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It’s hard to believe the year is more than halfway over! But in just five short months, we’ll all be wearing party hats, blowing into noisemakers and singing "Auld Lang Syne."
Between now and then, though, lots of expenses will demand your attention—and money. It’s time to think about creating savings funds so you’ll be ready!
Here’s what you need to do: Determine which big expenses you have coming up. Then figure out how much each one will cost and divide that cost by the number of months left before you’ll be spending the money. That’s how much you’ll need to put in your fund each month! Easy, right?
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To help you get started, here are five big expenses to start saving for now—before they hit in the second half of 2016.
It’s kind of late in the game to save for a late-summer getaway, but look a little further out and you’ll see other vacation opportunities: Labor Day weekend, fall break, or even Thanksgiving or Christmas. Think now about where and when you want to travel, and start saving up so that your vacation won’t turn into a trip toward debt!
2. Back to school
Back-to-school time means stocking up on new clothes, shoes and supplies for the kiddos, not to mention any classroom or activity fees you’re required to pay. That all adds up faster than you can say Lab fees are rivaling college tuition! Having a plan for saving up can take the sting out of those back-to-school blues.
3. Fall sports
If your kids participate in sports, you know how expensive they can be. Find out now how much their activity or registration fees, uniforms, and equipment will cost, and save early! And don’t forget to include the cost of sports physicals, which are often required.
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Raise your hand if you know someone born July through December! Start saving now for all those birthdays. And if you have kids in elementary school, plan to receive a birthday party invitation pretty much every weekend of the school year. Decide now how you’ll handle gifts for your kid’s friends and roll the amount you plan to spend on them into your birthday savings fund. (Take heart, parents. If you raise your kids right, someday they’ll be able to buy their friends gifts with their own money!)
You knew this one was coming, didn’t you? Halloween, Thanksgiving and Christmas come at the same time every year, so they should never be an emergency or a surprise! Start budgeting now for decorations, costumes, cookware, candy and extra food. You should be saving for Christmas gifts all year long to keep from going into debt in November—but if you haven’t started yet, you know what they say: There’s no time like the present!
Creating a monthly budget is the first step to being able to set aside money and save. Financial Peace University teaches you how to budget, plus more! Take control of your money now by signing up for FPU today!