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Finance Tip of the Day

Budgeting for Periodic Expenses: Sticky Fingers & Roll Over

  • 2018 8 Jun
Budgeting for Periodic Expenses: Sticky Fingers & Roll Over


Budgeting for Periodic Expenses: Sticky Fingers & Roll Over

After identifying all of your periodic expenses and designating monthly amounts, one very important thing to keep in mind is that you should not tap into your periodic expense envelopes in order to cover another expenses. You need to be disciplined enough to leave all of your periodic expense envelopes alone until that particular need comes up. The beauty of having a solid budget plan for those periodic expenses is that you may find a way to spend less than you budgeted, and, if that happens, you can roll the remaining amount over to the next year and build solid savings in those categories. Can you imagine having enough cash saved to cover a major car repair without tapping into your regular savings? Or how about doing your Christmas shopping completely debt-free year over year! What a freeing feeling that will be!

Today's tip brought to you by Mvelopes and Money4Life Coaching.

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