While most people have a handle on their monthly expenses, far fewer successfully manage expenses that pop up every now and then. This long list of irregular expenses may help you spot some looming problems in your own budget, so check it against this list and make the necessary revisions.
Insurance
Your insurance expenses may be billed monthly or they may be billed annually or quarterly. If the latter is the case, build these recurring costs into your budget so the premiums don’t sneak up on you. Here are some types of insurance that you may have and need to budget for:
Homeowner’s/renter’s insurance premium: If this isn’t rolled into your mortgage payment, such as through an escrow account, or you’ve already paid off your house, you need to create a plan to ensure you’ll have the money on hand when it’s due. Auto insurance premiums Life insurance premiums Disability insurance premiums Health insurance premiums (if you buy your own policy) Dental insurance premiums (if you buy your own policy) Vision insurance premiums (if you buy your own policy) Umbrella insurance premiums
Taxes, Retirement, and Charity
If you don’t make contributions throughout the year, these will quickly turn into large expenses that you’ll have to fund at the end of each quarter or year, which will cause significant disruption to your budget. Here are some common contributions that you may need to plan for:
Estimated tax payments Property tax: If this isn’t rolled into your mortgage payments, or you’ve already paid off your house, you’ll need to have a plan to pay this yearly. Income tax payment: If you think you might owe money at the end of the year, you’ll need to build in some savings to cover the cost. Retirement contributions: If you wait until the end of the year or until tax time to make your contributions, make sure the money will be there when you need it. Charitable contributions
Home Expenses
It’s important to stay on top of the care and upkeep of your home, but often these expenses catch us by surprise. Here are some things you need to plan ahead for:
Home maintenance Home repairs New appliances, repair, or replacement Furniture replacement and additions Bedding, kitchenware, and linens Lawn care Garden expenses Tree care and removal Homeowners’ association dues
Vehicle Expenses
There are many expenses associated with owning a car, truck, or motorcycle that go beyond gas and insurance. Here are some things that you need to budget for:
Vehicle maintenanceVehicle repairsTiresVehicle registrationsVehicle inspections
Utility Expenses
Utilities often are monthly expenses, but there are some random costs that you may encounter, including:
Replacing your cell phone to update to the latest model, or when lost or stolenPay-as-you-go cell phone minutes
Education Expenses
Being in school, or having kids that are in school, gets expensive in a hurry. Here are some expenses that are likely to pop up:
Tuition billsClass duesTechnology feesSchool and office suppliesSchool pictures and yearbooksField tripsTesting fees
Health Expenses
Even if you have a good insurance plan, there are likely to be some unexpected expenses that arise over the course of the year. Here are some to consider:
Yearly check-ups (medical and vision)Glasses/contactsMedical billsDental cleaningsDental workInsurance deductibles (enough to cover your largest deductible)
Pet Expenses
Your best friend can also rack up plenty of unexpected expenses, including:
Pet check-ups, vaccinations, prescriptionsPet groomingPet licensingPet boardingVeterinary health insuranceEmergency veterinary care
Personal Care Expenses
What you wear and how you look can cost you a lot of money over time. Be sure to plan for:
Hair care, nail careClothing and shoesJewelryCosmetics
Leisure Expenses
People often make impulse decisions in this area, but it’s a better idea to set aside money much farther in advance:
