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Memberships can be pretty expensive, so make sure you make a habit out of going so it’ll be worth the expense (plus, your body will thank you for it).
Prescriptions and medicine
It’s difficult to predict prescription costs because you never know when an illness is going to strike, but you should include over-the-counter medications on your budget.
Pet care
Our furry friends bring so much joy to our lives, but they can also take quite a bit out of our budget. Be sure to plan for veterinary costs, like vaccinations and checkups, as well as monthly costs like grooming and pet food.
Bank account fees
Banks occasionally charge fees for their services, including low balances, transfers, account maintenance, and overdrafts. Include these costs in your budget. You can use these budget items to determine where your finances are going awry every month.
You might also consider switching from a corporate bank to a credit union. Credit unions usually have much lower rates and fees than large banks.
Parking
Parking is another expense that’s easy to forget about, but it can add up in huge increments over time. If you’re commuting to work in an urban area, chances are you’re going to have to pay for parking now and then, or perhaps you’ve signed up for a monthly parking plan at your job or at a parking structure. Include these expenses in your budget, and leave additional room for when you’re going to pay for parking when you visit an amusement park or when you’re traveling.
Car registration
Most people budget for gasoline costs, but people often forget to budget for car registration costs. In some states, like California, car registration can be fairly expensive, so you’ll want to account for it in your budget so you won’t be surprised when you get that notice in the mail that your current registration is about to expire.
Entertainment
Who says that you can’t budget for fun things, too? You should budget for any and all expenses that pertain to “having fun,” whether that’s going out clubbing, going to the movies, or attending concerts.
It’s difficult to budget for entertainment because you might never know when you’re going to be doing something fun (some people prefer to be very spontaneous with their entertainment activities). When you’ve itemized all your living spaces, determine how much money you have left over and set aside a decent portion of it for entertainment purposes. Even if you don’t use your entire entertainment budget each month, you’ll be able to put the extra cash away in savings or roll it over to the next month.
Don’t be afraid to give yourself more than a few bucks for entertainment! Saving money is no fun if you’re always stuck at home. And always remember that the more you cut back in other areas, the more you’ll be able to allocate to your entertainment budget.
Birthdays
Budget for birthdays! Even if you prefer your birthday to be low-key, you might want to dish out some money on a cake or a nice bottle of wine, and you should always keep some money in the budget for friends’ birthdays. If you have children, you’ll definitely want to budget to throw birthday parties. (You can use any leftover for savings, or create a back to school budget!)
Holiday gifts
The holidays can be taxing because of the huge financial strain that gift-giving has. But you can make the holidays a whole lot easier on yourself and your finances if you practice holiday season budgeting. Estimate how much you typically spend on gifts around the holidays, and then divide by 12: that’s how much money you’ll want to put away each month.
Here’s a pro tip for you: oftentimes, memories are far more worth the expense than a gift is. If you don’t have young children, you might consider taking your family on a short vacation rather than spending an exorbitant amount of money on gifts. You could spend a huge deal less, you’ll cut down on all the time you spend holiday shopping, and you’ll create memories with your family that are far more valuable than material goods.
