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How to Budget – Step 4 – Add In Those Special Times

January 13, 2012 by MMD Leave a Comment
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Budget, budgeting, money, money management, saving, expenses, income, Roth IRA, 401k, 401(k), 529, Mint.comAs I’ve already expressed, your entire year is not just one month multiplied times 12. Your year is full of different events and one-time events that can greatly influence your money. The next step is to capture all those things in your 12-month snapshot. Here are a few to start with:

Three-Check Month. In Step 3, we mentioned the “three-check” phenomenon. Be sure to look at a calendar and include this for the two months out of the year where this occurs. That will give you two extra paychecks you would have missed with the traditional one month budget model. That should also help out your bottom line quite a bit.

Expenses: Don’t forget about:

• Bills that happen every quarter. For example, my water bill comes once every 3 months.

• Vacation

• Christmas

• Property taxes

• Back-to-school shopping

• Any other big one time expenses coming up

Other Income: The year doesn’t have to be all bad. There are also a few times a year that add some good to your budget:

• Income tax returns

• Bonuses / profit sharing

• Dividend income

Now you’ve got a much more accurate picture of what you’re going to spend each month throughout the year and how that will affect your bottom line.

So how did you do? Let’s talk about adjustments in the next section.

… Go to the Next Chapter

 

Table of Contents:

How to Budget – Introduction

How to Budget – Step 1 –  Where Does All My Money Go?

How to Budget – Step 2 – Income Vs Expense

How to Budget – Step 3 – Take It All The Way to 12 Months

How to Budget – Step 4 – Add In Those Special Times

How to Budget – Step 5 – Apply the Formula for Success

How to Budget – Step 6 – Adding In Your Investment Goals

How to Budget – Step 7 – Sticking to the Plan!

How to Budget – Making It Easy with Mint

How to Budget – Download My Excel Template

 

Photo Credit: Microsoft Clip Art

Filed Under: Savings & Budgeting Tagged With: 401K, 529, expenses, income, Mint.com, money, money management, Roth IRA

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