It seems with all the costs rising on everything sticking to a budget is getting more difficult.
Here are some things you could be overlooking in your monthly budget.
1. Auto Maintenance And Repairs…
We have to take care of our cars but we never know when something will happen. So, be proactive to avoid costly repairs down the road.
Make sure you get your oil changed and pay attention to issues. And if a mechanic brings a major problem to your attention, don’t ignore it. Instead, get a second and perhaps a third opinion. Then, take care of it.
2. Pet Care…
We love our pets but they have needs, too. And sometimes, those needs aren’t as cheap as you think.
So, don’t forget to factor in the costs of routine care as well as doctor visits.
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3 Regular Fees…
Are you responsible for obligations payable quarterly or annually? If so, it’s best to divide the quarterly payment by three or the annual payment by 12 to figure out a monthly amount.
Then, set aside the necessary funds each month so you won’t be caught off-guard when the payments come due.
4. Special Events…
They always happen and most of the time we haven’t budgeted for it.
Things like a wedding, birthdays, graduations and even everyone on our Christmas lists!
Do you have the funds on hand to cover the cost of these gifts? If not, you may have to borrow to make it happen, or decline to attend.
Or, you can budget money for special events so you’re covered when one pops up.
5. Service Calls…
The water heater can suddenly die, or your furnace may go on the fritz. So, make sure you tuck away money for such unpredictable failures.
6. Health Care…
You probably already budget your monthly premiums for health insurance. But have you thought about copays and deductibles?
This may be the number one reason retired people get into trouble with their finances. Try to plan ahead and have money set aside.
There certainly are other items that pop up. I have started to budget extra “what if” money and put it into my rainy day savings account. This will ensure I have money to take care of those little things that pop up.