![]() Make sure you factor these into your monthly and annual budget along with your mortgage payments: Be sure to add these to your basic living expenses list. Things like renovations and new furniture may be obvious to most, but there are other hidden living expenses that come along with owning your new home. Unexpected parts of your basic living expenses list Maintaining your home will cost you about 1 – 2% of your home value per year, according to Harvard University Joint Center on Housing Studies. Maintenance and upkeep (there’s a detailed list below).new thermostat and energy saving windows) snow blower, lawn mower, weed removal service) Property care and the related tools (i.e.No matter where you live in Canada, these are essential living expenses for almost all homeowners: Common parts of your basic living expenses list Keeping a clean, stylish, well-maintained home comes at a price, and often one much higher than you think. There’s a lot more to home ownership than just mortgage payments and mowing the lawn. It’ll help you stay on top of everything. You’ll probably be hosting a personal finance podcast before we know it.Congratulations on becoming a first-time homeowner! You’re diving into a huge investment of both time and money, and the best way to make sure you’re successful is to create a basic living expenses list. Look at you-on your way to achieving your financial goals. Then take the total cost of each irregular expense category divided by 12, and voila! Suddenly your non-monthly expenses are as steady and predictable as the rest of your monthly bills when it comes to budgeting. Once you’ve created your list, make sure those non-monthly expense items are included in your budget categories. Stuff I forgot to budget for (there’s always going to be something…). ![]() Kids’ Sports (travel soccer, lessons, cleats, etc.).Kids’ Activities (piano lessons, summer camp, etc.).Credit card fee (some cards have yearly costs).Warehouse membership (Costco, Sam’s club, Amazon Prime, etc.).Property taxes (if they’re not rolled into a mortgage).Beauty (hair cuts, makeup, nails, etc.).Other Holidays (Fourth of July fireworks, Halloween candy, Mother’s Day brunch).Entertainment subscriptions (Netflix, Hulu, Spotify, etc.).Software subscriptions (Adobe, iCloud, Squarespace, gaming service, etc.).Charitable giving (tithing, spontaneous donations, etc.).Gifts (birthdays, anniversary, graduation, wedding, baby).Health care (dental, eye care, therapy, health insurance deductible, etc.).Home repairs or maintenance (new roof, new hot water heater, new dryer).Car registration (license, tab renewal).Auto maintenance (oil changes, new tires).Transportation costs (gas, bus pass, tolls, parking).Here’s a list of expenses that you may want to include as budget categories: Looking for more advice on how to budget for variable expenses ? Variable Expenses List So first, grab a notebook and a pen, or a fresh Word document, and ask yourself, “What are irregular expenses?” Don’t forget annual expenses like that AAA membership or Amazon Prime subscription that’s set to renew automatically! Incorporating them into your monthly budget helps keep your financial plan organized and adds predictability to bills that pop up on an irregular basis. There’s nothing worse in the budgeting world than a rogue expense popping up and derailing your carefully calculated plan-and sometimes your checking account.īut really, non-monthly expenses aren’t unexpected…it’s more that they’re just easy to forget. We’ve made a build-your-best budget list of non-monthly expenses to help you transform those turbulent ups and downs into smooth sailing (and saving) instead. If you’re building out a budget for the first time and you’re being your best responsible self, it’s important to understand the advantage of turning those big non-monthly expenses/variable expenses/ True Expenses/what-ever-you-call-them into more manageable monthly chunks.
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