What is most commonly missing from budgets?

Birthday expenses!

I read recently that birthdays are the most common line item missing from personal budget categories.

I don’t know if that is true, but I do know that virtually every budget I help set up, when I ask about gifts, they are surprised.  We no longer offer the “Christmas club” of the past.  However, we still offer club accounts, and you can set up as many as you need and title them.

If you take the time to list the people you celebrate with (include the holidays) and calculate an estimated cost for each, you can determine an annual budget amount.  Divide that by twelve, and now you know how much to set aside each month for those expenses.

The challenge will be to stick to the budgeted amount!  If you do, this plan works.

Other items listed in the article included car registration, clothing and personal needs, household maintenance as well as medical expenses.

All of these can be incorporated into your budget, and if you want help, I can show you how!

Having a well-planned budget and being disciplined can provide great financial peace of mind.  And of course, don’t forget the emergency fund! CLICK HERE to schedule your Personal Financial Coaching session.

Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@tucsonfcu.com

As a Personal Financial Coach, I do not provide legal or tax advice. Tucson Federal Credit Union does not guarantee that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.