Those big expenses are the ones that we don’t really prepare ourselves for. The big expenses are the ones that really do hurt out bank account, but we just can’t go without them! So when it comes to the point where you do have to manage some of the big expenses in your life, you’re going to actually have to learn how to manage them. Not how to spend, and hope for the best, but how to actually manage them so that your finances don’t crumble around them, and that you don’t feel stressed over having to make the payment. There are many different scenarios, and there will be many different times in your life where you have to manage big expenses, and we’re going to list some of them today. Here are our top tips, surrounding some of the most biggest payments you’ll ever have to make. Thankfully, they don’t actually come around that often!
The Car Expense
The car expense is something that really doesn’t come around too often, unless you are the type of person who always spends the bare minimum on cars, and just drives them into the ground, to then buy a new one again. But if you want the expense of a car to really pay off, you’re going to have to think about buying used cars that are in a good condition, and that will hopefully last you a few years to come. A Used Volvo XC90 for example, is a good car with a great reputation for a long life, so even though you were going to be buying second hand to save yourself the money, you’d most likely have the car for years. Our top tip here is to always go second hand whenever you buy, especially if you’re trying to manage the cost of the big expense and keep it to a minimum.
The Home Expense
The home expense is one that’s going to come around more often than not in your life. Because we’re not just talking about buying a new home, or moving home, we’re talking about all of the little changes that your home will require over time that will seriously cost some money. To manage the home side of things, you’re just going to have to focus on savings, and ensuring you’ve got plenty to fall back on with your home. Putting away 10-20% of your paycheck each month should be your goal! If anything surprise does come up that’s just far too expensive for you to afford, try asking family or friends for help, or find the cheapest solution that you possibly can, and save for it.
The Baby Expense
This is one that might be coming for some of you very soon, or it could be here for you right now. Nobody can prepare you for how expensive having a baby is going to be, but you do find a way to make do. The best thing you can do is budget, and then budget some more. Don’t always go for the expensive designer things, or pile the toys up high. Be reasonable, and don’t let your bank account suffer.
*This is a collaborative post.
Boost your income in 30 days!
Boost your income with this FREE 30 day money-making crash course. Plus get exclusive access to our Facebook group!