Budgeting Tips: Six Commonly Forgotten Expenses

Budgeting Tips: Six Commonly Forgotten Expenses

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People are often not able to stick to their monthly budget, and it is often thought that the problem is fiscal discipline. The truth is that many people fail to stay within their budget because the budget was underestimated to begin with. There are many expenses that are forgotten and not accounted for in the monthly budget. When these expenses occur, people are caught short and must borrow the money. The following are common expenses you may encounter that should be added to your budget in advance.

Car maintenance and repair

Even though people are aware that they spend money for upkeep on their vehicle, they seldom budget for it. With repairs, a car may be covered under warranty, but the maintenance must always be a part of the budget. Things such as oil changes, brake maintenance and new tires are a part of car ownership. They are expenses that car owners need money for periodically.

Car registration

This is a predictable amount of money that is paid every year. It is simply a matter of dividing the amount that will be needed by 12, and then saving up the money each month to have enough to pay for a car registration renewable each year.

Christmas gifts

Christmas comes once a year, and everyone knows the date that they will be handing out presents. Still, many people find themselves short of the money needed to buy the gifts that they want to purchase. This leads to using a credit card, and this debt will take time to pay down. The best approach is to decide how much money will be spent for Christmas, and then budget a certain amount to have the cash needed before Christmas arrives. Deciding this before the holiday shopping period arrives will give you a more objective way to decide how much to spend. In addition, Christmas gifts can be bought in advance when an item is on sale.

Medical expenses

Many people don’t set money aside for medical emergencies. If you have monthly prescriptions or require frequent trips to the doctor, you may already have that money set aside, but don’t have extra set aside for the less frequent doctor visits. Remember to budget for everything from health insurance to the cost of your yearly exam. It’s always good to have a little money saved in case of unforeseen accidents or emergencies.

Taxes

If you find yourself paying taxes every April, then you need to budget this on a monthly basis. Because incomes can fluctuate, income taxes can vary, but at the very least, much of the money owed can be set aside ahead of time.

Veterinarian services

If you have a cat or dog, you will have to pay for the services of a veterinarian sooner or later. Although it can be tricky knowing how much to set aside for this expense, it is something the every pet owner needs to do. There is also the option of insurance for your pet’s health care that makes this expense easier to budget for.

Keep in mind that no matter how hard you try to make an accurate budget, you will most likely forget one or more items the first time you make one. Don’t let it get you down. Simply make the necessary adjustments. Over time, your budget will become more accurate.

Article Credit: If you live in Chicago, medical legal help is readily available if you do have an accident or injury.

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