7 Top Monthly Payments You Should Add This Year ...

1. Life Insurance

Of all the monthly payments to add this year, life insurance might be the most important. This is especially true if you have a spouse or dependents. Money from a life insurance policy can pay for your funeral and burial, plus pay off your debts and provide your family with financial support in the event of your death. And the best part is that many life insurance policies cost less than a dollar a day.

2. Renter’s Insurance

Getting a renters insurance policy for at least $50,000 worth of coverage costs approximately $10 a month. You might not own the place, yet renter’s insurance can provide peace of mind because unfortunately, your landlord’s homeowner’s insurance doesn’t cover your personal belongings in the event of fire, theft or natural disaster. With your own policy, you can replace your electronics, clothes and afford temporary housing.

3. IRA Contribution

Relying solely on your 401(k) or social security for retirement is dangerous. When you’re ready for retirement, you really don't know how much you’ll need. Therefore, it's smart to plan ahead and create multiple nest eggs to secure your future. Talk with your bank or a financial planner about starting an individual retirement account. Most of these accounts only require a $50 minimum opening balance, plus a minimum $50 monthly contribution.

4. Gym Membership

Whether you're a few pounds overweight or only need to tone your body, getting a gym membership might be the motivation you need to improve your health. And although you can work out at home for free, gyms have a variety of machines, classes and other activities, such as swimming and racquetball. This adds variety to your workouts which can help you stay on track. In most cases, you can get a gym membership for less than $30 a month.

5. Daycare

If you work from home, or if you're a stay-at-home parent, finding daycare for your kids one or two days a week can provide the break you need. Drop-in and part-time rates vary according to whether your child's at a facility or a home daycare; but typically, you might be able to find care between $25 and $45 a day.

6. Housekeeper

Between work and family, you might have little time for household chores. Don't feel bad or beat yourself up. It's important that you know your limitations. And if necessary, get help to keep your house in order and maintain your sanity. You don't have to have daily or weekly care. Having a maid service come by once a month or every other week can provide the help you need without going broke.

7. Mortgage

Although this is a big monthly expense, getting a mortgage loan this year might work if you're in the market to buy a home. The Mortgage Banker’s Association predicts that mortgage interest rates will increase to 5% by the end of the year. Therefore, now is the time to buy if you want to take advantage of low rates. And with the rising number of foreclosures and short sales on the market, you might snag a home below market value.

Even if you're frugal and want to save money, adding certain monthly expenses can make your life easier and help achieve certain goals. What other monthly payments do you feel are worth the cost?