馃攳
15 Expenses You're Not Including In Your Budget, But Should Be - YouTube
Channel: unknown
[0]
hey guys it's chelsea from the financial
[2]
diet and this week's video is brought to
[3]
you by skillshare
[4]
and this week we are going to be talking
[7]
about the expenses that you are probably
[9]
not
[9]
including in your budget but you should
[11]
be because often at the end of the month
[13]
when we feel like our goals and ideas
[15]
for our money and
[16]
our actual money aren't lining up the
[18]
way we thought they would
[19]
and we have that feeling of but i stuck
[21]
to my budget and made all the right
[23]
choices
[24]
we're often misaligned because of those
[25]
little sneaky expenses that we tend not
[27]
to notice
[28]
until it's too late you want to over
[30]
account for everything so you'll never
[32]
be caught off guard by anything
[34]
and since there are 15 of these expenses
[36]
to add to your budget
[37]
let's not waste any more time number one
[40]
is annual fees
[41]
this is things like fees for your credit
[43]
card amazon prime
[44]
your annual car registration renewal
[46]
fees on software subscriptions your
[48]
aaa membership fee etc go ahead and make
[51]
sure to put reminders on your calendar
[53]
for when these things are due
[54]
and account for them in your savings and
[56]
spending budget
[58]
if your fee is annual break it down
[60]
monthly assuming your budget is done
[62]
monthly so that it can neatly fit into
[63]
the rest of your expenses
[65]
if an annual fee is 120 tack on that 10
[68]
a month number two is holiday gifts and
[71]
other related spending
[72]
while it would be nice to forego gifts
[75]
and just enjoy the quality time spent
[77]
with loved ones that the holidays can
[78]
provide
[79]
this is america we're about the
[81]
gifts we're about the swag
[83]
your mother doesn't want any time spent
[85]
with you by the fire telling family
[86]
story she wants an ipad
[89]
but in all seriousness for most of us if
[91]
we are planning on doing some holiday
[93]
spending on things like gift
[94]
travel decorations etc we can have a
[97]
tendency to be overwhelmed by the cost
[99]
and since it comes at the end of the
[101]
year it can often end up derailing the
[103]
rest of our good yearly behavior
[105]
so do yourself a huge favor and create a
[108]
dedicated holiday budget that includes
[110]
everything
[111]
gifts and that way you can stick to the
[113]
budget well ahead of time and decide
[115]
who's getting the ipad and who's getting
[117]
cookies we're talking holiday travel
[120]
so that you're never caught off guard by
[121]
how much it costs to go fly to see a
[123]
loved one
[124]
decorations if you're putting up
[126]
decorations in your own home
[128]
and any other auxiliary expenses i
[130]
recommend setting this budget up
[132]
well before the holidays are around no
[134]
reason you couldn't do it now for this
[135]
year's holidays
[136]
the point is you want maximal time to
[138]
save for it and minimize the extent to
[140]
which you'll be surprised by how
[141]
expensive the holidays can be
[143]
number three is seasonal utility
[145]
increases
[146]
for instance depending on where you live
[148]
your utilities will tend to be quite
[150]
different in july than they are in
[151]
january
[152]
for those of us who live in new york
[153]
city with steam heat and window units in
[156]
the summer for ac
[157]
we will often spend on average about 50
[159]
to 100 a month more in the summer than
[161]
we do in the winter
[162]
take a look at your past year's utility
[164]
bills note the differences in months and
[166]
actually integrate them into your budget
[168]
and you can extend this beyond the basic
[170]
utilities and also account for
[172]
auxiliary weather regulation in your
[174]
home which can include things like space
[176]
heaters for that one weird room in your
[178]
house that never gets hot like our guest
[180]
room
[180]
it's like there's dementors in there all
[182]
the time or it could even be things like
[183]
humidifiers and dehumidifiers depending
[186]
on your weather needs
[187]
and don't think that just because one of
[188]
these things is small that they don't
[190]
add up
[191]
consumer reports estimates it would cost
[193]
just under three dollars a day to run a
[195]
space heater during your waking hours
[197]
that's over 84
[199]
a month in additional utility costs for
[200]
one measly space heater
[202]
