With the new year comes a new month and it is time to review those budgets. Time to look a head to see what expenses lay ahead for the upcoming year.
Here are are a few suggestions I have.
Planning a family vacation for this Summer? You might as well start saving now. I have estimated that I will need $1500 for our vacation in July. If I start saving $250 each month from now until June I will reach my goal without a problem. This way I won't be panicking at the last minute.
With the start of the new year means all those deductables start over. Keep this in mind when you go to the doctor. Some insurance companys won't foot any of the bill until your deductible is met. You may want to bump up the amount you allow for your medical expenses in your budget. Also, if your like us your co-pays have gone up so you want to budget extra money for that.
Reveiw your Income
Review your income. Increase in medical benefits or other benefits you signed up for may have changed your take home pay.
Evaluate Utility Costs
I keep track of all our utilities. At the end of the year I write down each months bill and average it out. I do this for each utility that isn't a set rate. For example, our water. It gives me a good guideline on how to budget. It also tells me if I have increased my consumption of these services.
Unexpected costs are bound to happen. But having a budget will give you a good sense of where your money is going and can help you plan for some of those expenses that you know are coming.
Linked to Works for Me Wednesday at We are That Family and Frugal Friday at Life as Mom.