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Budgeting Your Way To A Major Expense

September 10, 2022 By Susan Paige Leave a Comment

Although the price of gas is finally beginning to fall, many Americans have been forced to make difficult monetary decisions over the past few months… scratch that, the past few years. Now that the world is starting to return to normalcy, larger ticket items are again becoming a reality. Whether you’re budgeting for new roofing in Pearland, Texas or for a luxury cruise through the Caribbean, budgeting is an important first step to any major expense.

 

Set Goals

It should be obvious, but the first step is establishing a goal, or establishing that major expense you want to make. It can be something fun or something necessary, but find an approximate price and set a realistic timeline. Some goals might already have set timelines, like credit card debt or student loans, while others, like dream vacations, might depend on the seasons. Make these considerations when setting your budgetary goals.

 

Set Priorities

When budgeting for any large potential purchases, keep in mind your necessary expenses. Obviously consider your day-to-day needs but also think about the bigger picture moving forward. If you know you need to replace your refrigerator or it’s time to renew your license plates, set aside the necessary amount so you don’t have any unwanted surprises. It can also be extremely helpful to have a small percentage of your paycheck automatically deposited into a savings account, especially for a rainy day or large purchase.

 

Emergencies

It should go without saying, an emergency fund is essential in life. You never know when an unexpected emergency might occur. Medical emergencies, unexpected vehicle expenses, vet bills, once in a lifetime weather disasters, the list is endless. The average American family could not afford a $4,000 emergency expense and it’s a scary reality to face.

 

Need for additional income
One often forgotten consideration is whether or not there is a need for an additional income source. Does your expense need a side hustle to make sure it can happen? If there is a need for a second job, make sure the product is worth it and the time allocated doesn’t interfere with your main source of income. Oftentimes, if it requires an additional career, it may not be the wisest decision.

 

Shop Around For the Best Deal

Finally, the best way to make your budget stretch its limits is by making sure you have the best deal possible. Is there a holiday weekend sale coming up? Do you have any special codes or coupons to add? Does it come highly recommended or with accompanying reviews? Going the extra mile to make sure you have a quality product is worth it.

 

No matter the upcoming expense, take a few minutes to make a budgetary plan.  You won’t regret the decision to do the legwork first.

 

 

Filed Under: budget, Personal Finance Education

How to Teach Your Children to Budget

September 7, 2022 By Susan Paige Leave a Comment

Image Source: OleksandrPidvalnyi from Pixabay

Habits a person develops in childhood stay with them throughout their lives. Parents have a massive role in encouraging and discouraging a child’s practices. It is your responsibility as a guardian to motivate the patterns that will benefit the child later in life and demotivate the actions that may put them in harm’s way.

Budgeting is a necessary skill that your child must learn from an early age. Parents who buy their kids everything they ask for without hesitation may instill a habit of overspending in their children.

For multiple reasons, a child must learn to make compromises and choose between their options. Money habits are crucial, and here are a few steps to teach your kid budgeting.

[Read more…]

Filed Under: budget, Children

4 Tips for Saving Money on Your HVAC System

August 31, 2022 By Semify Leave a Comment

One of the most expensive costs of managing your home is related to your HVAC system. Your HVAC system (heating, ventilation, and air conditioning) can gobble up energy and drive up the cost of managing your home. Cooling and heating account for about 48% of energy costs. Reducing costs associated with your HVAC system will lower your overall costs for home management. Follow these four tips for cutting costs.

Change Your Filters Regularly

Changing the filters on your HVAC system can help to reduce costs. Filters help to keep the airflow moving smoothly through your system, which helps to reduce the load on your system. In other words, changing the air filters frequently will improve your energy efficiency. This simple step can also extend the life of your system. You can expect the average furnace to have a life span of around 15-20 years. If you take care of it, you may be able to extend it beyond those years. Changing your filters at least once a month will help you to cut the cost of running your home.

Clear Away Debris

Keep outdoor units clear of debris. HVAC systems depend heavily on unobstructed airflow. Grass clippings, leaf litter, and other organic debris should regularly be removed from around your outdoor HVAC equipment. Making it a habit to clean the outside of your home and keeping bushes and other plants from becoming overgrown near your HVAC system is an easy way to cut the operating costs of your HVAC system. You should clear debris each week. You can use a water hose to clean the unit itself. Never use a high-pressure hose or you could damage the coils on the unit.

Have Professional Tune-Ups

One of the easiest ways to keep costs down on home repairs is to ensure that all your essential systems are getting the maintenance that’s needed. Your HVAC system should get annual professional maintenance. An HVAC “tune-up” can help to keep your system in top condition and help reduce the costs of operating your home. An HVAC inspection can reveal if there are any problems that need to be addressed. The service also includes cleaning up your system and making sure that all the components are in top working condition. It’s an affordable service that every homeowner should subscribe to. Taking care of the systems in your home is one of the most effective ways to keep costs down.

Make The Job Easier for Your HVAC System

About 25%-30% of heat and cooling loss occurs because of old faulty windows and doors. Sometimes, to cut home management costs and reduce the cost of your HVAC system, you must invest time and money. While replacing all of your windows right now may not be within the budget, there are other things that you can do to help your HVAC system work more efficiently. Check for drafts and use weather stripping to seal the drafts. You can also use a clear plastic sealer on your windows to help improve energy efficiency. Even small changes add up to savings on your home HVAC usage. Caulk any spaces around your window. Check your attic for areas that may need attention. If you can afford to invest in new windows, that will be a game changer for your home and for cutting costs. If you cannot do what you can to seal out the elements and reduce drafts.

A lot of people make the mistake of thinking that if they are not using a room in their home, they should close the vents. Your system is designed to work with all the registers open. Another error is constantly changing the temperature of the thermostat. Set it and forget it. Follow these tips to save money on heating and cooling costs in your home, and to extend the life of your HVAC system.

Filed Under: budget, Home Tagged With: hvac system, saving money

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