number four is feminine products and
[204]
personal care items
[205]
these are often the types of things that
[207]
you can just pick up absent-mindedly
[209]
while shopping that add up to huge costs
[211]
at the end of the month
[212]
even though tampons and other period
[214]
products are an essential need for women
[216]
consumers still have to pay a sales tax
[218]
on them in 35 states
[219]
the average sales tax in the us is 5 so
[222]
a 7
[222]
box of tampons will cost about 35 cents
[224]
in taxes the average woman will use
[227]
about 240 tampons a year
[229]
which comes out to about 50 each year
[231]
with tax
[232]
and if you're not including personal
[234]
care items as a line item in your budget
[235]
it is time to do so
[237]
take a look at the past few months of
[238]
spending and see how often items like
[240]
this end up
[241]
working their way into your carts
[242]
without necessarily being reflected in
[244]
your budget
[245]
from tampons to ibuprofen to makeup to
[248]
toothpaste
[249]
the point is not necessarily to cut any
[250]
one of these items out specifically
[252]
for example if like me you spend a good
[254]
amount every month on dry shampoo that's
[256]
your life to live
[257]
but do make sure that it gets accounted
[259]
for even when it doesn't neatly fit into
[260]
any other item category
[262]
number five is pet costs according to
[265]
the aspca
[266]
the annual total cost of having a dog
[268]
can run between fourteen hundred and two
[269]
thousand dollars a year
[271]
when you tally up food grooming medical
[273]
care toys and supplies etc
[275]
it's around eleven hundred dollars a
[276]
year for cats and if you're spending a
[278]
hundred dollars or more on something a
[279]
month it definitely needs to be a line
[281]
item in your budget
[282]
and if like me you have a pet you travel
[284]
with frequently or who has health
[286]
concerns of any kind
[287]
that number can easily go way way up in
[290]
a given year
[291]
pet insurance can be a great option
[293]
although it's not a perfect solution for
[294]
any given situation
[296]
but making sure to integrate the
[297]
expenses of your pet and to account for
[299]
when things aren't going totally
[300]
perfectly
[301]
for example senior pets have much
[303]
different considerations than puppies or
[304]
kittens do
[305]
is an important way to ensure that
[307]
you'll never be caught off guard
[309]
number six is pet sitting plant sitting
[310]
and house sitting now my previous point
[312]
only spoke to the costs of owning a pet
[314]
but not necessarily to ensuring they're
[316]
cared for when you're gone
[317]
that could include things like dog
[318]
walking someone babysitting your pet
[320]
while you're traveling or out of town
[322]
when it comes to things like your plants
[324]
it could be someone coming by to water
[325]
them on a certain schedule when you're
[327]
not able to do so
[328]
it could be someone house sitting for
[330]
you while you're gone for an extended
[331]
period
[332]
when it comes to things like pet sitting
[333]
that can easily run you 50
[335]
or more a day in cities like new york
[337]
city and even if your friend's doing it
[338]
please still pay your friend don't make
[340]
this be some weird thing where they now
[341]
feel obligated to
[342]
to take care of your pet for free long
[344]
story short anytime you are planning for
[346]
and budgeting for travel
[348]
do not forget to include the cost of
[350]
what it will take to maintain your life
[351]
when you're not there
[353]
number seven is wedding guest costs now
[355]
we were all given a brief reprieve from
[357]
this in the year of our lord 2020 but we
[359]
all know well enough that those vaccines
[361]
are coming
[362]
and we're gonna end up shoved into a
[364]
salmon pink bridesmaid dress and
[366]
shelling out fifteen hundred dollars
[368]
to go to some reception hall in a suburb
[371]
of dallas texas to celebrate a person
[373]
that we went to high school with getting
[374]
married
[375]
it's coming back uh yeah so apparently
[378]
i'm being corrected here uh texas has
[380]
just been
[381]
not engaging with the corona narrative
[383]
and having weddings all the same this
[385]
year
[385]
and it's arguable that for all of the
[387]
weddings that have been put off this
[388]
year you may have more wedding
[390]
obligations in 2021
[392]
than normal and it's not only an expense
[394]
when you're actually in the wedding in
