Back in January I started a budget. So far, it is working pretty well. Granted, I'm over a bit in certain categories, but under in others so it is starting to balance out. One thing I didn't take into account was my quarterly life insurance payments. I guess those go under "Misc." at least for now, but I think I need to do some re-working for March to save for those a month at a time so that my "Misc." category isn't going "OMG".
I think I also need to separate out a car maintenance/repair category. Oil changes need to be done, some pricey standard maintenance will be due in the next six months and there's always the unexpected like a screw stuck in the tire.
There's also the "gift issues" -- Family birthdays and such. Coming up, I have my sister this month, and also my best friend's, my nephew in April and my other nephew in May --- not to mention that nephew's graduation in May, also. Followed up by my brother's birthday in June, Father's Day and then my Mom's birthday in July and on the same exact day, Princess Penelope's birthday.
Those are all things that I need to factor in a bit better because they happen every single year. And I still need to plan for things that won't happen every year but that are looming large in the next year: ACT fees and college application fees.
I don't think "Misc." is going to cover it -- better planning is definitely in order.
I actually use alot of Dave Ramsey's ideas and a few of my own for those categories. And one thing that helped at Christmas this year was every single person I knew, kids and all, got items I bought coupon shopping for gifts. Saved me tons of money!
ReplyDeleteI have quarterly bills, because they are small, I include them each month. Then when they are due, they are covered. Other months, I save it for the unexpected. If it is left at the end of the month, I carry over. But when it reaches $100, it becomes a 'snowflake', lol.
ReplyDeleteThose are both excellent suggestions. I've still got to do some tweaking on it. Time to pull out the adding machine! (Because yes, I can run a tape much faster than I can work in excel - weird, I know!)
ReplyDelete