Five Things You Should Make Room For in Your Budget

Most of us have a budget, even if it isn’t very detailed. You know how much you make each month, how much your bills are, and when they are due so you aren’t late. However, most of us could stand to revisit our budget to make sure it’s as accurate as possible. Especially if you regularly find you’re paying for surprise costs that drain your bank account every month!

Whether you are tired of the surprises or you wonder if there’s something you should consider paying for that you aren’t, it’s well-worth your time to consider making room for these things in your budget.

Disability Insurance

There are many different kinds of expenses that we don’t really need. There are all kinds of monthly subscriptions you can skip to save a few bucks, while extended warranties are almost always not worth the money. However, one thing you should consider adding to your budget is a disability insurance policy.

Not only should you have a policy, you should also know what your policy covers, if you do have one. Surprisingly, 40-percent of people surveyed with a policy have no idea how much of their income would be covered!

Disability insurance will help you and your family in the event you can’t work, and making sure you have an adequate policy will make sure it actually covers the bills should the unthinkable happen.

Disability insurance isn’t just for manual labor jobs either! The right policy can protect you even if an accident, like a car crash, happens outside of work, but your injuries make it impossible for you to return.

Car Repairs

When things are going well, we don’t usually think about how they can go wrong. That’s definitely true for car owners, and yet, something will inevitably break down. You would think we would be more ready for the expense, but we aren’t! Most people don’t have car repairs factored into their budget.

Annual car repairs for households with two cars can expect to spend $800 or more every year on maintenance and repairs. Do yourself a favor and plan on spending around $1,000 every year, which means setting aside some money each month. That way, when your car does need a fix, you aren’t using a credit card to pay for it.

Home Maintenance and Repairs

Owning a home is the American dream. It’s a smart investment too, but that doesn’t mean it isn’t expensive!

Just like your car will inevitably break down, something will inevitably go wrong in your house. For example, some common repairs and how much they cost include:

  • A hot water heater with installation can cost over $1,000.
  • The average furnace repair costs over $250.
  • Replacing the roof can cost over $10,000.

A lot of things can go wrong when you own a home, which is why it’s a good idea to add repairs to your monthly budget. You’ll be glad months down the road when you have the cash you need to replace the refrigerator or unclog the drain.

Pet Bills

Have pets at home? Don’t forget to include them in your budget! That includes the cost of daily expenses, like food and cat litter, but it also includes other types of expenses as well.

Veterinary visits can be expensive. Annual appointments can cost over $100! Do yourself a favor and budget for these potential expenses, or consider getting pet insurance.

Don’t forget about boarding your pet! If you like to go on vacation with your family, make sure you have enough money in your budget to drop your pet off somewhere safe, quiet, and clean.


Electronics can be finicky, and they have to be replaced more often than we would like. For example, did you know the average lifespan of a laptop computer is only three or four years? Technology changes all the time, which means we have to upgrade frequently.

Don’t wonder how you’re going to pay for that new cell phone or a new laptop when yours gets too slow to use. Have a spot in your budget where you set aside money every month to pay for electronic repairs and replacements whenever they come up.

Don’t just create a budget and never look at it again. Every year you should revisit your budget so you’re saving for everything you need. Whether you bought a new house, you adopted a puppy, or you are looking for ways to take care of your growing family, these things should be added to your budget when the time comes.


What do you think?

Written by Virily Editor

Leave a Reply