[395]
some capacity
[396]
it's also extremely expensive just to
[398]
attend a wedding
[399]
according to a 2018 survey guests
[401]
attending weddings spend an average of
[403]
628 dollars
[405]
between travel clothing wedding gifts
[406]
hotel stays wedding-associated parties
[409]
etc
[410]
and you may already budget for the
[411]
travel and gift portion of attending
[412]
weddings
[413]
but what about the tangential costs will
[415]
you need an uber or lift to the airport
[417]
or to or from the venues
[418]
what about lunch if you have a few hours
[420]
to kill between a church service wedding
[421]
and the reception at a different
[423]
location
[424]
what about the late night food and a
[425]
hangover breakfast after the wedding
[427]
it's easy to not only not account for
[429]
these expenses it's also easy to slip
[431]
into a mode of
[432]
screw it i'm already spending the money
[433]
and it's a wedding who cares
[435]
over budget for any given wedding but
[437]
also if we're being honest here
[439]
feel free to say no to more weddings i
[441]
feel like that should be a thing that
[442]
changes after a coronavirus like
[444]
you don't have to go to every wedding
[445]
you're invited to you have other
[447]
financial goals
[448]
it's enough with these weddings you're
[450]
not special
[451]
listen we've all been to some weddings
[453]
that were beautiful
[455]
moments where you truly felt god's love
[457]
shining through and then we've all been
[459]
to weddings where you're like we could
[460]
have done without this
[462]
number eight is non-recurring donations
[465]
many people do have a regular spot in
[467]
their budget for recurring donations
[470]
you might be a patron of something you
[472]
might be involved with a charity of some
[473]
kind
[474]
but the truth is especially around
[476]
holiday times these expenses could come
[478]
up as one ops that you may not plan for
[480]
and in the meantime do a thorough
[481]
accounting in your budget for things
[483]
that you may have signed up for in that
[484]
regard that you don't remember about
[486]
it's easy to sign up for a recurring
[488]
five dollar monthly donation to some
[490]
cause or another and then quickly forget
[491]
about it
[492]
the more we leave a dedicated portion of
[494]
our budget to being charitable and
[496]
supporting causes and organizations and
[498]
people who we want to
[499]
the less we'll feel like it has to come
[501]
in conflict with the rest of our budget
[503]
choices
[504]
number nine license renewals and
[506]
upgrades now this point is coming to you
[508]
live and direct from someone whose
[510]
driver's license has been expired since
[511]
2016.
[512]
and the funny thing about that is that
[514]
even the driver's license itself was
[515]
still a provisional driver's license
[517]
because i just drove on a provisional
[519]
driver's license for years and never
[520]
actually went through the trouble of
[521]
getting my upgraded driver's license
[523]
but the cost of renewing your license is
[525]
easy to forget because it's only
[526]
something you have to do once every
[528]
several years
[528]
depending on the type of license and
[530]
where you live license renewals vary in
[532]
cost and duration
[533]
in new york for example it costs 64 for
[535]
most people and lasts for 10 years
[537]
while in missouri it costs for 10 but
[539]
only lasts for 3 years
[541]
and also remember that you will need a
[542]
real id designated license or an
[544]
enhanced driver's license in order to
[546]
fly domestically starting in october
[547]
2021
[549]
passports also work a real id will cost
[551]
the same amount as a regular driver's
[552]
license but an enhanced license will
[554]
have an additional fee
[555]
you'll need to check out your state's
[557]
dmv website for more information
[559]
what a racket what a racket they're just
[562]
always squeezing money out of us
[563]
the stone is dry we have no more blood
[566]
to give
[567]
number 10 is alcohol spending for those
[570]
who imbibe
[571]
a lot of us consider alcohol as part of
[572]
a food or restaurant category
[575]
which is probably not the best thing to
[576]
do both because cost per unit on these
[578]
items can be
[580]
way different for example you can easily
[582]
get a 20 entree at a restaurant and then
[584]
also spend
[585]
20 on a drink to go with it really not
[588]
the same thing we're working with here
