A Latte A Day Can Break Your Budget
Everyone remembers to include car payments, power bills and groceries in his monthly budget but what expenses are commonly overlooked? “Small budget items often slip through the crack,” said UAB finance expert Lance Nail, Ph.D. “A latte a day adds up to more than $1,000 in a year. The same holds true for a pack of cigarettes. At a salary of $40,000 per year, a latte and pack of cigarettes per day will represent 5 percent of your gross budget. Unexpected expenses, such as insurance deductibles or unanticipated automotive repair bills, are difficult to budget, so it’s a good idea to reserve part of your budget, 5 to 10 percent, for such unforeseen incidents."
Contact Jennifer Lollar, UAB Media Relations, at (205) 934-3888 or lollar@uab.edu.
University of Alabama: http://main.uab.edu/Default.aspx?pid=79927