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Hello Reader,

You probably have an idea of your monthly expenses. However, extra expenses can come out of the blue, and you might end up paying more than you intended.

To help you avoid surprise expenses, let's go over some of these often-overlooked purchases that you should include in your budget so you can feel financially confident this month:

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1. Extra debt payments

Paying the minimum on your credit card debt is a great start to lowering your debt. However, if you want to eliminate your debt, making more than the monthly minimum payment is the way to go. ​

Consider how much more you can contribute to your debt payments and add it as an extra line in your budget. Another alternative is to replace the number of your minimum payment to include your extra payment.

For instance, your monthly minimum is $50, you can change it to $75. It's a way to trick your brain into paying more without it feeling like a burden.

2. Quarterly or annual bills

The majority of bills come monthly, but not all. Comb through your past payments and take stock of all bills that you pay less frequently.

For instance, a quarterly water bill or annual professional association membership dues. Then, calculate how much that amount costs on a prorated, monthly basis, and include that figure in your monthly budget.

3. Home or renter’s insurance

Whether you own or rent your home, insurance is a key part of protecting your property and your peace of mind.

​Homeowner’s insurance is often required by mortgage lenders and can usually be bundled into your monthly mortgage payment, making it easier to stay current.

If you're a renter, renter’s insurance is typically inexpensive but just as important. It protects your personal belongings in case of theft, fire, or other unexpected events.

4. Medical visit co-pays and HSA

Co-pays can really eat away at your income, especially if you find yourself making frequent doctor visits.

If you have doctor's visits coming up, make sure to include those copays in your budget.

For unexpected visits, consider putting a few dollars aside each month, just in case you need to drop by your doctor's office.

Remember to review the costs of your copays to estimate how much you need to put aside.

5. Dental and/or vision costs

Vision and dental expenses are often not covered under that health insurance.

You can consider getting dental and vision insurance, but be mindful that these insurances might not cover all of your expenses.

Review the costs of these insurance, and see what isn't covered. Whatever services you might need make sure to include those in your monthly expenses.

If there's a procedure you need to save up for, you can add a monthly savings cost to your budget.

6. Prescription medication

Even if you have health insurance, prescription medication can still be a significant out-of-pocket expense, especially if you’re managing a chronic condition or require brand-name drugs. Co-pays, deductibles, and medications not covered by your plan can add up quickly.

In your monthly budget, be sure to include a line item for prescription costs, and consider setting aside extra funds for unexpected or newly prescribed medications.

You can also explore cost-saving strategies such as using generic versions, asking your doctor about 90-day supplies, signing up for pharmacy discount programs, or comparing prices across pharmacies.

7. Parking and toll fees

If you drive to work, run frequent errands, or have an upcoming road trip, parking and toll fees can quietly eat away at your budget.

These costs often feel small in the moment: $5 here, $12 there, but they add up fast over time, especially if you're commuting daily or driving through high-traffic areas with pricey toll roads.

To stay on top of these expenses, do a little research in advance. Look up the average toll costs for your regular routes and check parking rates near your workplace or travel destination.

Many cities and toll authorities also offer calculators or trip estimators to help you get a more accurate idea of what you’ll spend.

8. Subscription renewals

These sneaky fees can really make a dent in your budget. The thing you need to look out for here is the difference between the sign-up cost and the renewal fee.

Many subscriptions will offer you a first-time sign-up cost, which is usually lower than the monthly cost. So you might sign up and pay only $11.99 a month for a movie subscription, but later it might renew for $17.99.

That four or five-dollar difference can really add up over time.

Additionally, some subscription services will increase their rates throughout the year. It might be a one or two-dollar increase, but make sure you it's something you've accounted for.

This way you can put that money to things you really enjoy e.g. a bi-weekly manicure vs. subscriptions you rarely use!

9. Beauty expenses

Beauty or self-care products are a normal monthly expense. However, you may not factor in the cost of replenishing your products or when you need to buy new products.

Be sure to give your products a quick look over every month to see what you need to buy.

Budgeting is an art. It takes time to fine-tune your budget so that you’ve properly accounted for all of your expenses at the end of the month.

Hopefully, with these reminders, you’ll remember to include all of your monthly expenses in your budget. Doing this will help you save money and be more financially prepared for unexpected expenses.

Need help fine-tuning your budget? Check out our completely free course on how to put together a budget that works for you!​

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📖 On the blog

• ​What should be considered when setting a budget?​
• ​Budget not working? Here are 5 tips for better budgeting!​​
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(Kiersten & Bola)

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