Even the best-laid plans can run off-course from time to time. When I review my budget each month, I try to make up for any discrepancies that may have occurred in the month prior, and I make adjustments as needed. Sometimes, though, sneaky little things make their way in and create a small leak in my finances, which can become a bigger problem if they’re ignored. These seven common budget busters are areas I try to pay extra attention to in order to be sure that they’re accounted for every month, or else I try to find ways to eliminate them to save more money when I can.
Daily treats. This has been my guilty pleasure lately. I take advantage of the warmer weather and head out for a stroll on my lunch break, and I just happen to find myself in the Starbucks on the corner, sniffing around for a snack. I’m much better at eliminating this temptation when I don’t carry cash on hand (why is it so easy to spend?!) or when I pack plenty of snacks from home to eat while I’m at work.
Pampering. This is one of my least favorite things to cut back on, because I love heading to the salon for fresh pedicures in the summer. Is this something I can do at home? Definitely! Do I always feel like doing it myself? Of course not. This is something that I try to budget for, but will eliminate if I need to.
Grocery store extras. I’m not too bad with this one, since we tend to overestimate how much we spend on groceries every month (or more like I avoid grocery shopping like the plague and we live on our stockpile of cereal until I cave and go to the store). I know how easy it is to walk by something that looks appealing, especially if you’re hungry, and just toss it in your cart. To avoid this, make a list of everything you need before you leave the house and stick to it!
Dining out. This is our biggest budget-busting culprit. I’m usually exhausted by the time the weekend hits, and it’s so much easier to head out for a meal rather than doing all of the work yourself. Planning our meals ahead of time has helped to reduce this, and I’ve also found a few tried and true simple recipes that are delicious and easy to make. Looking for a compromise? Make dinner at home and stop somewhere fun for dessert.
Gas. I’ve always been sure to allocate for fueling costs, but sometimes I forget to update how much I budget for based on the fluctuating cost of gas. While it was nice to see a reduction in that area when gas was nearing the $2.00 mark, it has since gone back up, and that change needs to be accounted for. Just another reason why you should frequently monitor and update your budget!
Being a sucker for sales. I used to get roped in by this one every time. You eye something up for weeks but know you shouldn’t pay full price for it, because it’ll likely go on sale. When it does, you can’t resist the discount, even though you haven’t allocated for the extra spending. Avoid this by creating an extra line in your budget for more carefree expenses, money that you don’t have to feel guilty about spending because you’ve saved it for this exact reason. We all deserve a treat every once in a while.
Lapsed promotional offers. This one doesn’t happen often, but it always catches me off-guard when it does. You’ll see this a lot with subscriptions – an increase in your cable bill after your contract is up, an automatic renewal when a magazine subscription ends, etc. If you sign up for something like this, make a note so that you’ll remember when your offer will change so you can either adjust your budget or cancel your services.
Are there any little money traps that you get caught in each month? How do you stop them from wreaking havoc on your budget?
