Do you want to be wealthy in the future? Do you have a plan set in place to achieve your wealth goals? If you have a plan, then I’m assuming that you’ve made a budget for your monthly expenses, which is great, but guess what? Not all expenses occur on a monthly basis. Make sure that you don’t forget about these sneaky costs that tend to catch some people by surprise.
- Eye Expenses – about every year or so, those of us with eyeglasses or contacts need to go to the eye doctor for another check-up. Not only does this appointment cost us money, but our new order of contacts or our updated glasses prescription is a pretty huge cost as well!
- Vehicle Registration – for most of us, vehicle registration is mandatory and it happens once a year. Since it’s not a reoccurring monthly expense, it’s sometimes easy to forget about.
- Car Insurance – if you pay your insurance once every six months, when that payment comes due, it can be absolutely devastating if you forgot it was coming.
- Dentist Expenses – they say you should visit the dentist every six months, so these expenses are easy to forget as well. Put some dough aside for the co-pay, but also be ready for the potential cavity expense!
- Property Tax – for those of you that pay your property taxes twice a year (rather than each month into an escrow fund), beware of the months where those taxes are due!
- Kids School Supplies – of course we all know that kids will need paper and pencils at the beginning of the school year, but what about those unexpected expenses during the school year? It could be a field trip, a different calculator, or maybe some new sneakers since they made the basketball team. They will come up, so be prepared.
- Haircuts – many of us don’t really think to budget for a haircut, but it can equate to quite a large expense for a family. Set some money aside for this regular grooming.
- Gifts – baby showers, birthdays, weddings – it seems like there are always occasions that “require” a gift. Stock some money away for these unexpected expenses.
- Vehicle Maintenance – cars require a lot of maintenance and you’d better be prepared for that next oil change, brake replacement, or perhaps the worst imaginable – the transmission repair.
- Clothing Expense – it might be pretty easy for you to wear the same shirt for 7 years, but what about your kids? They WILL grow out of their clothes and you’ll need to have a fund set aside so that their pants don’t spit on the playground!
These “unexpected expenses” could kill your budget if you’re not ready for them. Plan for these and your future will be much more smooth. Can you think of any other expenses that could make the list?