Being an adult means that you have certain responsibilities, like bills.
We all know that we must pay for food, transportation, and housing, which shouldn't be a complete surprise.
However, there are a lot of everyday expenses that come up that do surprise people and a few that you might not realize that you have.
Owning or renting a home comes with some hidden costs that surprise people for the first time.
Of course, you have the known expense of your mortgage or rent, but surprise expenses like repairs, taxes, and more can catch people off guard and make owning/renting a home more expensive.
Repairs and Maintenance
Unexpected repairs and regular maintenance are often overlooked when factoring in a monthly cost of a home.
If you own your home, these are costs that you will have to pay for replacing the roof, dealing with a fallen tree on your home, keeping the paint fresh, and more.
If you rent, some landlords pay for repairs and maintenance, but others don't. So it's always good to have an emergency fund for when these repairs come up.
Home Insurance and Property Taxes
A monthly expense many people don't think about in their homes is insurance and property taxes.
You will need to pay both of these things, and these prices can fluctuate as your home and property value increase. The increase is usually what catches people by surprise.
Most people need some type of transportation to get to and from work.
Usually, the first option is a car. However, while having a car can be crucial, there are costs to a car that surprise people.
Besides a loan payment, everyday costs for a car are gas, insurance, and maintenance. While you may not have to get regular maintenance on your car, the more you drive it, the more likely you are to need to get an oil change or rotate your tires.
You'll have to pay for these things if you don't know how to do them.
Car insurance is also a cost that sneaks up on people. You usually will pay this bill every six months; without proper planning, it can be a surprise.
Along with regular expenses that come with a car, vehicle repairs are another cost most people don't think about. If you get in a car accident, you will have to pay your premium before insurance pays the rest.
Many people think having insurance is going to cover their bill, until they get in a situation and learn they have to pay for the first few thousand in repair (depending on your insurance).
We have all heard of lifestyle creep, which is when your income increases and you naturally increase your expenses.
This can be a shock to people who don't budget and realize this lifestyle creep is happening. Along with this, your hobbies and habits can cause added expenses.
Some hobbies are free, but others usually have a cost. Anything from crafting to skiing can have surprise expenses that add up.
For example, you may just buy a new pair of skis, but over time you've bought an entirely new ski wardrobe and ski pass, when you wanted to spend as little as you could.
The same goes for habits. Grabbing coffee or lunch out may seem like small purchases, but over time they add up. Likewise, habitual spending can catch people by surprise if they don't track their spending.
Medical bills are very often a type of debt someone has.
Costs related to medical are another expense that surprises people. If you aren't going to the doctor often, it can surprise you that you have expenses from co-pays, deductibles, and prescription costs. We all have to pay for insurance, but insurance only covers part of a bill and sometimes only after a deductible is met.
People who haven't used their insurance often have to be shocked by the costs they are required to pay when they have a checkup or even surgery.
This is because insurance will pay for part of a bill but not all of it.
The same goes for prescription medication.
Some medicine is covered by insurance, but certain high-cost medicines are only partially covered, and a client must pay hundreds of dollars for the medicine they need.
Being aware of any expenses you have can help you prepare for how to pay them.
While these are common surprise expenses, don't let these catch you off guard. Instead, start planning for certain expenses, and if you don't know which ones you have that will be a surprise to you, start an emergency fund so you can pay for them as they come up.
Photo by John Schnobrich on Unsplash
