There are many reasons why you can’t stick to your budget when you live in Las Vegas, NV, and one of them is failing to anticipate certain expenses. You obviously can’t control unexpected costs, but as long as you have your emergency funds in place, you can easily sail through any cash crisis. Also, certain bills are not regular in occurrence and could slip your mind when you do your monthly budget.
When you spend money on things like gifts, entertainment and lunch orders on days when it’s too late to cook, you might forget to record them. Moreover, if you’re living paycheck to paycheck and don’t have room for such expenses in your budget, they could further put a dent in your finances. To not let this happen, here’s a list of often-overlooked items that most people tend to leave out of their budget:
Treat & Gift Costs
Every great moment calls for a celebration or a reward for yourself. It’s an individual choice of how you want to celebrate your happiness. While you might order yourself an expensive meal at a four-star Vegas restaurant and have it all to yourself, you might also call a bunch of friends and treat them to lunch. In all the merriment, it’s easy to forget to budget for such additional food expenses and eventually end up spending more than your estimated monthly cost. Likewise, the money spent on gifts often goes unrecorded and might be treated as miscellaneous spending when you tally your expenses at the end of the month.
You can easily spend money on occasional gifts or celebrations, but since special occasions don’t fall uniformly across the year, they can put a strain on your budget during certain months. It’s better to set aside a particular portion of your salary each month as entertainment money. You can spend that money during birthdays, anniversaries or other special days that fall in that month. Doing this won’t make you feel guilty after spending money celebrating a meaningful life event.
Online Food Orders
Food could probably be one of your most significant spending categories if you are living on your own. With the temptation to order food online and have it delivered, your monthly food costs can keep adding up. Moreover, if you have already budgeted for groceries and did not include your online food orders, you might ruin your budget. If you frequently order food for delivery or takeout, you need to start adding this category in your upcoming monthly budget. As a result, you’ll be able to control your spending on food orders and save money by cooking food at home with the groceries you already have in your fridge.
Yes, pets are adorable, and when you’re a responsible and caring pet owner, you don’t mind spending a few dollars on your four-legged companions. From their food to veterinary visits, pet care can become expensive and inevitable. You can consider taking short-term signature loans to pay for emergency pet care, but for your regular veterinary visits, you can make a little room in your budget. The money could help you play within your means and still give all the pampering that your pet needs and deserves.
Apart from the regular and unexpected bills, there are some bills that you know are coming but are not routine. These may include renewal of your quarterly or semi-annual subscriptions, gym memberships and so on. If you don’t have money set aside for these irregular bills, they might turn out to be unforeseen expenses for you. Some people might forget to incorporate variable costs into their monthly budget or not know how to budget for them in the first place.
You need to do simple math to budget for non-monthly payments. Begin by adding up all the irregular bill amounts and divide the total by 12. The result will be the amount you need to set aside each month to cover all your irregular bills for that year. You can open separate savings accounts for transferring the monthly amount set exclusively for your irregular expenses. This will help you to maintain track of the payments of your irregular bills and handle any fluctuations in those bills too.
So, the next time when you sit down to budget, identify and add the often-overlooked expenses in your budget to help you get a clearer picture of how much you’re going to be spending.