These 7 Top Expenses Kill a Budget | How to Lessen the Blow to the Bank Account

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Have you ever felt like there was more month than paycheque? You spend the time creating a budget and do your best to stay on budget but something isn’t working. Are there too many surprises that eat away at your bank account? These 7 top expenses kill a budget, and how to lessen the blow to the bank account.

Always be prepared is the Scout Motto. We try and try but the fact is that when life gets busy more surprises happen. Over the years these top 7 expenses killed a budget that we created. We found ways to adjust how we handled our expenses so that we could lessen the blow to our bank account.

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1. “Extra Treats”

Have you ever sat and tracked how much money you spend on pop (soda), chips, sweets, coffee, alcohol, and meals out? We committed to doing this for an entire month when money always seemed to be tight, and we were shocked to discover exactly how much we spent weekly on non-budgeted items that are considered “extra treats”.

We found that if we took a bit of time to create a meal plan that it helped reduce eating out.  I leave the special coffee out of my daily routine and bought a Keurig instead. The price per coffee is much much less and I can control the amount of sugar I put in the cup.  As for other treats, if we don’t buy it I don’t eat it. It’s a win, win for my bank account and my belly!

2. Birthdays & Holiday Events

As the kids entered school, we found the birthday party invites added up quickly. We would set a dollar limit to the gift to help with our budget. If I found a great deal on a toy or game that would work for a gift idea, I would buy a couple to keep in the closet for those last minute birthday gift ideas.  One of the best gifts we bought was a Bionicles board game. We found it on sale and gave them away for birthday gifts and our own family still plays that, years later!

Christmas, Easter, Halloween, Thanksgiving, and our own kids’ birthday celebrations all are extras that can be hard on a budget if you don’t plan carefully. Years ago we stopped using credit cards for holiday celebrations. We would put money aside for these events and plan the gifts with what money was available. Some years money is better than others, but the kids know that it is quality, not quantity that matters. Thoughtfulness and spending time as a family is really what matters.

3. After School & Summer Activities

When it comes to after-school and summer camps research is the first step. Finding activities for kids is great and giving them opportunities to try new things is also great. What about the additional costs that most people forget to consider like:

• shoes,
• sports equipment unique to the sport,
• uniforms,
• competition fees,
• exam fees,
• hotels,
• fuel costs,
• parking fees,
• food and other purchases during away trips.

It all adds up and can hurt the budget for a long time if you don’t plan for it. One of the tricks we started doing years ago, was splitting the cost of the activities over our bi-weekly paycheques and putting that amount in a separate bank account. We also add in contingencies for these extras to help lessen the blow a little more.

4. Clothing

Kids grow. Special events happen. It never failed, we would buy a bunch of clothes for school in the fall and by December the kids had grown out of them already!  Why is it that growth spurts happen when you are least prepared?!

Once we figured this out, we limited the clothes shopping to one nice outfit for the first day. Then we planned for a bigger shopping trip before Christmas. Fancy name brands were not an option because of this grounders game that would always result in ripped knees, torn pockets and grass stains. Come Spring I told the kids they were allowed to grow again because summer meant we could change out pants that were too small for shorts.

When the kids were small and needed winter snow pants and jackets, I would go to an outlet store mid to late winter and buy a size or two up from their current size.  The outlet was already discounted and had bigger sales to clear out the stock. This saves a lot of money over the years!  I also purchased 3 pairs of the same mitts for each of the boys when I found a sale. They always lost the right mitt, so I’d break open the other set and give them a new one. Why the right mitt only? I still haven’t figured it out!

5. School expenses

School fees rise as the kids enter into Junior and Senior High School, and school supplies are a large expense for many parents. Those costs can be planned for similar to after-school activities. However, there are other costs that add up quickly and may not be planned for:

• field trips
• options school fees or special project materials
• fundraisers
• snack days
• concert tickets

Estimating how much the cost will help you put some extra funds in the bank for those times you are told about another fundraiser.

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6. Medical costs

Medical costs add up and are generally unplanned. You never know when you are going to get sick. Even with insurance, the costs can be unexpected. Setting up an emergency fund for just in case might help with prescriptions and medical expenses waiting for benefit reimbursements.

7. Vehicle and House Repairs & Maintenance

The feeling of despair when you are told the hot water tank is gone, or you need a new alternator in the car is something that I can relate to. How do you pay for it? What can you do to get through this? Endless bills and now this? The emergency fund that you are setting up for medical costs could be used for these situations as well.

As for maintenance costs, estimate the costs of vehicle maintenance such as oil changes, tire changes, filters, etc. House and yard maintenance might include paint, fuel for cutting grass, gardening tools, etc. Planning for these expenses in your budget will help you keep your vehicles and house in good repair.

Any of these 7 top expenses kill a budget.  However, with careful planning, you can lessen the blow to your bank account. From unexpected vehicle issues to the 12th birthday party invite this year, it all adds up leaving you wondering where the cash goes.

Making a plan to put extra money aside for these expenses will help lessen the blow to the bank account and reduce your stress. Set a cash limit plan for extra treats per week. Buying one or two sizes up on end of season sales for outdoor wear. Find a great toy or game on sale? Buy a couple for those birthday invites that you know will happen.

How do you plan for the unexpected?

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