These 3 Major Purchases Will Probably Cost You More Than You Think

Whenever you're gearing up to make a big purchase, it's important to run the numbers to make sure it fits into your budget. But sometimes, you might think you're accounting for all of your costs only to forget about some. With that in mind, here are three things you might spend a lot of money on -- and why they might end up costing you even more than anticipated.

1. Your home

Pretty much anyone who buys a home knows to factor the cost of mortgage payments, homeowners insurance, and property taxes into their budget. But when you buy a home, there are numerous costs that might sneak up on you, like maintenance and repairs.

Also, some of the costs you know to initially budget for might rise over time. If you end up having to file a few claims against your homeowners policy, your premiums might increase. And your property tax bill could rise if your home gains value.

That's why it's really important to keep your known housing costs to 30% of your take-home pay or less. Those include mortgage payments, property taxes, homeowners insurance, and homeowners association (HOA) fees, if applicable to you. If you stick to that rule of thumb, you may end up in a better position to absorb the added costs of homeownership that sneak up on you.

2. Your car

When you're financing a car, factoring your monthly auto loan payments into your budget is obvious. But your car might end up costing more than anticipated when you consider the cost of routine maintenance, parking fees, and repairs.

Also, don't forget auto insurance. Some people buy a car without first researching auto insurance costs in their areas. That's a mistake. Before you buy a car, get some quotes for insurance so you know how much extra you're dealing with.

3. Your next vacation

Many people's vacation budgets account for expenses like airfare, lodging, food, and entertainment. But there are certain costs you might forget about in the course of budgeting for a vacation.

For one thing, how are you getting to and from the airport at home and at your destination? If you're planning on hailing a ride, that could be a few hundred dollars, depending on distance.

Also, what if you forget to pack a key item and end up having to buy it at an inflated price at the resort you're staying at? That might happen, so it's good to have some wiggle room for incidental purchases.

Finally, don't forget about the cost of trip insurance. It might seem like a needless expense, but it could be one worth paying for the medical coverage alone, especially if you're traveling internationally.

And don't assume that you don't need trip insurance because you have a good credit card you're using for your trip. It's a smart idea to check and see what coverage your credit card offers, but a separate trip insurance policy might offer you the coverage you need beyond that point.

Any time you're talking about spending a lot of money, it's important to look at the big picture. So don't forget about the aforementioned factors that could cause your home, car, or next trip to cost more than expected.