This month, I've given several presentations on cash flows and was struck by how much this topic ties into my next budgeting tip: strategies to tackle infrequent expenses without disrupting our meticulously planned budgets. The truth is, just like in business, it all comes down to timing. Many of our budgets are derailed by infrequent expenses—those costs that don’t occur regularly and are easy to overlook. (Think housing repairs, tire replacements, car repairs, or even Amazon Prime memberships).
Here’s what I’ve figured out: if we keep a separate account for infrequent expenses and set aside funds monthly to cover them, it reduces stress and ensures we're better prepared. (Of course, life being life, these expenses often seem to come all at once, but at least it's a start).
This month, my challenge is to list potential infrequent expenses you might face this year. Add them up, then break them down into a manageable monthly amount. Then create a plan to save a little each month so you're prepared for them.
By planning for these expenses, we can reduce the stress unexpected costs bring. Just remember, budgeting is not about perfection; it’s about preparation and flexibility.
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