{"id":9640,"date":"2023-08-07T06:29:57","date_gmt":"2023-08-07T06:29:57","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/savings\/top-10-budget-busters\/"},"modified":"2023-08-07T06:29:58","modified_gmt":"2023-08-07T06:29:58","slug":"top-10-budget-busters","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9640","title":{"rendered":"Top 10 Budget Busters"},"content":{"rendered":"
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Even the most diligent budgeters can get off track, especially when faced with these notorious budget busters. The best way to stay on target is to be aware of where your spending may go wrong and do your best to avoid it.\u00a0<\/span><\/p>\n

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1. Impulse purchases<\/strong><\/span>
It\u2019s all too easy to grab a few extra items at the checkout or to buy expensive junk food when you go grocery shopping hungry. You can\u2019t escape the temptation for impulse purchases online either with targeted ads, online stores that save your credit card information, and email blasts announcing limited-time savings. Make a budget and a shopping list and do your best to avoid unplanned-for purchases.<\/span><\/p>\n

2. Small extras<\/strong><\/span>
Most people don\u2019t plan to buy a magazine\u00a0here or a pack of gum\u00a0there, and we\u2019ve all heard about the\u00a0dangers of a latte habit. The\u00a0problem with \u201cextras\u201d is that they\u00a0trick you into thinking you\u2019re not\u00a0overspending since they\u2019re\u00a0inexpensive purchases. In the\u00a0long run, these purchases can add\u00a0up, so don\u2019t give in to the siren\u00a0song of the clearance nail polish.<\/span><\/p>\n

3. Television and movies
<\/strong>Cable television is a pricey\u00a0indulgence these days, and many\u00a0consumers purchase streaming\u00a0<\/span>subscriptions on top of cable. Renting a movie via an on-demand service is often expensive, not to mention paying to go to the theater. Unless you\u2019re a true television and movie aficionado, you can probably find somewhere to trim the fat.<\/span><\/p>\n

4. Fees and fines<\/strong><\/span>
These budget busters run the gamut from small (ATM fees) to large (parking tickets), but they\u2019re all unnecessary. The worst part about these expenses is that you don\u2019t even get to enjoy spending the money. Watch out for credit card interest and fees, overdraft charges, and other places that can leak money if you\u2019re not careful.<\/span><\/p>\n

5. Restaurants and fast food<\/strong><\/span>
It\u2019s always cheaper to make your\u00a0own food at home because\u00a0restaurants and fast food places\u00a0charge for convenience. It\u2019s okay\u00a0to treat yourself once in a while\u2014\u00a0make an \u201ceating out\u201d budget, so\u00a0you don\u2019t overspend\u2014but going\u00a0out to eat regularly is one of the\u00a0surest ways to blow your budget.<\/span><\/p>\n

6. Aspirational spending<\/strong><\/span>
It\u2019s normal to want to look and\u00a0feel your best, but it shouldn\u2019t be\u00a0at the expense of your budget.\u00a0Don\u2019t buy a gym membership\u00a0that you never use or clothes that\u00a0are too small or trendy, and if\u00a0you decide to take up a new\u00a0hobby, try it out for a while\u00a0before splurging on supplies.<\/span><\/p>\n

7. Emergencies<\/strong><\/span>
Medical emergencies, car repairs, and other surprise expenses can eat away at your savings if you don\u2019t plan ahead. Emergencies shouldn\u2019t be considered surprise expenses\u2014you know you\u2019ll eventually have to pay for some emergency; you just don\u2019t know when or what. Buy insurance, build up an emergency fund, and practice preventative maintenance on yourself, your home, and your car.<\/span><\/p>\n

8. Gifts and donations<\/strong><\/span>
If you always donate to your\u00a0friend\u2019s cancer walk or buy your\u00a0mom a gift for her birthday, these\u00a0expenses shouldn\u2019t be surprises.\u00a0Save up for special occasions and\u00a0charitable donations, so they\u2019re no\u00a0longer an unpleasant yearly\u00a0surprise.<\/span><\/p>\n

9. Retail therapy<\/strong><\/span>
If you feel like splurging because \u201cI deserve this!\u201d then back away from the credit card. You may feel like you need a manicure, a vacation, or a shopping spree after, a hard day at work, but you don\u2019t deserve to ruin your budget.<\/span><\/p>\n

10. Irregular bills<\/strong><\/span>
A lot of bills\u2014tuition, home\u00a0maintenance, etc.\u2014don\u2019t come\u00a0every month, but you still need to\u00a0budget for them. If it helps, set\u00a0up a separate checking account\u00a0for these bills and pay for it\u00a0monthly, so you have enough\u00a0when the bills come due.<\/span><\/p>\n

This article was written by Advicent Solutions, an entity unrelated to AFS 401(k) Retirement Services, LLC. The information contained in this article is not intended to be tax, investment, or legal advice, and it may not be relied on for the purpose of avoiding any tax penalties. AFS 401(k) Retirement Services, LLC does not provide tax or legal advice. You are encouraged to consult with your tax advisor or attorney regarding specific tax issues. \u00a9 2013, 2015 Advicent Solutions. All rights reserved.<\/span><\/p>\n<\/div>\n