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Savings Bucket Examples

One important way to reduce the stress and chaos when random expenses happen is to start saving for them now.

Yes, start saving for them now! Why? With these expenses, it’s not a matter of IF they will happen, it’s a matter of WHEN they will happen!

But how do you figure out what you should be saving for? It will take a little work, but it will be worth it! Go through bank account and credit card statements for this past year. See what expenses didn’t happen monthly, but that did happen within the year. Once you identify them, calculate what you may spend on these categories in a year. Divide that by 12 and now you know what you should start saving each month.

Here are some examples of savings buckets you could have:

Gifts: Anniversaries, baby showers, etc…

Car: Car repairs, car maintenance, tires, etc…

Home: Home repairs, appliances, etc…

Vacation: Annual trips like camping, the beach, theme parks, etc…

Clothes: Seasonal clothing purchases, back to school, etc…

Medical: Deductibles, copays, medications, etc…

Pets: Vaccines, office visits, medications, etc…

Dues: Annual subscription services, tax preparation, etc…

Kids: Sports fees, field trips, hobbies, etc…

By doing this now, you can control the stress and chaos when these random expenses happen!

Imagine the next time your car breaks down and you don’t have to stress and put it on a credit card. Why? Because you planned ahead, started saving, and you were prepared! You can simply pay with cash and go on with your life!

Do you need help identifying which expenses you have that you should start saving for? Schedule a free Q&A call today to discuss if the Clarity Session is right for you!

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