A careful review of your family’s finances is essential for making smart decisions that will ensure you are prepared for emergencies and have a substantial amount of money to place in savings each month. However, it can be easy to overlook many common expenses that may not occur on a regular basis. Here are six items you should never forget when preparing your budget so that you can have a full understanding of your finances.
Family Celebrations
From birthdays to holidays, every family has some type of celebration that will occur within each quarter of the year. Whether you plan a large birthday party or prefer to enjoy a quiet evening out, any type of celebration will require some spending. Decide now what your budget may be, then write it into your finance plan so you will be prepared.
Pet Care and Supplies
Although your cherished pet may ask for little, they will need veterinary check-ups, food and supplies. Add up what you would normally spend in a month, and be sure to add in a little extra for vaccinations and insurance if your pet is covered by a policy.
Seasonal Maintenance and Repairs
Keeping your home maintained can take up a significant portion of your budget. When estimating your seasonal expenses, be sure to include lawn care services as well as the possibility of repairs. For example, if summer is approaching, then you may need to include the cost of an inspection of your HVAC unit.
Automotive Expenses
It is likely that you have already included the cost of your auto insurance as well as fuel; however, oil changes, tune-ups and needed repairs are often forgotten. Make sure to include these expenses for each vehicle you own, including the ones you may have stored in the garage.
Health and Dental Care
Regular visits to the doctor and dentist are essential for each member of your family. By taking initiative and utilizing preventative care, such as an exam and cleaning at the Ivory Dental Centre , can help keep these costs from busting your budget. Also, remember to include over-the-counter and prescription medications as a part of your health care costs.
School Supplies and Fees
Families with children in school should expect periodic expenses for replenishing school supplies and paying club dues and field trip fees. Although these costs can arise unexpectedly, be sure to include a listing of known expenses from past years.
Overlooked expenses are the most common cause of a family falling off track with their budget. This year, stay on top of your finances by carefully examining how you have spent your money in the past so that you can be better prepared to plan for a financially secure future.