5. HouseMany people thinking about buying a home look at the cost of rent and compare it directly to a mortgage payment. While this is one factor to consider, the lifetime cost of a house is much more than the monthly mortgage payment. A house ultimately has many more expenses than renting an apartment. If these additional expenses aren't taken into consideration, you could purchase much more house than you can truly afford. Some examples of expenses that are often overlooked when purchasing a house are the cost of furnishing a much larger area, yard upkeep, repairs and maintenance, increased insurance payments and increased utility costs.
4. CarWhen most people purchase a car, they are focused on the retail price they must pay. There are, however, many other factors that can tack on costs over the life of the car. Gas, repairs and insurance all need to be considered and these can vary greatly between car models.