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You don’t want to dip into emergency savings for predictable expenses. Car service and maintenance: If you don’t have a motor plan, you need to put money away for services, maintenance matters such as tires, and car-related things that might pop up.Gifting and birthdays: If your budget is tight, it’s important that you budget birthdays and gifting ahead of time.A solid emergency fund can ease potential hardship. But if you’re really ambitious, go for one year. Emergency fund: Ideally, you’ll have at least 3-6 months’ worth of fixed-cost expenses saved in an emergency fund.Your savings account should have sub-categories that allow you to save for your various needs. You never know when your whites are going to turn pink. Chucking everything into one account with no clear direction is like throwing a mixed laundry load into the washing machine on a hot cycle.
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While I’m big on investments, I also know the value of saving for short-term goals. Investments and savings are easy to tally up, but you need to go through your fixed costs and guilt-free spending categories to see whether you’re overspending. When you can pinpoint what belongs where, you’ll quickly start to understand where the gaps in your financial plan are.įor instance, if you’re spending $500 per month on guilt-free items and nothing on savings or investments, is it really guilt-free spending? Or, if you have a fixed costs bill of $5,000, but your net income is $5,000, you might have a lifestyle you can’t afford. Now, you’re going to see me talk about these four categories a lot because all your expenses are contained in these categories. It’s time to sit down and categorize your spending into four buckets. When there is simply too much a month for your paycheck, there’s a good chance you’re not aware of what your lifestyle actually costs. You know your money matters are out of whack when it feels like you’re starring in Macklemore’s Thrift Shop music video.