5 Expenses You Must Remember to Budget For
When encouraging the use of budgets with clients and asking them to list their expenses we often find us prompting them with inclusions. Simple bits and pieces that they forget to include that can make all the difference when it comes to sticking to a budget or completely blowing it.
Here are 5 of the most common expenses individuals fail to budget for.
Have a read through and let us know, are you guilty of mind blanks when budgeting?
Most people remember to put the big things like car loan repayments into the budget but they often glaze over when it comes to registration, mechanical maintenance, new tyres, insurance and petrol. Make sure you list all of these expenses so you know exactly how much money your car is costing you each year.
Children’s Extra-curricular Activities
Parents get hit up often and for considerable amounts when it comes to giving their children the best opportunities possible. The wallet is opened often, and in the name of providing for children, yet this is often money that is unaccounted for. Of course, it is what any parent would do when they can, but just make sure you are keeping track of the payments you make so you can have a more accurate budget.
Businesses love to sign you up to these because more often than not you will hand over your credit card details and they will direct debit your membership payment from you monthly or yearly. Often this means small payments that over time can add up, especially if you are leaving them out of your budget. Think of things like mobile phone plans, streaming services like Netflix and Spotify, memberships to gyms or other programs and networking groups, to name a few!
It’s likely you have been there, the budget is going along well and then something breaks. Whether it be a window, fridge, heater, air conditioning unit, oven or the bathroom gets leaky, these moments can severely derail the best of budgets.
Make sure you include household maintenance in your budget, keep these funds aside so that when something breaks in the house it doesn’t end up breaking the budget!
Breaking is of course not just limited to household items. When you or a member of your family “breaks” weather it be an actual bone, or you get a serious or not so serious illness, it is going to cost you money. You would hate for it to happen, but it pays to be prepared. There would be nothing worse than having the stress of illness combined with the stress of wondering how you will pay for the best medical treatment.
Realising that you are missing a lot of items from your budget? Contact the team or give us a call on 07 3852 4114 to find out about the solutions we can put in place to ensure you never miss an item ever again!