Don't Let Missed Expenses Blow Up Your Budget!

Ronnie Gillikin

May 28, 2025

When creating your budget, I recommend looking beyond the obvious categories like food, clothing, utilities, etc. Review the last few years and think of times when your monthly budget was strained, or you even came up short because of expenses outside your listed budget. I will provide a few ideas to get you started on this process and offer an opportunity to be prepared. Missing expense categories can lead to financial hardship and even debt if not planned for.

Those who are homeowners often fail to plan for property taxes. If someone is not paying their property taxes through escrow or planning and saving, it can quickly become a crisis. Systematic attention should be given, especially in areas undergoing reevaluation and/or increased value. Stay informed and aware of potential increases, and be prepared by including this in your budget.

It may seem obvious, but many often fail to budget for gifts and other event expenses. The cost of gifts and travel for holidays, birthdays, births, graduations, weddings, and other special events can wreck a monthly budget if not listed or planned.

If you are like me, you love your pets and want the best care for them. Unexpected emergencies and standard care expenses can be overlooked during budgeting. I encourage you to include this in your regular budget and be prepared and able to provide for the animals you love when they need you.

Most people will remember to include transportation costs in their monthly budgets. However, it is common for them to forget to include expenses that will occur. If you are a car owner, you know it is just a matter of time before this can bring an additional cost to your budget. Your car will likely need tires, a tune-up, or repair, or other expenses. Do not let this be an "Unexpected" expense. Many of us need our car, so we must be prepared and financially equipped to maintain it. In extreme cases, the loss of transportation can lead to job loss or debt.

I am sure different items and events in your life will differ from mine or many others, so I encourage you to consider them in your budget. Life is more comfortable when planned for and you are prepared. In reality, events that are often thought of as unexpected do not need to be a surprise. What is sometimes considered an emergency or additional expense does not have to be a crisis.

Work on your budget, methodically eliminate debt and have an emergency fund and perhaps a "Rainy Day" fund. We all have experienced what seemed like "unexpected" expenses. However, carefully deciding on a budget can account for these events and make you better equipped to survive and even thrive financially.