Four Overlooked Expenses You Are Leaving Out Of Your Budget

To have an accurate budget, it is necessary to include every expense, no matter how small.

To have an accurate budget, it is necessary to include every expense, no matter how small.

Budgeting is an important part of finding financial stability. While many people use a budget, they often forget to factor in all of their expenses. A new year is a good time to re-evaluate your budget to make sure you aren’t forgetting any of these categories.

1. Subscriptions/memberships

While it is easy to remember major costs like rent and utilities, small monthly costs are often overlooked. To budget for an annual subscription or membership, divide the total cost by 12 and set aside that amount of money in a separate category each month.

2. Gifts/special occasions

Since you can always anticipate when special occasions like birthdays, holidays, and anniversaries will be, it is easy to budget for them. Add up your yearly special occasions and divide the total by 12. Take into account the expense of the presents as well as the cost of any special dinners or parties.

3. Fun Money

To keep your budget from feeling like a restriction, it is important to treat yourself too. Something as small as a fancy coffee drink once a week is a good treat! Allow yourself a certain amount each month that can be spent however you please. This will not only relieve you of guilt but also makes it easier to stick to the budget in other categories.

4. Home repairs

While some home maintenance costs are annual and easy to budget for, many repairs are unforeseen. Set aside a certain amount each month to cover any surprises as they arise.

If you have a hard time sticking to your budget each month, make adjustments. Look for areas where you are spending that aren’t included on your budget.  If you are spending any amount of money on something, it should be included. For more budgeting advice, stop in to see your friends at First Security State Bank. Stop by either our Cedar Falls or Evansdale locations today!