This is a contributed post.
There are plenty of places in your life you should save money on as well as spend your money on. When times get tough, people think that they shouldn’t spend money at all, but there are things that you should still be spending your money on – even when things get rough at home. Of course, it’s not groceries and cable to think about, it’s the rest of those important expenses that you still need to budget for. There are always exceptions to the rule, and the list below are massive exceptions that you should budget for:
Yep, this is a necessity. Imagine if you stopped paying into your home improvement pot and suddenly, your boiler decides that now is a GREAT time to break down? It would be less than idea and cost you more than you think. It’s not just the boiler, either, it’s the materials if a pipe bursts, the maintenance man who comes to fix the electricity when something shorts and it’s the cash you need to cover you as extras. This shouldn’t be skipped out on where possible.
Insurance is a big deal, and if you’re fighting a claim for insurance then you should hopefully be coming into cash soon. Insurance isn’t something that you want to miss out on paying, because you can guarantee that Murphy’s Law will come into play. Keep up the payments on your insurance, even if you are flat broke and need to use your savings. You cannot put a price on your health, so whatever you can do to keep those payments going, do it.
You will always need to have food in the house, but good quality food is going to keep you healthy and happy. If you’re cutting out most of the luxuries in life, don’t cut down your grocery budget in any way.
You have to keep planning for your future even when it seems like it’s years away. Investing in your retirement is a smart investment in yourself and if you stop paying into anything, you should aim to keep paying into your retirement pot. Don’t skimp out here; you could easily regret it if you did.
Spa days and movie trips and anything that you do to relax yourself should have a place in your budget. You need to be able to step away from the office and enjoy yourself occasionally and you need to be able to pay for this. Stress is a big factor in your life from work and family, and as long as you know what it is in your life that will relax you, you can budget appropriately for it.
There are expenses that are absolute musts, and these are it. You can’t cut back everything in life just to make room when times get tough. Planning ahead for your future is important, and you need to do whatever it takes to plan carefully and thoroughly – even for the fun things.