It’s hard to manage our expenses when we don’t know exactly where the money is going. With this in mind, here’s a tip for tackling the category of expenses we lump together as “miscellaneous”: break the category into clearly identifiable pieces that you can then manage separately.
No, you don’t need to analyze every little miscellaneous expense, but if you’re looking for places to save, there MAY be some regular expenses buried in this category that are worth a closer look. For example, if you find yourself buying birthday or shower gifts for coworkers every month, it’s worth looking at that yearly total. It may be pretty significant.
Even if you decide that gifts for coworkers is a necessary expense, creating a separate line item in your budget for it will help you be mindful about that expense and, if necessary, cut back in other areas that are less of a priority.
.
