More For Your Money - University of Illinois Extension

http://MoreForYourMoney.extension.uiuc.edu

Occasional Expenses

You have some expenses that you pay occasionally. Some might be fixed, and some might be flexible. Some big expenses like property taxes and insurance premiums are fixed, but they may be paid once or twice a year. Other occasional expenses may be seasonal, like school expenses in the fall or holiday gifts in December. These are often flexible expenses since the amount you spend on them may change from year to year.

Example

Greg looks at his occasional expenses:

January
   
February
 Daughter’s birthday $25
March
    
April
 Auto insurance $500
May
 Son’s birthday $25
June
    
July
 Wife’s birthday $25
  Anniversary $100
August
 Back to school $250
September
    
October
 Auto insurance $500
November
 Thanksgiving $50
  Newspaper subscription $100
December
 Holiday gifts and entertaining $400
Annually
 Contributions to church $1,000

Total the amount and divide by 12:

  • Total of $2,925.

  • $2,295 ÷ 12 = $243.73/month.
    This is the amount Greg needs to save each month to cover the expenses when they are due.

You may also have some occasional expenses that are unexpected, such as car repairs or replacing a worn-out appliance. These are the expenses that often catch us by surprise! It’s important to set aside money each month for these expenses, so you will be prepared.

Activity

These activities can be printed and completed by hand, or can be completed online.

  • Step 1

  • Step 2

    • After you have completed Step 1, go to the Monthly Calendar and you'll see and be able to print a calendar that tells you when your occasional expenses are due.

  • Step 3

    • You could also go to the Occasional Expenses Calendar and you'll see and be able to print a calendar that tells you when your occasional expenses are due in the year.