If you budget, you are probably an expert at tracking your usual expenses in a month. But how many months does an unexpected situation arise, resulting in a bill you forgot to budget for?
While we can’t predict every expense that might happen, we can protect our finances by remembering common expenses that we tend to forget about every year. Remembering to save for these 8 things will keep your budget intact and keep you on track financially.
1) Gifts
Whether it is birthdays, graduations, holiday giving, or baby showers, occasions that call for gifts can sneak up on us. To feel prepared, why not start a separate gift fund?
Or, if you’re forgetful like me, go ahead and buy all the needed gifts at the beginning of the year and set week out reminders of when an occasion is. This habit prevents gifts from blowing my budget and also helps me to remember birthdays and other celebrations.
2) Insurance
Many types of insurance billing happens quarterly or even annually. Unfortunately, this can be a big expense if you are not prepared.
Mark your calendar for every insurance due date. If keeping track proves difficult, maybe you can consider switching to monthly, instead of annual, payments.
3) Emergencies
There is always a threat of an emergency happening, and they will never happen at a convenient time. Maybe your car broke down, you had a major health issue, or even lost your job. Without budgeting for emergencies, you are left with few options if something bad were ever to happen.
Remember to set aside money every month for emergencies. There is no “magic” number of what equals and adequate emergency fund. Even just $1,000 is enough money to get you through many emergencies. Budget for a goal number that makes you feel comfortable, so you can be prepared for any emergency situation.
4) Pets
Pets deserve the best care, and if something were to happen to a pet, it’s important to be prepared. Set aside money every month for pets and consider purchasing pet insurance.
5) Savings Goals
What are your other life goals? Maybe you want to travel the world, purchase a home, or become an entrepreneur. Most goals need at least some, if not a lot, of money.
With other expenses demanding a part of our money, it can be easy to stop prioritizing saving for your goals. But remember, the best part of money is that you are in control. You can save for anything you want with some strong budgeting skills.
6) Seasonal Clothing
If you are like me, you might find yourself needing at least one clothing item for every new season. Maybe it is sandals for summer, or gloves for winter. Some of these items, like winter coats and footwear can be costly.
Budget for each new season. Or better yet, buy clothing in the off season when it is on sale.
7) Back-to-School Season
Back-to-school time always sneaks up on people, and it can be a major expense if you aren’t prepared for it. Remember to set aside extra money for this August or September time frame.
To really save money, you can buy back-to-school supplies, like markers, backpacks, and some clothing for next year right after school starts. This way, you’ll find sale items and be prepared for next year already.
8) Landscaping and Outdoor Projects
For any homeowners, springtime means extra expenses for plants, landscaping, and household supplies. Set aside extra space in your budget for these spring expenses.
