3 Must-Have Expenses

Have you been feeling like everything out there just keeps getting more expensive, yet your income doesn’t seem to catch up quite as quickly? Well, this is the sentiment of more people than you think. After a worldwide pandemic placing even more pressure on the economy and everyone’s livelihoods, you may even have considered re-evaluating your budget in order to breathe more easily financially and sleep a little better at night.

However, when cutting costs, a few things are pretty non-negotiable and are necessary for everyday life and its unpredictability. That said, here are three must-have expenses that would be a bad idea to strike off your budget.

Must Have Expenses

Photo by Karolina Grabowska from Pexels


Whether it’s health insurance, auto insurance, or life insurance – anything that covers you for life’s unfortunate and unforeseen events must be maintained as a must-have expense. Sure, it may take a chunk out of your earnings, but it is nothing compared to experiencing something as expensive as a car accident and having to pay the medical and car repair bills yourself. Now, you may be thinking to yourself, “I’ve never been in an accident, and the only time I’ve been in the hospital was probably when I was born,” but the truth is that anything can change in an instant. When life throws a rotten lemon at you, the last thing you want to be worried about is money, so rather get some cheap insurance quotes and skip the Zara outing every now and then.


It may be tough to keep saving even when times are tough, but those savings are there to see you through when times are at their lowest. Having savings as part of your budget is crucial to keep moving forward in life and building towards your dream, whether it be a home of your own or starting a business. Look, choosing to put aside money for savings instead of buying essential groceries wouldn’t be as wise. Still, whatever is left at the end of the month, or if there is a little something you can cut back on like dining out or excessive pamper sessions, savings are the first to invest in. After all, nobody said cutting on costs would be fun, but if you do it right, you’ll be thanking yourself over and over in a few months’ time. 


Many individuals have considered skipping the occasional mortgage payment when finances are tight, but this is never a good idea. With mortgages, missing a payment would still mean the interest is still charged, and you’ll most probably be facing a penalty for paying late. That said, most mortgage agreements allow a grace period where you can catch up with your payment. But, letting it linger rather than just paying it as you always have may just start a bad habit and minimize the importance of needing to pay your mortgage promptly to yourself. 

It’s never easy to restructure your budget, especially if it wasn’t already too lenient, to begin with. But, by prioritizing and being a little more strict with how and where you place your finances, you’ll be on the right track towards a more comfortable and stress-free life.


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Tracy Kiss

Social influencer, Bodybuilder, Mother, Vegan
London, UK

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