We all have expenses that fall outside of our monthly expenses…these are the occasional or seasonal expenses and they are expected (albeit, sometimes forgotten when not “in season”).
Some common expenses in this category:
- School start
- Christmas and holidays
- Vehicle license renewal
- Driver’s license renewal
- Membership renewals
One strategy to reduce the financial stress of the occasional or seasonal expenses is to budget for the expenses that are variable such as gifts and holidays…and another is to save for your planned spending.
School has just started and for many parents this means purchasing school supplies, clothing and so forth. The spending is done for this year, but it doesn’t mean you can’t get a jump on next year.
Christmas and holidays are around the corner but you still have time to start saving.
1. Create a “planned expense” tracker or click on the button below and download one that I have created.
2. Enter all your upcoming seasonal and occasional expenses and the amount of each.
3. Highlight the month it is due.
4. For each upcoming month write in how much you will be saving. Each month may be the same amount or the amounts may vary month to month but however you do it…it should equal the cost of the expense.
5. Open a savings bank account for “Planned Spending” and deposit the total amount for each expense monthly.
6. This money is for upcoming expenses and if you spend the money, you will be back in the same situation again. Scrambling to come up with the money when it’s due.
Financial stress may be higher at different times in the year....but if you are struggling with money and debt, chances are it doesn't take much for it to surface.
Every financial journey is unique, and it's not always easy to find the starting point.
If you want to reduce your money-related stress but it's a struggle for you to do it alone, it's time to ask for help.
I can help you ....
Sign up for a Clarity Call today and let's get you on the path to debt-free living.
Have a fantabulous day and always let your awesomeness shine!
Until next time...