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Step 6Manage additional seasonal expenses

Additional seasonal expenses don’t come up every month, but rather every few months, or merely once a year. If you know you’re sure to have these expenses in the upcoming 12 months, include them in your savings goals that you’ve determined in Step 1 of this guide, where we already gave you one such example (car registration renewal).

Think about which expenses might those be. Are they connected to the start of the school year, car registration renewal, taxes and insurance or shopping for new seasonal clothes for yourself or your kids? Roughly how much do you yearly need for those purposes? Once you have the rough amount, divide it by 12, for 12 months in a year, or rather 12 paychecks, and put aside each month that amount from your paycheck in a separate wallet (or a separate bank account) in order to be ready to pay up when the time comes. If during the year you come into some unexpected income, put that in this fund as well, to make further savings easier. This habit will help you stay in the black, stop you from taking out loans once these expenses are due, and give you the foresight to plan for those expenses.

During the first year, write down every additional seasonal expense so that next year you’d have a better idea of the total sum needed on a yearly level, and be able to better plan your expenses.