![]() ![]() Public transportationĭo you ever use public transportation? What about taxis, Ubers, or rideshare services? Even if you don’t use these often, be sure to include them. If you drive an older car, consider adding more to your monthly budget to cover potential issues. This includes oil changes as well as more significant maintenance like replacing your brake pads and tires when you need to. It’s common to forget ongoing vehicle maintenance when creating your monthly budget. If gas prices start creeping up, remember to adjust this budget category to compensate. Gas expensesĭo 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’ll need for gas in an average month. By including future payments in your budget today, you’ll have a sizeable down payment saved up when the time comes-getting better loan terms and saving you a lot of money on interest. Car loan paymentsĮven if your car is already paid for, consider including a car payment in your budget. 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. Hopefully, you won’t need that full deductible every year. For instance, if your annual deductible is $4,800, set aside $400 each month to cover future medical bills. Deductiblesįinally, remember to account for your health insurance deductible. 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. Life insurance is also easy to overlook, especially if your premium is only due quarterly or semi-annually. Unless your budget categories treat insurance as its own “bucket,” it’s easy to forget about car insurance under your transportation costs or dental insurance under your health budget. ![]() 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. Then, consider budgeting 1% of your home value each year to cover unexpected maintenance costs like replacing an appliance. Think about every season to make sure you’re covered. ![]() This can include things like landscaping, filters for your heating & cooling system, filling your pool, gutter cleaning, and snow plowing services. If you own your own home, start by factoring in predictable, annual maintenance costs. Summer and winter months might cost more if you use your heating and cooling systems more aggressively. Think about seasonal averages to make sure you’re budgeting enough for your utilities throughout the year. To make sure you’re covered, start with your basic budget categories and then scan this expanded list of 23 home budget categories that many people forget. You aren’t 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. ![]()
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