Items You’re Probably Forgetting to Budget For

Do you sometimes find yourself wondering where your money went this month even with a solid budget? Sneaky expenses can derail the best laid plans. Here are expenses you may be missing from your budget:

Home office supplies

These supplies include items like printer ink, paper, stamps, sticky notes, binder clips, push pins, staples, paper clips, and pens. Set aside $5-$10 per month to prepare for these occasional purchases.

Insurance deductibles

These include the deductible portions of vehicle, renter’s, homeowner’s, or appliance insurance policies. If you haven’t accounted for insurance deductibles in your emergency fund, start now! Tip: research whether your deductible fluctuates depending on the loss event. For example, some homeowner’s insurance policies charge a higher deductible for wind and hail damage.

Extended family and friends birthday and holiday gifts

Those thoughtful gifts for nieces, nephews, in-laws, and close friends can add up to several hundred dollars over the course of the year. It’s best to set aside $50-$100 each month (or more if you have a big family) to spread out these expenses.

Friend and family member celebratory milestone events

Like birthday and holiday presents above, gifts for weddings, graduations, baby showers, anniversaries, and more can dent your bank account. Try setting aside $25 per month to cover these celebratory costs.

Funerals

Whether it’s sending a flower arrangement or traveling long-distance to attend a funeral, it’s helpful to have money set aside just-in-case. Aim to budget $500-$1000 to cover an unexpected funeral that requires travel.

Work events and gifts

Those white elephant gifts, Secret Santa, a coworker’s retirement, and that annual fundraising work function add up. Often, social pressure makes opting out awkward, so try setting aside $5-$10 each month to plan for these costs.

Annual vehicle registration fees

Vehicle registration fees, especially for newer vehicles, can be hundreds of dollars each year. Look at your most recent registration fees for your current vehicle to determine how much to set aside each month. It comes like clockwork every year, so why not plan for it?

Identification costs

Although these are infrequent costs, renewing your driver’s license or passport can be surprisingly expensive. Try setting aside $2-$3 each month for these items.

Infrequently purchased household items

These include items such as mattresses, sofas, bedding, rugs, curtains, etc. These items are usually fine for years, but can be unexpectedly costly to replace. Try setting aside $25-$35 each month to plan for these expenses.

Tool maintenance

You’ve probably already set aside money for tools, but what about the maintenance? It’s necessary to account for costs like sharpening the lawnmower blade, replacing snowblower sheer pins, summarizing or winterizing small engine equipment, purchasing fuel stabilizers, etc. Try setting aside $20 each month to cover these costs.

Hosting family get-togethers

Maybe your household has become the go-to place for holidays or family reunions. Hosting and feeding a houseful of relatives is expensive, so setting aside money each month makes the costs easier to absorb. Try setting aside $25-$35 each month to account for these expenses.

Final thoughts

Even the best budgeters can miss a few things, so planning for these infrequent expenses will keep your financial path healthy and stable.