Last Updated on Apr 16, 2020 by James W
When it comes to monthly expenses, the majority of us run a pretty tight ship. When payday rolls around, we make efforts to find out exactly how much we need in the bank. For the most part, we need enough to cover everything from mortgage payments and bills, to the cost of our monthly food consumption. To help us do that, we make financial plans using guidelines like those found at www.successwithmoney.com, and we do everything we can to make sure the necessary money is in place on the days we need it. Some of us take such care here that we don’t even start spending until all those monthly costs are cleared!
Over the years, you may find this once a month balancing act becomes second nature. It may be that you don’t even need to think to know how much you have spare. And, that’s fantastic news. But, it also means extra monthly expenses can be enough to rock the boat. If you invest in a car, for instance, you’re going to have to reassess your planned budget altogether. What’s more, the monthly expenses involved here add up. But, to help you balance your budget around this extra, we’re going to look at what you need to make allowances for.
Many of us overlook the expense of fuel here. But, make no mistake, this will be the thing which sets you back the most. What’s more, you need to ensure you have enough cash in the bank to cover you. Otherwise, you’ll continue to pay your other monthly expenses on a car you can’t drive! As it stands, fuel prices are at an average $0.79 per liter of fuel. While fuel tanks vary, even a small vehicle engine requires up to 65 liters. And, you’ll likely need to fill that at least twice in a month, more if you drive a lot.
If you’re buying your vehicle brand new, you can loosen the reins on this one. While not always the case, the majority of new vehicles come complete with at least a five-year warranty. But, if you’re buying second hand, you’re going to need to look out for something called an extended warranty like this one for Hyundais found at carchex.com/content/hyundai-extended-warranty. Plans like these cover the majority of repair costs and can be paid in monthly installments. While quotes are given based on your vehicle, the average expense of a warranty starts at around $1,800 and covers you for a minimum five years. So, this isn’t a massive addition to your monthly costs. But, it’s still something which needs consideration.
It’s also worth making room for breakdown cover. While your warranty will pay for your parts, it’s unlikely breakdown cover is included in the price. Instead, look out for other companies which offer this service. Again, payments are made in small monthly installments. And, you can be sure they’ll be less than you’d pay for roadside assistance should anything happen without coverage.