Do you reserve a portion of your budget for all the miscellaneous expenses you incur? If so, how much do you spend on misc items on monthly basis?
About 10% of my net salary goes towards misc items each month. By net salary, I mean after deducting taxes, health insurance and 401k. Misc expenses are the 3rd largest expense that I do every month. Some may put a misc item in a separate category in their monthly budget. For e.g. if you regularly give charity, you can have a separate category for that in your budget. If you don't, you can put that in the Misc field.
There could be countless Misc expenses and based on my years of experience keeping track of my spending, I have found it is extremely difficult to track of them without using a software like Mint, YNAB etc. Some examples of Misc items are travel, cell phone upgrades, unexpected car repair, birthday & holiday presents, electronics, personal care (massages), house decoration, shopping (clothing, shoes), new pets (birds, fish, animals), lottery, charity so on and so forth. As I said, these can be a lot and also vary from person to person.
Also, do you normalize one-time misc expenses? For example I upgrade my wife's and my cell phone every 2 years. Suppose I spend $1,500 on cell phones, I would divide it by 24 and enter $63 in my monthly budget under Misc items. Same goes for other one time expenses that I know I will do.
Too long to read? So yeah, do you keep a good track of all your Misc expenses. If so, what is the % of your Misc expenses to the net salary? Any other thoughts?
About 10% of my net salary goes towards misc items each month. By net salary, I mean after deducting taxes, health insurance and 401k. Misc expenses are the 3rd largest expense that I do every month. Some may put a misc item in a separate category in their monthly budget. For e.g. if you regularly give charity, you can have a separate category for that in your budget. If you don't, you can put that in the Misc field.
There could be countless Misc expenses and based on my years of experience keeping track of my spending, I have found it is extremely difficult to track of them without using a software like Mint, YNAB etc. Some examples of Misc items are travel, cell phone upgrades, unexpected car repair, birthday & holiday presents, electronics, personal care (massages), house decoration, shopping (clothing, shoes), new pets (birds, fish, animals), lottery, charity so on and so forth. As I said, these can be a lot and also vary from person to person.
Also, do you normalize one-time misc expenses? For example I upgrade my wife's and my cell phone every 2 years. Suppose I spend $1,500 on cell phones, I would divide it by 24 and enter $63 in my monthly budget under Misc items. Same goes for other one time expenses that I know I will do.
Too long to read? So yeah, do you keep a good track of all your Misc expenses. If so, what is the % of your Misc expenses to the net salary? Any other thoughts?
Misc Expenses
0 commentaires:
Enregistrer un commentaire