[590]
but it's good to keep in mind where
[591]
these two budgets actually land and not
[593]
conflate them
[595]
according to the bureau of labor
[596]
statistics americans spend about one
[598]
percent of their gross annual income on
[600]
alcohol
[600]
for the average household that is 565 a
[603]
year
[604]
5 650 in 10 years or a whopping 22
[608]
600 over a 40-year period and it's worth
[611]
noting that 565 dollars per year breaks
[614]
down to about 11
[615]
a week in some cities that will barely
[617]
buy you one cocktail so it's very
[619]
probable that your spending exceeds that
[621]
but this is one area in which you may
[623]
not want to be above average
[625]
when you consider how much your food and
[626]
dining budget is impacted by the choice
[628]
to opt
[629]
in or out of alcohol you'll realize that
[631]
you could make your dining out budget
[633]
stretch
[633]
way further if you decided to take some
[636]
of those trips
[636]
without necessarily imbibing and a
[639]
similar rule goes for your grocery bill
[641]
also we should just be drinking less
[642]
it's not good for the skin it's not good
[644]
for the soul
[645]
number 11 is ride apps in new york city
[648]
in 2018 the average spend on uber per
[650]
month was 84
[652]
in la it was 64 and in atlanta 56
[656]
now right now you may not be going a ton
[657]
of places and therefore not spending
[659]
your usual
[660]
amount on ride share apps and taxi cabs
[662]
but that number is likely to go back up
[664]
as life continues to normalize
[666]
like with alcohol it's important to
[668]
budget for this separately so you can
[670]
analyze how much you are spending on
[671]
this item
[672]
rather than just rolling it into
[674]
transportation costs
[676]
because it's easy once all of these
[677]
things are conflated to just assume that
[679]
your transportation costs are consistent
[681]
and on some level unavoidable but when
[683]
you think about the outsize amount of
[685]
money that's spending on an uber or a
[686]
lift entails as opposed to taking public
[688]
transportation or walking or biking
[691]
you quickly realize that these things
[692]
are not to be conflated
[694]
and cutting out one can have an enormous
[696]
impact on the overall budget
[698]
forcing yourself to separate them out
[700]
and account for it means you'll never be
[701]
surprised by how much you default to
[702]
these ride shares
[703]
but also means you will not be taking it
[705]
for granted as an unavoidable
[707]
transportation cost
[708]
number 12 is home repairs and
[710]
maintenance and yes this is true even if
[712]
you're renting
[713]
although landlords are primarily
[715]
responsible for ensuring the
[716]
habitability of a rental unit
[717]
both landlords and tenants are
[719]
responsible for certain repairs
[721]
for instance the landlord must perform
[723]
any maintenance work that is necessary
[724]
for keeping the rental unit livable for
[726]
the tenant
[727]
the landlord is also legally responsible
[729]
for repairing any defects
[730]
and will be liable for any injuries
[732]
resulting from a defect that the
[733]
landlord failed to repair
[735]
or repaired ineffectively however a
[737]
landlord is not responsible for
[739]
repairing damages that were caused by
[740]
the tenant or the tenant's family
[742]
guests or pets and if you do own your
[744]
home it is very important that you take
[746]
a close look at your homeowners
[748]
insurance
[748]
to understand what is and isn't under
[750]
that purview
[752]
number 13 is niche cleaning products we
[754]
all have that all-purpose spray and roll
[756]
of paper towels covered
[758]
but what about things beyond that as you
[760]
get older you realize that different
[761]
things
[762]
need different cleaning products and
[764]
you'll learn it the hard way when you
[765]
try to clean stainless steel with
[766]
all-purpose cleaner
[768]
now what you will actually need will
[769]
depend on what's in your home but a few
[771]
good things to start with
[772]
are stainless steel cleaner granite or
[775]
marble cleaner
[776]
leather cleaner bleach wood floor polish
[779]
pet stain slash odor remover grout
[782]
cleaner
[782]
mildew remover power washer and likely
[786]
many things in between depending on
[787]
where and how you live
[789]
i don't know you number 14 is a
[791]
non-wedding slash
[792]
non-birthday gifts these are everything
[795]
from thank you gifts to housewarming
