Check Your Forgotten Expenses

Forgotten expenses can cause problems to your monthly budget. Managing a household budget can be tough, especially when unexpected expenses pop up. While most of us plan for rent or mortgage, utilities, and groceries, some costs often slip through the cracks. Here are five commonly forgotten expenses to keep in mind when setting up your budget:

Home Maintenance and Repairs 

Regular maintenance and surprise repairs can add up fast. From a leaky faucet to a broken appliance, these costs are part of being a homeowner. To avoid being caught off guard, I suggest setting aside a bit each month for maintenance and repairs. A good rule of thumb is to save 1-2% of your home’s value each year.

Vehicle Maintenance

Beyond gas and insurance, cars need regular maintenance and the occasional fix. Oil changes, tire rotations, brake replacements, and unexpected issues can really hit your wallet. It’s a good idea to create a fund just for car maintenance so you’re ready when these expenses come up.

Medical Expenses

Even with health insurance, out-of-pocket medical costs can be significant. Co-pays, prescriptions, dental visits, and vision care often get overlooked. I advise saving a part of your budget in a health savings account (HSA) or a dedicated medical fund.  This can help ease unpredictable expenses.

Subscriptions and Memberships

Streaming services, gym memberships, and other subscriptions can easily be forgotten. These small, recurring expenses add up over time. I highly encourage you to review your subscriptions regularly and eliminate services you no longer use.  You can take this one step further and cancel subscriptions that you do not truly need.

Gifts and Celebrations

Birthdays, holidays, weddings, and other occasions are fun, but these often require gifts. When you plan for these expenses, it can make the celebration less of a financial strain. It’s a good idea to keep a gift fund to cover these happy, yet costly, events.

By keeping these forgotten expenses in mind, you can create a more accurate and realistic household budget. Planning ahead for these costs can give you financial peace of mind and help you handle unexpected expenses without stress.