Infrequent Expenses
Budgeting does not have to be complicated and you don’t need fancy tools or apps to do it! One solution that can be implemented is a simple automated tool to budget for annual and infrequent expenses.
I break it down to 3 main categories:
- Housing
- Transportation
- Personal expenses
Depending on the household, by automating a savings plan on a weekly, bi-weekly or monthly basis, you can be assured that you will no longer need to rely on your line of credit and play catch up after an infrequent expense.
Imagine having the money sitting in an account so that when it’s time to pay for your municipal, school taxes, car repairs, or vacations, you just pay it!
Before you act on this
Articles here are general in nature and do not account for your particular circumstances. Tax rules, contribution limits and program thresholds change, and the treatment that applies to you depends on your province, your residency and the structure of your holdings. Speak with us before making a decision based on anything written here.