When setting up a budget there are many items that you may leave out thinking they aren't important or you may simply forget about them until it's too late. Many times these items can bust your budget very quickly when the "unexpectedly" sneak up on you. When we first started, we found a few things we were lacking and worked to quickly fund them. These are six items we overlooked but you should consider and be sure to include.
- Allowances - This is extremely important in being happy while budgeting. Consider a small amount each week to cover lunches. Then you won't feel you need to justify to anyone spending from this account.
- Prescriptions - If you have prescriptions that you or your family need on a regular basis, don't forget to include these. Since prescriptions are typically given out in 30, 60 or 90 day fills, it is relatively easy to calculate how much cash to set aside for this expense.
- School Incidentals - This is a category that can be difficult to fund. This can be used for incidentals such as pictures, mid-year fees, uniforms, etc. 1). One big one that got us is we knew our kids were going to go into band when they got into the upper levels of grade school and could have saved for a band instrument over the summer. We didn't do that and it was difficult to make it work when the time came.
- Auto repairs - Having a fund that will pay for oil changes and other routine maintenance is something we set up right away. What we hadn't done right away was to start funding an account that would pay for either an insurance deductible in case of an accident or medium cost car repairs. These are repairs that are necessary but are hard to predict when they may occur. Things like breaks, water pumps, etc. Funding this account can be done gradually over time until you get to an amount you feel comfortable with.
- Family entertainment - This is a budget buster if you expect to just take $10 - $20 here and there from your household budget to rent movies, etc. Once we had this account established, we found we were better able to keep our household items budget in check.
- Gifts - The holidays are always stressful unless you have an account ready for this time of year. It can be used for birthdays as well. Having this budget item really makes the holidays enjoyable. Without it, you may end up in trouble and breaking out the credit cards again
Sticking to a budget has never been easier. Check http://www.OwnYourCash.com. There you can also use our FREE budgeting software to get out of debt once and for all.
I am not a certified or licensed financial planner, a lawyer or anything like that. This information is my opinion and for entertainment purposes only. Every situation is different and you should seek a financial planner for your specific situation.
By Brian Pooley
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