Mom would approve
Every year it sneaks up on you—Mother's Day (hint: May 9).
We'll leave the last-minute gift scramble to you (brunch? flowers? a... scarf??), and instead focus on this felicitous financial opportunity.
If you don't have a mini-budget for gifts, don't just sit there. Make one.
Coping with curveballs
We've covered the art of budgeting, but it's the mini-budgets within your budgie that keep it humming.
Think about it: Your rent or mortgage rarely changes. Your utilities are fairly consistent.
It's those erratic, holy-cow-it's-Mother's-Day expenses that (heh) do a number on you: home repairs, car repairs, kid expenses and... gifts.
Three ways to mini-budget:
- Sock away fixed amounts for designated expenses (e.g. $20/week for gifts, $100/month for inevitable car repairs, etc.).
- Or, calculate the yearly amount that you typically spend on a category, divide by 12, and save that each month (this is helpful for property taxes, tuition, and other semi-annual bills).
- Contribute religiously to your curveball fund—at least 5% of your income—to cover all sporadic expenses.
Expect the unexpected, as they say, and build it into your budget.
Have you planned your summer budget, Ms. Pina Colada? Arrrrriba!