No Auto Plan Means No Auto Plans – Part 2
What can I do with the auto expenses that sporadically pop-up? I have no way to plan for what I don’t know is coming my way or can I?
The beauty of planning is that it’s not an exact science. It leaves room for you to make adjustments. Adjustments. And no starting from scratch. If today you have no plan, that’s great; I’m going to help you create one even if you can’t see how. Let’s begin.
There are two areas we can begin: the one-offs and the normal patterns.
Are there major maintenance opportunities to prepare for?
We’ll first discuss the one-offs. Ask yourself, is there any auto maintenance work that must be done this year? If so, then your plan starts here. So if you have a $1200 auto bill coming your way, don’t wait until the invoice comes at you, but rather start saving for it. You know it’ll be here before you know it and there’s no escaping it. It’s easier to save $100 a month than finding $1200 on short notice. Start by writing done the bill and all the options you can think of to make this bill not be such a burden. Here’s a tool that can help, the Simple account. Simple is a bank account designed in a way to help you save towards goals and provide you with flexibility for the unexpected.
Here’s an example of a goal I currently have right this second. My wife will need tires this year. So, we’ve decided not to wait and upset our budget and bank accounts with this large expense. And BTW, you don’t know what other emergencies might come during the exact same time you need to make the purchase. So I setup a goal in my Simple account. I estimated how much the tires could cost and I began saving. I might not have the total amount when the time comes, but I will have a huge head start. I think you get the picture and how “simple” was that?
There are always recurring auto expenses.
Now for the normal auto expense patterns. Besides the one-time expenses, I’ve found that automobiles have recurring expenses. They’re the routine maintenance and the occasional minor repairs. That’s oil changes, the occasional windshield wiper change and the numerous filters cars have these days. You can do just like everyone else and wait to pay these without a plan, but you’ll never know how the uncommon feel using their plan. A plan allows me to take the worry away, trying to figure out where I will get the money.
If you take a look back over the last 12 months and add up how much you spent on your auto needs, this is the best starting point. After you have this number, which represents what you spent anyway, why not go ahead and place these funds in a separate place so that it’s earmarked for your auto needs. These recurring maintenances are coming anyway, why not go ahead and be prepared for them. Let’s conquer life and not let life conquer us.
Even if your estimate is short, you don’t lose. At least then you don’t have the burden of trying to come up with the whole amount at one time. Planning creates a win-win situation for those who do it.
Today is Friday!
Planning for what we know is going to happen has changed our life and eliminated unnecessary heartaches. If you want to take the stress and struggles out of life become a planner. Start with your auto needs. It’s your life and your life is your business.
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