Create a plan for those irregular bills and expenses!
Do your monthly finances get set back by non-monthly bills?
How many times have we had to scramble to find the funds to pay those bills that are due quarterly or annually? Even though we know they are going to show up, sometimes it’s hard to plan. And even worse, we may pay the bill with credit.
What is the best way to handle these expenses? Plan ahead!
Here’s how:
- List your non-monthly bills and amounts due
- Multiply the amount by times due each year
- Add it all up and you have the annual cost
- Divide that amount by twelve
- Set that amount aside monthly in a separate savings account
- When the bill or expense comes due, pull money from savings and pay the bill!
Sounds easy enough. But getting there takes planning and saving. But once the savings is funded, a non-monthly bill will no longer throw your monthly finances off track.
And don’t forget those subscriptions for products you may have delivered a few times a year. Any expense that you don’t pay on a monthly basis can be included in this plan.
TFCU has club accounts that allows you to organize your funds and name your savings for future needs. Money saved for emergencies or non-monthly bills can be saved and named. It makes it easier to be used for its intended purpose if you name it!
Creating a complete budget plan takes time and determination. If you are ready to get started, I can help!
Click HERE to schedule your personal financial coaching session.
Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@tucsonfcu.com
As a Personal Financial Coach, I do not provide legal or tax advice.
Tucson Federal Credit Union does not make any guarantees that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.
