Your Money or Your Life by Robin Vicki & Dominguez Joe

Author:Robin, Vicki & Dominguez, Joe
Language: eng
Format: epub
Publisher: Penguin Publishing Group
Published: 2008-12-09T16:00:00+00:00

WHAT ABOUT “UNUSUAL” MONTHS?

Yes, there will be “unusual” months, months when your expenses line takes an alarming leap upward. The insurance payment is due. You have an unexpected repair expense. April comes and goes, with the annual bloodletting known as taxes. How do you handle these? For one thing, you may recognize that every month is an unusual month. You learn to take “unusual” expenses in stride and to pay for them with cash instead of hiding them under a blanket of plastic. One month’s tax payment is another month’s insurance payment is another month’s doctor bill.

Another strategy would be to prorate annual expenses over the whole twelve months. For example, if your auto insurance bill is $841 per year,1 you might (in addition to questioning whether a car is worth it) choose to divide that by twelve and make it a monthly expense. Ditto with health insurance, income tax payments, property taxes, and so on.

There is no right way to do the accounting. You need to choose the way that gives you the information you need so that as you glance at your Wall Chart you know where you are and where you’re going.

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