You aren\u2019t likely to forget your rent or mortgage when it comes to budgeting, but there are plenty of other expense categories that are easy to overlook.<\/p>\n\n\n\n
To make sure you\u2019re covered, start with your basic budget categories<\/a> and then scan this expanded list of 23 home budget categories that many people forget. <\/p>\n\n\n\n Think about seasonal averages to make sure you\u2019re budgeting enough for your utilities throughout the year. Summer and winter months might cost more if you use your heating and cooling systems more aggressively.<\/p>\n\n\n\n If you own your own home, start by factoring in predictable, annual maintenance costs. This can include things like landscaping, filters for your heating & cooling system, filling your pool, gutter cleaning, and snow plowing services. Think about every season to make sure you\u2019re covered.<\/p>\n\n\n\n Then, consider budgeting 1% of your home value each year to cover unexpected maintenance costs like replacing an appliance. Save even more if you expect to replace a big-ticket item in the next couple of years, such as your roof or HVAC unit.<\/p>\n\n\n\n Unless your budget categories treat insurance as its own \u201cbucket,\u201d it\u2019s easy to forget about car insurance under your transportation costs or dental insurance under your health budget. Life insurance is also easy to overlook, especially if your premium is only due quarterly or semi-annually.<\/p>\n\n\n\n If you pay some premiums over longer periods of time, include a monthly allotment in your budget to cover that cost when it comes due.<\/p>\n\n\n\n Finally, remember to account for your health insurance deductible. For instance, if your annual deductible is $4,800, set aside $400 each month to cover future medical bills. <\/p>\n\n\n\n Hopefully, you won\u2019t need that full deductible every year. If you end up with something left over, use it toward building up enough savings to go into each new year with your entire deductible covered, just in case you end up needing it early on.<\/p>\n\n\n\n Even if your car is already paid for, consider including a car payment in your budget. By including future payments in your budget today, you\u2019ll have a sizeable down payment saved up when the time comes\u2014getting better loan terms and saving you a lot of money on interest.<\/p>\n\n\n\n Do you commute to work or school? Do you spend more on gas during certain times of the year? Be sure to estimate the money you\u2019ll need for gas in an average month. If gas prices start creeping up, remember to adjust this budget category to compensate.<\/p>\n\n\n\n It\u2019s common to forget ongoing vehicle maintenance when creating your monthly budget. This includes oil changes as well as more significant maintenance like replacing your brake pads and tires when you need to. If you drive an older car, consider adding more to your monthly budget to cover potential issues. <\/p>\n\n\n\n Do you ever use public transportation? What about taxis, Ubers, or rideshare services? Even if you don\u2019t use these often, be sure to include them. Uber rides can build up fast if you forget to add them to your monthly budget.<\/p>\n\n\n\n Groceries tend to be a large category, so most people include them in a basic budget. But you might not realize how much other food budget categories can add up in an average month. Be sure to include enough to cover your takeout, fast food, and impulse buys like a cup of coffee or a quick snack while you\u2019re out running errands.<\/p>\n\n\n\n Things like soap and shampoo usually end up in the grocery budget, but don\u2019t forget the cost of getting your hair cut, exercise classes, or the occasional spa day. Take a few minutes to think about the things you do to take care of yourself, especially things you don\u2019t do every month.<\/p>\n\n\n\n Clothing budgets vary a lot from person to person, but even if you shop at discount and thrift stores, there\u2019s still a cost to those purchases. Be sure to include enough to take care of the things you need.<\/p>\n\n\n\n Recreation and travel are especially important when it comes to budgeting. They only happen occasionally, but they can cost a lot when they do. The best way to approach this is to budget a smaller amount each month so you have that money when you need it. <\/p>\n\n\n\n This includes hobbies, classes, kids\u2019 activities, entertainment, and vacations. Think about these expenses on both a monthly and annual basis in order to plan ahead. <\/p>\n\n\n\n It\u2019s easy to accumulate subscription services, and most people pay far more<\/a> for them than they realize. So, when you\u2019re adding subscriptions to your monthly budget, don\u2019t rely on memory. It\u2019s too easy to forget about those $5 monthly charges. <\/p>\n\n\n\n Instead, go through your past bank statements to get a complete list. Look for (and think about) things like:<\/p>\n\n\n\n Total up every subscription service to create an accurate budget. It\u2019s also a perfect time to cancel any subscriptions you forgot about that you don\u2019t need!<\/p>\n\n\n\n Your budget probably includes your regular debt payments already, but if you\u2019re carrying a credit card balance or any high-interest loans, consider including something extra in your budget each month to pay them down faster.<\/p>\n\n\n\n Review your retirement plan annually and consult with your employer\u2019s human resources department or with a personal financial advisor to make sure your long-term savings are on track\u2014and that you\u2019re taking maximum advantage of any work benefits.<\/p>\n\n\n\nHousing-related expenses<\/h2>\n\n\n\n
1. Seasonal utilities<\/h3>\n\n\n\n
2. Annual maintenance costs<\/h3>\n\n\n\n
3. Unusual maintenance costs<\/h3>\n\n\n\n
Insurance and medical costs<\/h2>\n\n\n\n
4. Insurance premiums<\/h3>\n\n\n\n
5. Deductibles<\/h3>\n\n\n\n
Transportation<\/h2>\n\n\n\n
6. Car loan payments<\/h3>\n\n\n\n
7. Gas expenses<\/h3>\n\n\n\n
8. Car maintenance<\/h3>\n\n\n\n
9. Public transportation<\/h3>\n\n\n\n
Lifestyle expenses<\/h2>\n\n\n\n
10. Food<\/h3>\n\n\n\n
11. Personal care<\/h3>\n\n\n\n
12. Clothing<\/h3>\n\n\n\n
13. Fun & Travel<\/h3>\n\n\n\n
14. Subscriptions<\/h3>\n\n\n\n
Savings and debt<\/h2>\n\n\n\n
15. Extra payments to pay down debt<\/h3>\n\n\n\n
16. Retirement plan contributions<\/h3>\n\n\n\n
17. Emergency fund contributions<\/h3>\n\n\n\n