While
things like rent, mortgage, groceries, insurance and utility bills are regular
things on our household budget, there are some things that we simply sometimes
forget about! If you’re in the process of putting together a budget for your
household or if you’ve got a budget but you are still mystified as to where
your money is really going, here are some things you may want to include:
Household
Repairs
We
often don’t think about it, but often things around the home can malfunction or
break – especially in older homes. You might end up with an overflowing dishwasher
or a broken window. It’s important to set aside money in your budget for
unforeseeable repairs, especially if you’re not rolling in cash. If you decide
to sell your home, a conveyancer
may request that you fix or upgrade certain appliances or fixtures before
settlement, so it’s good to have extra cash for this too.
Clothes
Clothes
are a necessity for everyday living, but they’re often left out of our
household budgets. When you consider work clothes, shirts, pants, jeans,
skirts, dresses and shoes you begin to understand how buying clothes can
significantly impact your finances. Make sure you budget for clothing and
expenses, especially if you’ve got kids.
Transport
and Petrol Costs
Spending
money on petrol each week? Or paying for a weekly bus or train ticket? Don’t
forget to factor transport costs into your household budget, too. This may even
reveal better ways of spending – could you spend $30 on the train each week,
instead of $80 on petrol?
Car
Repairs
On
top of your car loan, registration and insurance, you should also set aside a
bit of money for any car repairs. Car repairs are usually quite costly, ranging
in the hundreds or even thousands. Having to fork out this amount of cash can
be daunting. Ensure you save for car repairs to keep you out of any sticky
money situations.
Family
Activities
If
you’ve got kids, taking them on family outings can sometimes be expensive. It
can cost up to $100 to take a family of four to the movies or even out to
dinner. If you enjoy family activities, it’s a good idea to budget for them, so
the expenses don’t eat away at your spending money.
Tax
Return Costs
We
hate tax time! But if you get your tax return or other finances done by an
accountant, you’ll also need to pay for their services. Budgeting your tax
return fees into your yearly budget means a little more peace of mind when it
comes to tax time.
School
Expenses
You’re
probably great at saving money for school fees, school supplies, books and
uniforms at the start of the year, but have you taken into account any ongoing
school expenses? Are there numerous excursions or school camps coming up that
you’ll need to pay for? What about fees for school photos? Make sure you find
out about and include all of your child’s yearly school expenses.
Christmas
and Birthdays
Christmas and birthdays are usually a
fun time of year, but if you find yourself drowning in “present debt” every
time they come around, it might help to budget better. Could you save $50 a
month, for instance, as a Christmas or birthday fund? This will keep you
prepared when it comes to present-buying and means that you won’t blow out your
budget during the Christmas and birthday months.
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