Comments on: Handling Occasional Expenses: What Works For Me http://christianpf.com/handle-occasional-expenses/ Christian Personal Finance - Financial help blog, debt help and other financial resources Tue, 14 Feb 2012 21:22:01 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: GHolmes http://christianpf.com/handle-occasional-expenses/comment-page-1/#comment-52155 GHolmes Fri, 09 Jul 2010 16:57:46 +0000 http://christianpf.com/?p=8317#comment-52155 Having kids I can totally relate. We do something similar (copying someone else's idea) we budget money monthly into a separate account titled GOK (God only knows). An opportunity fund. What we titled an GOK "opportunity" is if it comes up in the monthly budget plan and we can't adjust our budget to cover it. Some times it is an opportunity for you kid to play sports and need the cleats, shin guards, socks and then there are the fund raisers. Fund raisers are usually a surprise. :) Having kids I can totally relate. We do something similar (copying someone else’s idea) we budget money monthly into a separate account titled GOK (God only knows). An opportunity fund.

What we titled an GOK “opportunity” is if it comes up in the monthly budget plan and we can’t adjust our budget to cover it. Some times it is an opportunity for you kid to play sports and need the cleats, shin guards, socks and then there are the fund raisers. Fund raisers are usually a surprise. :)

]]> By: Cheryl http://christianpf.com/handle-occasional-expenses/comment-page-1/#comment-51932 Cheryl Thu, 08 Jul 2010 13:40:54 +0000 http://christianpf.com/?p=8317#comment-51932 Great article! Being a Dave Ramsey fan myself (we are edging onto Step 3 soon), we are trying to figure this very thing out as well! Our expenses become things like you mentioned as well as the occassional doctors visit (we have a very high deductible). Most of the annual things that come along, we have planned as you first mentioned. For example, it costs about $500 ish a year for the dog (annual visit, shots, heartworm pills and flea/tic treatment for the year), so $10 week goes into an account for that. Our 2 car registrations and potential car repairs each year (2 old cars!) come to about $2000 a year. A set amount per week goes into a "car" account. This has worked wonders for us as car repairs used to come out of the emergency fund, so paying off debt was put on hold to build it back up. It took a few times for us to realize that our emergency fund was actually a car repair fund! So we created a specific one. However, the other things, like the outings, fixing something that broke in the house (but is not an emergency) and the like, are truly budget busters and producers of guilt (should we shouldn't we....what about our "plan")...I think the way you have set it up could be considered what Dave Ramsey refers to as a "Blow" category...you know it's going to go, so plan for it! And by keeping it funded, it takes the stress out of the unexpected! Again, great article! Thanks! Great article! Being a Dave Ramsey fan myself (we are edging onto Step 3 soon), we are trying to figure this very thing out as well! Our expenses become things like you mentioned as well as the occassional doctors visit (we have a very high deductible).
Most of the annual things that come along, we have planned as you first mentioned. For example, it costs about $500 ish a year for the dog (annual visit, shots, heartworm pills and flea/tic treatment for the year), so $10 week goes into an account for that. Our 2 car registrations and potential car repairs each year (2 old cars!) come to about $2000 a year. A set amount per week goes into a “car” account. This has worked wonders for us as car repairs used to come out of the emergency fund, so paying off debt was put on hold to build it back up. It took a few times for us to realize that our emergency fund was actually a car repair fund! So we created a specific one.
However, the other things, like the outings, fixing something that broke in the house (but is not an emergency) and the like, are truly budget busters and producers of guilt (should we shouldn’t we….what about our “plan”)…I think the way you have set it up could be considered what Dave Ramsey refers to as a “Blow” category…you know it’s going to go, so plan for it! And by keeping it funded, it takes the stress out of the unexpected!
Again, great article! Thanks!

]]> By: Kimberly @ Card Hub http://christianpf.com/handle-occasional-expenses/comment-page-1/#comment-51928 Kimberly @ Card Hub Thu, 08 Jul 2010 13:15:15 +0000 http://christianpf.com/?p=8317#comment-51928 This is a very good idea. I like the idea of having a mini-emergency fund for those things you just don't think about ahead of time. I have these kind of expenses every month too - not technically an emergency, but unexpected nonetheless. This is a very good idea. I like the idea of having a mini-emergency fund for those things you just don’t think about ahead of time. I have these kind of expenses every month too – not technically an emergency, but unexpected nonetheless.

]]> By: Freeware Catalogue http://christianpf.com/handle-occasional-expenses/comment-page-1/#comment-51915 Freeware Catalogue Thu, 08 Jul 2010 11:37:53 +0000 http://christianpf.com/?p=8317#comment-51915 Great idea which I never think about it. No there are no reasons why budget can't work.... Great idea which I never think about it. No there are no reasons why budget can’t work….

]]> By: Reasonable http://christianpf.com/handle-occasional-expenses/comment-page-1/#comment-51839 Reasonable Thu, 08 Jul 2010 02:00:52 +0000 http://christianpf.com/?p=8317#comment-51839 My husband and I were discussing this very issue this weekend. Our occasional expense was a well-needed new cell phone. Great idea setting up a separate account (I'm a fan of keeping money in separate places, that's the OCD kicking in). My husband and I were discussing this very issue this weekend. Our occasional expense was a well-needed new cell phone. Great idea setting up a separate account (I’m a fan of keeping money in separate places, that’s the OCD kicking in).

]]> By: Khaleef @ KNS Financial http://christianpf.com/handle-occasional-expenses/comment-page-1/#comment-51741 Khaleef @ KNS Financial Wed, 07 Jul 2010 16:53:41 +0000 http://christianpf.com/?p=8317#comment-51741 Great post! I recently wrote about keeping at least a $500 cushion in your checking account for such emergencies. I think that doing this will go a long way in securing our budgets! Great post!

I recently wrote about keeping at least a $500 cushion in your checking account for such emergencies. I think that doing this will go a long way in securing our budgets!

]]> By: bondChristian http://christianpf.com/handle-occasional-expenses/comment-page-1/#comment-51737 bondChristian Wed, 07 Jul 2010 16:28:32 +0000 http://christianpf.com/?p=8317#comment-51737 Excellent, straight forward post. These are the budget killers, the reason so many people say budgets don't work... but with a simple system, these expenses don't have to break anything. -Marshall Jones Jr. Excellent, straight forward post. These are the budget killers, the reason so many people say budgets don’t work… but with a simple system, these expenses don’t have to break anything.

-Marshall Jones Jr.

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