Back to budgeting! Emerging adulthood is tricky. In the midst of learning how to handle and manage our finances, we often forget necessary budget items. Maybe you consistently save for car repairs, but not for car replacement. Maybe you forget to calculate a trip you have planned for into your month’s eating out budget. But one of the big ones we often forget — and frankly, one of the ones that’s hardest to plan for — is budgeting for friends’ lives.
There are mostly big occasions for this: birthdays, graduations, weddings, babies, and the like. For example, I’m going to a couple of friends’ weddings in the next few months, and am realizing that I had not budgeted enough in the “wedding gifts” category. Many weddings also require travel, lodging, and new clothes (especially if you’re in the wedding party).
I’ve been thoughtful to budget for Christmas, but hadn’t quite planned for the fact that late spring brings, in quick succession, four important birthdays and now a few weddings.
So what to do when you go over budget?
First, don’t panic. Be mindful not to go too over budget, but it’s the kind of thing that’s going to happen now and then. You can’t plan perfectly for everything. So take a deep breath.
Try to minimize spending where you can, and/or pull funds from other categories. I won’t be spending as much on food (particularly eating out) or miscellaneous things the next couple of months in order to help offset the costs of big friend events.
Prioritize, and say no if you have to. I’ve had to say no to attending events because the travel and/or other costs were simply too much amidst other events or commitments. It’s a bummer, but it’s a spot that everyone is in at some point or another, so your friend(s) will more than likely understand.
Figure out how much your budget was off by. Then you can adjust it for the future. On that note, it’s also a good idea to have some general, “extra” savings for times like this so when you go over budget you’re pulling from excess or flexible funds instead of necessary ones.
We try to plan for as much as we can, but it doesn’t always work. When it doesn’t we adjust. It may mean adding more to that budget category in the future or stocking away a little cash, but there are usually ways to make sure we’re there for as much as possible of friends’ important moments.
How do you address budget spikes? Let me know in a comment below, on Twitter @ohgrowup, or Instagram @oh.grow.up! Thanks for reading, and happy adulting!