1. Gifts

It can be easy to overlook gift-giving when you sit down to write your monthly budget. So often I would sit down, write out what I thought was a flawless budget, and then realize I had forgotten about a gift I needed for an upcoming event. 

Keep track of these dates and reference them when you sit down to build your budget:  

• Birthday Gifts
• Anniversary Gifts
• Graduation Gifts
• Christmas Gifts
• End of the Year Teacher Gifts
• Valentine’s Day Gifts
• Mother’s Day Gifts
• Father’s Day Gifts

2. Car Maintenance

I hate to be the bearer of bad news, but here it is … cars break.  They are not built to last forever. 

They require oil changes, tire replacements, registration costs, etc.  If you put a set amount of money each month into a car maintenance sinking fund, then you can offset (or completely cover) these costs when they arrive.  

Our family currently sets aside $50 each month to pay for upcoming car expenses. While the amount we’ve saved up might not cover the entire repair cost, it does help take the edge off the cost.

To stay ahead of surprise car bills, it’s always a good thing to ask your trusted mechanic about any upcoming maintenance your car needs along with a price estimate. 

This will help alleviate the surprise of upcoming maintenance bills.

3. Entertainment Money

Just because you want to save more and spend less doesn’t mean that you have to skip out on entertainment entirely. So many people think that when you are on a budget that you can’t have any fun.  Truthfully, you can have a lot of fun, but you have to plan it out.  Consider setting aside some money each month to do something fun with your family and friends.

4. Medical Bills

Are you overlooking any upcoming doctor’s or dentist’s appointments?  Copays and deductibles can get expensive and can be a strain on a budget if you are unprepared.  

Before you sit down to make your budget, check your calendar for any scheduled appointments.  

Don’t hesitate to call the doctor’s office in advance to determine the amount that you will be charged. Preparation leads to success!

5. Clothes

Clothes don’t last forever. Seasons change and children will need new clothes for school.  

Just because you are living on a budget doesn’t mean that you can’t have new clothes. Anticipate the need and plan for the cost.  

When it comes to buying a lot of clothes at once (like back-to-school clothes) think about budgeting the cost over several months to help spread out the large expense. You can even set up a sinking fund to help you cover most (if not all) of the costs of the new clothes.

6. Memberships

Don’t get caught off guard by yearly memberships or subscriptions. Many times, these memberships are on autopay, and you don’t even realize they are due until the money has already been taken out of your account! (I’m speaking for experience here!) 

7. Home Maintenance

Having a home can be expensive, but these expenses don’t have to catch you off guard. Home maintenance costs are a common item missing from many people’s budget.

Not only is there always a possibility of big items breaking, but there is also a lot of maintenance that comes with purchasing a home.  

From replacing filters to keeping the yard outside mowed and trimmed, the costs can pile up. Don’t forget to budget each month for necessary fixes. Including home maintenance costs in your budget will help you keep your home and budget in line.

8. Holiday Extras

During my first year of getting my finances back on track, I always failed to plan for the “extras” around each holiday.  

Christmas cards and pictures with St. Nick add up. And I don’t know if you bought candy last year for Halloween, but those bags are not cheap!  

Valentine’s flowers cost money too and the Easter bunny doesn’t bring eggs for free.  

Don’t overlook these extra expenses! To make budgeting for these extra expenses easy, sit down and think through everything you’ll do for next holiday. In your mind, walk through what you’ll be doing, eating, and visiting. This will help you catch any budget items you might be missing.

9. Haircuts

Remember the saying, you get what you pay for? Think you can do your own hair? Maybe you can but if you are not a professional, be prepared to make that extra trip to fix what you may break. It could end up costing more.

10. Guests

Are you forgetting to factor in the cost of hosting overnight guests?  You will likely buy extra food for breakfast and snacks as well as use extra electricity and water.  

It all adds up and should be accounted for. Plan for an increase in your grocery budget this month and an increase in your utility bills next month.

11. Personal Spending Money

One of the best hacks to stay on budget is to remember to add personal money to your budget. A lot of people feel like they shouldn’t budget for personal money (especially if they’re in a lot of debt), but everyone needs to have this category in their budget. 

When you budget for personal money, you don’t feel like you’re being deprived of spending money on yourself. Personal spending money allows you to spend on whatever you want, no questions asked.

It’s important to remember that deprivation leads to burnout. Spending money helps you live on a budget and not deprive yourself of what you want at the same time.

A lot of people always ask me how much to budget for this category. 

That depends on your personal choice, your income, and your money goals. If you’re trying to pay off your debt fast, you may want to have a smaller amount for this category. 

I personally budget $25/month per person. You can budget $20 – $50 (or more) depending on what you want, your income, and your money goals.