars here or there all adds up over time.
Birthdays, holidays, or unexpected charity events can sneak up on you. You want to give, but if you don't have it included in your budget, you can come up short. Budgeting for gifts will allow you to give more because you are planning ahead. The months that do not have as many occasions requiring gifts will carry over into the next month.
3. This ‘n that
This n' that is the same thing as a small emergency fund. There are times when expenses come up that you can't plan. When you have money set aside for miscellaneous items, you will feel less stressed meeting the unexpected head on!
4. Home maintenance
No matter if your home is an old “fixer-upper” or a newly remodeled home, there will be home maintenance issues that arise. Some will be more major than others, so it's important to be ready!
5. Vehicle repairs
Like home maintenance, vehicle repairs can really hit hard. This isn't a monthly bill, but it's important to treat it like it is! Put back money each month to save for unexpected vehicle repairs.
6. Kids activities
This one is almost impossible to fit into the budget because it's constant and unpredictable at the same time. Budget what you can but leave some wiggle room for additional costs that will most definitely occur.
Don't get down on yourself when it comes to budgeting. Keep tweaking the numbers and stay the course.
Tell us, what part of this list do you need to add to YOUR budget?