5 Easily Forgotten Monthly Expenses That You Need To Budget Too

If you have a household budget, you’re doing better than most!

Having a budget is the first step toward financial freedom and it involves you telling your money where to go instead of wondering where it went.

All in all, the best way to stick to your budget is to actually start one (instead of thinking it’s a great idea that you never action).

No matter how thorough we attempt to be when constructing a budget, there are usually a few things that escape our minds.

Trust me I know from experience that it’s the little surprises that can ruin well-laid plans.

This is especially true with personal financial matters.

Here are some areas to keep in mind when creating your budget:

EASILY FORGOTTEN MONTHLY EXPENSES

#1 – Pet-related expenses

Have a pet ?

Yes I do too – a gorgeous little Kings Charles Cavalier.

Does having a dog cost zero dollar?

Nope it does not!

This category includes food, boarding, health care, toys, grooming fees, bedding, and any other supplies you feel your pet needs to be happy and comfortable.

EASILY FORGOTTEN MONTHLY EXPENSES

#2 – Big ticket items

Is there a new car, vacation, or new washing machine in your near future?

These items often slip our minds when making financial plans.

Plan for and include these expenses in your budget projections.

EASILY FORGOTTEN MONTHLY EXPENSES

#3 – Non-monthly bills

Since most bills are paid monthly, budgets are set up on the same schedule.

However, some bills aren’t paid twelve times a year.

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.

• If you can, opt for a monthly payment instead (I’m so happy I get this option instead of getting hit with two big payments (for two cars) all in one go.
• Property taxes can be built into your monthly mortgage payment, but this isn’t always the case. If you’re no longer carrying 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 another non-monthly bill.

These can include 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.

EASILY FORGOTTEN MONTHLY EXPENSES

#4 – Clothing

In an ideal world, we wouldn’t need any new clothes and we would just survive on what’s currently hanging in our closet.

But if you have kids then you know that they grow QUICKLY.

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 this year?

Perhaps a wedding or other formal event will require special financial consideration.

Everyone needs to buy clothes on occasion.

EASILY FORGOTTEN MONTHLY EXPENSES

#4 – Gifts

Christmas and birthdays have a way of sneaking up on us.

It might be a good idea to start saving, and maybe even shopping, in January.

Christmas can be a major expense, depending on your traditions and the size of your family.

Note down all the important dates like anniversaries, birthdays, and Christmas into your calendar and estimate how much money you will need to put aside for these expenses.

EASILY FORGOTTEN MONTHLY EXPENSES

#5 – School-related expenses

School supplies, field trip fees, school lunches, physicals for sports, and numerous other expenses can add up over the school year.

Kids are expensive, right?

Especially if you send your child to a Catholic school (here in Australia it costs an average of $6000 per year to attend a non-private Catholic school while the private schools cost $20,000+).

It’s important to account for everything in your budget.

Here’s the thing: A household budget isn’t very effective if many of your essential expenses are excluded.

If you fail to mention these things in your budget, there’s a good chance you will consistently struggle to save as much money as you like each month.

These are just a few of the main financial easily forgotten monthly expenses that are routinely forgotten when a budget is constructed.

Go over your bills from last year and ensure you’re including everything relevant.

If I have missed anything important please let me know!

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