[797]
gifts to hostess gifts to the new person
[799]
at the office gifts to
[801]
sorry gifts to sympathy gifts to
[803]
anything in between that will just come
[806]
up throughout the year
[807]
often at times you least expect it
[809]
having a small dedicated budget for all
[811]
of the
[811]
incidental gifts not only helps you
[813]
never be surprised by those costs but
[815]
also help you to be the person who
[816]
doesn't show up empty-handed
[818]
and remembers people's special moments
[820]
which will take you pretty far in life
[822]
lastly number 15 is tipping anyone who
[826]
okay beep beep beep public service
[830]
announcement coming in hot
[832]
here's the deal put down what you're
[834]
doing or eating or thinking about
[836]
if you watch tfd if you even dare to
[839]
breathe on the tfd community or comment
[841]
section
[842]
and you do not tip at least 20 20
[845]
the floor not the ceiling get out of
[848]
here
[849]
get out of here if you cannot afford to
[851]
tip you cannot afford to utilize the
[853]
product or service
[854]
and i understand you're like the system
[857]
is unfair why should i have to tip a
[858]
server
[859]
when they should just be paid a fair
[860]
wage i agree the answer to that is you
[862]
should also be advocating for a much
[864]
better system
[866]
and a much better minimum wage for
[867]
tipped workers we could phase out a tip
[870]
system but that's a policy change
[872]
occasionally
[873]
establishments will eliminate tipping
[875]
and compensate their workers more fairly
[877]
but outside of that if you are going to
[878]
a restaurant for example and you decide
[880]
it is within your budget to buy that
[882]
food
[882]
you must integrate a good tip into it
[886]
and especially in the year of the
[888]
pandemic when we are reliant on service
[890]
workers more than ever
[892]
that person who's crossing town in a
[894]
snowstorm to deliver your food
[896]
deserves a very good tip especially when
[898]
you consider that some of those apps
[900]
tend to cut in on those tips
[901]
and if you're ordering something and
[902]
your pre-tip total is really low
[905]
always make your tip at least five
[907]
dollars even if you're ordering a five
[908]
dollar coffee
[909]
you're paying these people for their
[911]
time and they are not fairly compensated
[913]
otherwise
[913]
now i'm looking to you my beloved
[917]
chic thoughtful always on point
[921]
tfd commentariat to shut down
[924]
anyone who tries to start a fight about
[926]
how you shouldn't have to tip 20
[928]
or you shouldn't have to tip at all or
[929]
whatever we're not having that debate
[931]
here
[932]
this is my house get out of here if you
[934]
want to have that debate
[935]
tip well and integrate tipping into your
[938]
budget
[938]
or you can't afford the thing that's the
[940]
end of that story skillshare is an
[942]
online learning company with thousands
[944]
of inspiring classes for creative and
[945]
curious people
[947]
explore new skills deepen existing
[949]
passions and get lost in creativity
[951]
skillshare offers creative classes
[953]
designed for real life and all the
[954]
circumstances that come with it
[956]
they can help you stay inspired express
[958]
yourself and introduce you to a
[959]
community of millions
[960]
right now skillshare is offering classes
[962]
in professional level smartphone
[964]
photography
[964]
houseplant maintenance defining your
[966]
creative style and more
[968]
in the class youtube success script
[970]
shoot and edit with mkbhd
[973]
youtuber and podcaster marquez brownlee
[975]
will walk you step by step through every
[977]
stage of content creation for youtube
[980]
from scripting and storyboarding to
[981]
shooting and editing skillshare is
[983]
curated specifically for learning
[985]
meaning there are no ads
[986]
and they're always launching new premium
[988]
classes so you can stay focused and
[990]
follow wherever your creativity takes
[992]
you
[992]
and it's less than ten dollars a month
[994]
with an annual subscription the first
[995]
1000 people to click the link in our
[997]
description will get a free trial of
[999]
skillshare premium
[1000]
as always guys thank you for watching
[1002]
and don't forget to hit the subscribe
[1004]
button and to come back
[1005]
every monday tuesday and thursday for
[1007]
new and awesome videos
[1008]
goodbye
Most Recent Videos:
You can go back to the homepage right here: Homepage