Even though it is a learning process, budgeting is one of the best things you can do to get on the right financial track. When putting together a budget, most people start by collecting all of their bills and sitting down to figure out where their money is going every month. However, by doing this, people often skip over crucial areas. Be sure not to forget these 3 budget expenses.
1. Annual Payments
One big area that people often forget to include in their budget are those bills that only come once or twice a month. These can include: AAA membership dues, insurance premiums, subscriptions and gym memberships. Furthermore, remember medical bills such as your annual physical, dentist cleaning, eye exams, etc. Therefore, make sure you know your insurance situation well enough to set aside the correct amount of money for when these bills arrive.
2. Personal Care/Hygiene Expenses
Personal care expenses are also often an area that we forget to factor into our budget. Does an $80 salon visit or a day trip to the spa ring a bell? Those things can create a huge hole in your budget. Therefore, plan for it. We suggest budgeting about $20-$30 per month.
3. Household Supplies and Maintenance
This is an area we often overlook. Don’t factor household supplies like toilet paper, paper towels and cleaning supplies into your grocery budget. You cannot eat these items, so they should be in their own category. Also, budget in the money that goes towards maintaining your house such as carpet cleaning, power-washing, snow removal, leaf collection, etc.
Bottom line…don’t just rely on your emergency fund. Remembering to add these 3 budget expenses will allow you to track your spending better and finally get it under control. William Wolske, CPA wants to be sure you are making good money decisions. Schedule your free consultation today to receive assistance when it comes to handling your finances and money saving goals. Contact our offices at 843.706.9644 or visit stop by. We’ll go through your financial situation together, so you can have a financially happy new year!