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Budgeting for Unexpected Expenses

Looking at past expenses will give you the information you need to plan for future ones.

Step 1  Gather all of your bills and account statements from the past year.

Step 2  Read through each one and look for one-time expenses or ones that don't show up every month.

Step 3  Write down the expense, the category (car, health care, clothing, personal care, kids activities, etc.) and the amount on a worksheet.

Step 4  Divide the cost by 12 to determine your monthly savings goal.

Step 5  Add this amount to the corresponding categories in your existing budget.

Step 6  Make note on your calendar of the approximate month the expense will need to be paid.