Where did all the money go to?
Is a common question to most people especially at the end of the month just before payday.
If you are like me and you like to work with a budget each month then you know that it’s easy to forget I some items when you actually do your montly budget.
Only to realise in the middle of the month you didn’t budget for this and that, I have made this mistake many times and I believe some of you have also made this mistake.
Forgetting to include expenses in your budget can be frustrating as it will mean that you will need to overspending on your overall monthly budget.
Here are 25 Common Things You Are Forgetting In Your Budget.
1. Fun Money
It’s a great idea to include fun money or pocket money in your monthly budget.
This could as small as £10 or £100 it all depends on your monthly income.
2. Gift Money
Birthdays gifts, wedding gifts, valentine gifts, mother’s day gifts, Christmas gift, teachers end of year gifts all cost a lot of money make sure you include them in your budget every month.
3. Quarterly /Annual Bills
There are some bills that you pay quarterly or annually such as electricity and gas.
To avoid a surprise bill make sure you are putting some money aside for those bills each month and when the payment is due you can just pay it without a struggle.
4. Home Maintenance
From time to time you might need to do a few jobs or buy things for your house.
5. Miscellaneous Spending
I used to buy those small purchases each month such that at end of the month these “small purchases” would just take a big chunk of money out of my budget.
I like to call this miscellaneous spending if you don’t put this in your budget you are more likely to spend more and more each month without really knowing where your money is going.
If you have kids you will know that school shoes need replacing every year but to some parents, it could be every term or every month it all depends on how well your child can look after their shoes.
Some childern are good at looking after their shoes but some are not very good no matter which expensive shop you buy their shoes from, they won’t last very long.
7. Top-Up Grocery
Running out of perishable grocery items such milk, bread and fruits is a common thing.
Make sure you budget for any grocery top-ups you might need to do.
To reduce the amount you put in this category always meal plan and buy your grocery once a week rather than having numerous trips to the supermarket which can be expensive.
This can be clothing for your kids or clothing for yourself you need to work out how much you will spend on clothing for the year then divide the number by 12 that’s how much you should be putting aside each month.
9. Eating Out Money
When you are budgeting your grocery food it’s easy to forget that you also need to budget money for eating out for the month.
10. Entertaining Guest
When you have guests coming over to your house you need to prepare for them by buying extra food and drinks to entertain them.
You might also want to take them around your town and maybe eat out with them.
11. School Trips
A great way for kids to learn more and understand things around them is to go on school trips.
Sometimes school letters about trips are sent to parent well in advance but at times they are send out at short notice.
Always have some money put aside for school trips and events such as non-school uniform day which you might need to pay.
Don’t forget to budget money for smoking it all adds up.
Work out the cost of alcohol you are most likely consume in a month and put it in your budget.
If you decide not to drink alcohol that month, you can always carry it forward to next month or use the money to boost your emergency savings fund.
14. Magazines And Newspapers
If you like buying magazines and newspapers you might consider setting aside each month the total money you will spend on them rather then using your grocery money to buying these.
15. Seasonal Spending
Buying charcoal for the bbq, snow sledge, easter egg decoration all these are seasonal spending always include these in your budget.
16. Cleaning Products
Household cleaning products are easy to forget to include in your budget you end up spending money you budgeted for something to buy cleaning products.
One way I save money in this catergory is to make my own homemade cleaning products.
Wheather you travel using your own car, using public transport you need to budget for the cost of travelling.
18. School Stationery
School stationery is something that you don’t only buy at the start of the year but it something that you need to buy throughout the year.
19. Postage Stamps And Shipping Cost
Postage stamps don’t cost a lot but when it comes to shipping cost it might be another thing.
Although you might not need to ship things every month you need to set money aside.
20. Hair Dresser
How many times do you visit the hair dresser every month?
How much do you spend per each visit?
Allocate money to your budget according to the frequency you visit the hair dresser.
21. Greeting cards
We all love to receive greeting cards whether they are for special occasions or something as simple as a thank you card.
But in order to receive greeting cards, you should be willing to give others greeting cards as well.
One way you can save on greeting cards is buying them when they are on offer or on sale.
22. Car Expenses
Replacing tyers, de-icer, car washes are all cost associated with owning a car make sure you have them in your budget.
23. Replacing Electrical Items
Electrical household items like iron, kettle, freezer might need replacing after years of being used.
You might simply need an upgrade of that electrical item you already have or the old one you were using broke down.
To avoid taking any debt make sure you save some money to use for paying your electrical items should the need arise.
24. Gardening Expenses
Gardening is a great hobby but you also need to budget for things you need to buy for your garden.
If you like me and you like reading books then you might need to budget money to buy books you enjoy most.
Budgeting for these will lessen the burden of the overspending on your monthly budget.
It’s a matter of remembering to include them in our budget every month.
Over to you…
What do you forget to include in your budget ?
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