Apr 20, 2012

Common Household Budget Problems

 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 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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