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A February Surprise

February 1st, 2014 at 04:31 pm

I welcomed in February with a $672 mistake. What? I am so disappointed in myself for not seeing this expense. Insurance....Ugh. I will be better prepared next time. Since I just got paid I was able to pay the bill in full. I am planning on being creative with my groceries to pay for it. If I come up short I will have to take money from my small savings. A new budget line item will be for insurance. While I had the nice insurance folks on the phone. I was able to get a quote on adding my daughter to our car insurance in May. Wow! It was a large jump. However, my daughter should get three discounts they offer. She will get a discount for her good grades, taking drivers education in school and completing a workbook that I have to go pick up from them this week. She will need to have it completed by May. How do you budget for insurance? Do you set money aside each month?

I still have not bought groceries because I was not able to get out. We are above freezing but I think I am going to stay home today. I still have my $80 and plan on purchasing only items on sale or a necessity. implan on doing this tomorrow after church. Off to meal plan since I didn't do it yesterday...

Posted in Budgeting, Personal Finance | 1 Comments »

1 Responses to “A February Surprise”

  1. snafu Says:
    February 1st, 2014 at 06:00 pm 1391277634
    1391277634

    An easy way to manage irregular expenses like Auto Insurance, Auto major 'tune-up', Home repair, School supplies, Christmas, Vacation/Holiday etc. is first to list them all. 2nd step is to estimate how much each costs use 2013 spending]. An on-line only financial institution like Capital One [was Ing] or USAA for example can be your personal Escrow for automatic deposits to take care of irregular expenses. Every month 1/12 th of irregular expenses must be automatically transferred into that account; if you're paid twice monthly make it 1/24th , if weekly 1/52nd...you get the idea. No cheating, no dipping, it hurts at first, it adds complexity to managing money but so worth it when an irregular expense is due and the sum needed is waiting.

    Daughter's Auto Insurance: I hope it ok to mention it's important that DD has 'skin in the game' for auto expenses. We'd viewed driving and sharing my car as a privilege. We required DSs to earn sums to pay the differential between what we had been paying and the new sum for under 25 y/o drivers.

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