Are you really catching every expense in your budget?
Or is there a leak in your system that you either keep ignoring or aren’t aware of?
Let’s dig into six unconventional budgeting categories that can boost your financial accuracy while keeping you ready for just about anything.
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Creative Pursuits and Hobbies
Hobbies are a form of self-care, and most of us spend at least a little bit of money on them every month. But that also means that these expenses add up. Meanwhile, you might keep forgetting about them or feel like they should be allocated to discretionary spending.
You could do that, and it might work, but it won’t be specific enough for the creative who spends a lot on art supplies or music lessons every month.
A Home Maintenance Buffer
Homeowners, you probably already know this, but your stuff will break. Whether it’s a leaky pipe or an imploding appliance, you’ll want a separate fund for unexpected repairs or seasonal maintenance, ideally both.
Having cash on stand-by for the unexpected (yet inevitable) breakdowns prevents you from breaking out the plastic to deal with an emergency you could’ve saved for.
Gifts and Celebrations
Gift giving is one of life’s many underrated pleasures. But are you lumping this expense in with the rest of your “fun” money? It’s great that you see buying your friends a birthday present as fun, but it’s not the same as giving it its own category.
Doing so will mean you already have a budget when it’s time to celebrate; no more last-minute scrambling for a sensible yet impersonal candle because it’s what you can afford.
Pet Care and Expenses
This is similar to gifts and celebrations in that it’s just better for your brain to separate these categories of the ones you’re probably dipping into, like medical expenses or groceries.
This is also similar to having a home maintenance buffer since it gives you a cushion for those surprise vet visits when your pet eats something weird (again).
Impulse Purchases
Yes, we know, impulse purchases are like the budget’s kryptonite. But what if you just embraced the reality that you will blow at least some amount of money on something you shouldn’t? It doesn’t matter how disciplined you are: everyone gets the urge to buy something random. Just budget for these purchases so it doesn’t throw your entire plan into chaos.
Spontaneous Trips
This category is slightly different from impulse purchases because it’s more like putting money in a fund rather than budgeting for it every month. Setting aside a tiny nest egg for last-minute trips or a night out on the town after a long week keeps your budget flexible without creating unnecessary guilt.
Bear in mind that this is a luxury category, but in terms of self-care, even just a few bucks a month in a fund like this can save you from feeling trapped in a budget web of your own making.
