It is good to plan and one of the best ways to do this is by owning a good budget. But, no matter how much you plan, it’s impossible to predict every single expense, which can make it challenging to stick to your plan. Fortunately, you can weather any financial storm by making sure your budget has these things:
A car repair, medical expense, or sudden job loss can all wreak havoc on your normal monthly budget. Instead of panicking and going into debt after an emergency, you can give yourself peace of mind by starting an emergency fund. How much money should you keep in an emergency fund? Well, the answer depends on many things, including the cost of your daily expenses, how hard your job would be to replace, and any other unique circumstances.
Debt can add up quickly and become overwhelming if you do not have a repayment plan in place. Whether you have a mortgage, car loan, student debt, or a credit card balance, it’s your responsibility to manage your debt. You can take away the burden of debt repayment by tallying up the payments you owe and putting them into your monthly budget.
Do you have a plan to take care of your future? If not, it’s time to start a retirement savings plan. Retirement might seem like a long ways away, but failing to save now can have dire consequences later. The more you save while you’re still young, the longer you’ll have to earn interest on your investments. The longer you wait to save, the harder it will be to catch up.
You can’t have all work and no play. Allow yourself a break and start putting money into a vacation or fun fund. Whether you prefer to take a trip or spend the day at the spa, you can treat yourself guilt-free by budgeting for it in advance.
Funds for irregular expenses
Not every expense is billed monthly. Most people find they have at least a few quarterly or even annual expenses. Since they aren’t regular bills, it can be easy to forget that they are coming due.
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Don’t panic, you can still budget for them and ensure you always have the cash for odd expenses.
By Damilola Faustino
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