6 Expenses Every Woman Should Include in Her Budget (but most miss)

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If you thought that you included all your expenses in your budget, check again! You may have missed these six.

Do you have a household budget? Congratulations, you’re already way ahead of the crowd when it comes to money management tips! But you need to ask yourself how thorough your budget actually is.  Even when you think you’ve got everything covered, it often turns out that you missed a few items. It’s the little surprises that can ruin well-laid plans. This is especially true with personal financial matters.

Check your house hold budget again to make sure you have included these six items:

  1.  Expenses for your four-legged friends. If you have a pet, you’ll need to budget all pet-related expenses, such as food, boarding, health care, toys, grooming fees, bedding, and any other supplies you feel your pet needs to be happy and comfortable. Don’t overlook pet-related expenses.  They really add up quickly.
  2. Major purchases.  If you have plans to purchase any big ticket items, you need to make plan for that in your budget.  Are you planning to buy a new car, or new washing machine, in the near future.  Do you have vacation plans? If you’re like me, these big ticket items may slip your mind when you are making your financial plans. It’s essential that you  include these major expenses in your money management strategies and budget projections so that you don’t come up short, or totally ruin your budget.
  1. Non-monthly bills. Since most bills are paid monthly, budgets are set up on the same schedule. However, some bills aren’t paid twelve times a year. Depending on where you live, the water and trash bills might be quarterly. My insurance bills ( car insurance, house insurance, death insurance) are all paid annually.  So I break it down into monthly “savings” in my budget, so that when the time rolls around I can cover that annual expense.  Oh yeah…where I live, we need to plan for hurricane insurance too!  Which is also a HUGE annual expense.
  • Car registration and road taxes are also annual bills where I live.  It may be a small small amount in many states, but it can be a very large bill in others. The best thing to do is to set aside a little each month if the annual amount is high. 
  • Another annual bill where I live is property taxes.  In some places property taxes can be built into your monthly mortgage payment, but this isn’t always the case ( it’s not the case where I live). If you’re no longer carrying a mortgage, it certainly isn’t the case. So plan ahead and make allowances in your budget for this important annual expense.  Don’t be caught off guard.
  • As I mentioned before , many insurance premiums are often paid annually or quarterly. Remember to budget for these.  The last thing you need is for your insurance to expire and not have the finds immediately available to renew your policies.
  • Don’t overlook subscriptions and memberships.  These can also fall under the category of non-monthly bills.  These can include gym memberships, magazine or newspaper subscriptions, and warehouse club membership fees.
  • Home and car maintenance and repair costs can vary from year to year.  This is a BIG one for me, cause maintenance and repair costs can be so different from year to year.  But the key is to do regular maintenance on your home and car to avoid having to do MAJOR maintenance which is more costly.  In my case, I plan and budget for car oil changes every four months.  I don’t wait until the car starts running poorly to do that.  I do maintenance on my house roof every year too, rather than wait for the roof to spring a leak or be ripped off in a hurricane because of loose screws.  Perhaps in your case, it’s easy enough to change furnace filters. But how is your roof looking? What about the tires on your car? These possible expenses can ( and should ) also be budgeted for, so do not overlook them.
  • Eye examinations, dental checkups, and annual trips to the doctor are other expenses that many of us forget when creating a budget. Fortunately, we have a very good national health insurance plan where I live, so trips to the doctor are usually covered.  But eye examinations and dental checkups are not.  If you need a new pair of orthotics each year, include them, too. Consider your regular medical expenses and accommodate for them within your budget, especially for things that are not covered by a health insurance plan.
  1. Think about your clothing costs over the course of a year and include a line item in your budget. Do you have any special occasions this year? Perhaps a wedding or other formal event will require special financial consideration. Everyone needs to buy clothes on occasion.  I am not a huge clothes shopper, but I do tend to make room in my budget for a few nice outfits every year, since there are a few annual gala events that I enjoy attending.  It’s better to plan for these expenses than to ruin my budget with last minute items that were overlooked.
  2. Holidays and special occasions have a way of sneaking up on us. It might be a good idea to start saving, and maybe even shopping, in January. The end of year holidays can be a major expense for many women, depending on your traditions and the size of your family.
  1. School-related expenses. School supplies, field trip fees, school lunches, physicals for sports, and numerous other expenses can add up over the school year.

It’s important to account for everything in your budget and avoid the number one cause of stress among women! A household budget isn’t very effective if many of your expenses are excluded. There are many financial expenditures that are routinely forgotten when a budget is constructed. Go over your bills from last year and ensure you’re including everything relevant.

Please Share Your Thoughts 

In the comments below, share with us:

1. Did you overlook any of these expenses in your budget?
2. If so, which ones?

 

About Darlene

Darlene is passionate and enthusiastic about helping women simplify their lives, develop stress resilience, regain balance, and find happiness, despite the personal storms life throws at them. She has published a popular series of stress management books which focus on simple, practical and healthy stress relief strategies, as well as provide FREE resources and services that help women become more stress-resilient.

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