BANGALORE: Planning your financial life with a budget is one of the best things you can do to get on the right financial track. Budgeting is considered to be a learning process. Budgeting is an important tool that helps individuals properly account for their income and utilize their money wisely.

However, during the course of the month, there may be expenditures that come up which were simply not included in your spending plans. This is why the monthly budget should always be revisited and updated. Below listed are some expenditure that are likely to be overlooked:

1. Eating out

Most people remember to put groceries in their budget. Food is essential to survival, but they either bulge the eating out and grocery category together or do not budget for eating out at all. If you do eat out even once a month you need to include this item in your budget. Lunches at work may need to be broken into a separate category as well.

Breaking down where you food money is going will give you more control and motivation to limit your spending in these categories. If you realize that you are spending a hundred dollars a week on your work lunches, you may decide that packing your lunch is worth the saving you will receive.