There are certain fixed expenses that you have to deal with each year without fail. You know they are coming, but because they may not be immediate, it is easy to forget to save up for them. If you want to avoid annual lump sum payments and get ahead, you need to have a savings plan in place to pay for these yearly payments. Create an annual savings plan by using something as easy as this simple calendar provided by Simple Living Australia to show you when expenses are due. Some, like car insurance should change to a more appropriate month if your billing cycle differs.
January
Most school terms start this month so be prepared to fork out cash for new clothes, school fees and school supplies. If you pay for lunch or pack lunches, factor this into your monthly budget as well. With Christmas a year away, now is a perfect time to start putting a little cash aside for holiday gifts.
February
Consider saving a little money now so you can pay your annual car insurance dues upfront. While you can opt to pay monthly, you will usually save a bit if you pay it all off at once. With summer drawing to a close, now is a good time to find summer gear and clothing on sale – Stock up for next year.
March
Do you pay annual dues for life insurance? Start setting a little cash aside to pay the premium in full. Like car insurance, you can sometimes save up to a hundred dollars or more by paying the annual premium up front. This only works with term insurance (which is cheaper anyway!). Do not forget about holidays that may cut into regular work hours.
April
Easter is this month. If you do not already have what you need, plan to add the expenses into your budget. You can purchase baskets and decorations for next year at a steep discount in the days following the holiday.
May
With tax season fast approaching, now is a good time to review your finances to determine whether you will owe anything. If you anticipate, any money owed to the government, start setting aside a little cash now so you can pay your debt on time. Stock up on fall clothes for next year at the end of this month.
June
Winter is here; make sure you have your car checked and any winter gear clean and repaired. Summer is only a few months away, start a summer-fun fund so you can enjoy summer eats and activities with your family and friends, without stressing about your budget.
July
Keep your budget in check, by layering clothes instead of turning up your heater. Tax season starts this month, save money by filing your own taxes or using an online program to help you file them quicker (and cheaper).
August
The end of winter is here, now is the time to stock up on clothing and supplies you might need for next year. Do not forget to have your car checked and start putting aside cash for oil changes for the rest of the year.
September
With spring in the air, now is the perfect time to have your carpets cleaned. It is a good idea to clean them at least once a year to keep your house smelling fresh and looking clean.
October
Consider making Halloween costumes to save a little cash.
November and December
Your biggest expenses these months will likely be holiday spending. If you have saved up all year long, you should be ready to hit the stores.
Great tips! Planning and budgeting includes what your priorities are and where you money needs to go! The best way to getting organized and control your total financial situation is to create a system where you can file and keep all your personal financial documents so you know where they are and can reference them fairly easy if needed. Factoring finance is a method of raising capital for fulfilling immediate needs.