Mapping Out Big Expenses for 2019
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings
Large expenses, expected or unexpected, is going to happen. So, why not just put some time into planning now? I want you to be more proactive, that way you can stay on the top of it.
Here is what I recommend for mapping out big expenses in 2019:
Plan Ahead
Determine what kind of big expenses do you anticipate: vacations, a new car, furniture or appliances, weddings to attend, charitable donations, etc. Mapping out big expenses like this is a critical first step.
Timeline
Decide when are you going to go on vacation? When are you planning to buy a car, new furniture, etc? This should give you an estimate of how many months you have until you will be anticipating this expense.
Get to Work
You now know what you going to buy, and when. The next step is to assess where you are with the money part.
Do your numbers. How much will you be spending on the goals? Do you already have funds saved? Begin saving or earning. I recommend setting up a separate savings account for these expenses. Specifically, a high yield online savings account. You will earn a little interest.
And lastly, remember our good old Curveball Account? You need to maintain 3 to 6 months of living expenses. Unexpected things will happen.
