F&M BANCORP 10 MIN READ | FEB 25, 2022
RAMSEY SOLUTIONS
Spring is in the air! That means warm days are ahead-and these common spring expenses are on the horizon. Are you budget-ready for the changing of seasons? With this list in hand, you can be.
Common Spring Expenses 1. Spring BreakA quick weekend trip, a staycation in your own town, or a weeklong vacay with the family-it's your choice . . . if it's in the budget. No matter what you plan on doing during spring break, budget ahead for it.
Think about the expenses for travel, hotels, food and entertainment. Then you can relax and soak up the sun without worrying about your vacation soaking up all your money.
Another note: Even if you don't plan on traveling, those school-aged kids who'll be home all week might need supervision. Budget for extra childcare costs those days or plan to take time off from work.
2. St. Patrick's DayLast year, Americans were expected to spend around $40 per person on St. Patrick's Day, including festive clothes, drinks, food and parties.1 Just remember our favorite Irish proverb: Luck doesn't make your money goals happen. Budgets and hard work do.
Start budgeting with EveryDollar today!
Okay, we made that one up. But they're still wise words to live by. So, set those holiday spending limits ahead of time, and then enjoy the celebrations without wondering if you can afford it.
3. EasterYou know you'll fill baskets, find matching outfits for the whole family, and plan a wonderful Sunday dinner. Those chocolate bunnies, pastel vests and glazed hams won't pay for themselves. So, budget for it all!
4. Mother's DayMom works hard all year round-it's about time she had a day off! Ask how she wants to celebrate Mother's Day and then add your own special touches to surprise her. Plan a weekend full of her favorite things-just be sure to budget before you buy.
5. Memorial DayIf your family or friends want to celebrate Memorial Day with party food and fun at a backyard barbecue, decide ahead of time who's bringing what. The more you can split up the cost, the more you can enjoy your long weekend without worrying about overspending on burgers or all the glorious red, white and blue decor.
6. TaxesTaxes. Can't live with them. Can't live (in America) without them. Some people don't think about filing taxes as an expense to prep for. But you're not some people. You think and budget ahead!
And here's why you need to think about taxes when you make your spring budgets: If your return is a bit complicated, it's worth the money to hire a tax pro. They'll take away your stress and make sure everything is done the exact right way.
And if your return is simple enough to do on your own, you need to pay for a dependable tax program like Ramsey SmartTax that will walk you through the process with confidence.
One final note on this: Don't wait until the last minute to file your taxes. If you find out you owe money, you want to make sure you have time to save up. That way you don't even think about going into debt to pay off Uncle Sam.
7. End-of-Year School ExpensesIf you've got school-aged kids, you know they love to celebrate the end of the school year-and that means there might be expenses here you need to budget for.
Depending on the age of your kids, that may mean teacher gifts, class parties, yearbooks, prom and maybe even senior trips. All the pre-vacation celebrations can really start costing you, so be ready!
8. LandscapingMulch, pruning shears, fresh flowers-there's a long list of supplies you may need to give your yard a magazine-cover-worthy look (or even to get it to an acceptable state after ignoring it all winter).
Find budget-friendly ways to do this, like buying your mulch in bulk. And don't be afraid of doing the hard work yourself! Make a weekend of it with the whole family-or offer to take turns with friends and get together to knock out each other's landscaping needs one yard at a time.
9. GardeningThe danger of frost is officially over, so you're probably itching to get your tomatoes, squashes, bell peppers and herbs in the ground. Those seeds or plants can really add up depending on the size of your garden.
If you can't afford to plant everything right now, no worries. Buy what's best to plant this time of year, and then continue planting new veggies when you save up more money in a couple months.
10. Graduation GiftsBetween nieces, nephews and neighbors' kids, you're bound to know a graduate or three. Be ready for the invitations that'll fill your mailbox by budgeting for gifts.
Write a check in the clever amount of their graduation year (like $20.22) or snag a great read like The Graduate Survival Guide, which helps grads avoid the five most common mistakes made in college. That way they can start out on the right foot when they step on campus. (Where was this when we were in school?)
11. WeddingsFlowers are blooming, and so is love! Spring can feel like a marathon of marriages. You've probably already sent in a couple RSVPs or put some Save the Dates on your fridge.
And being a wedding guest can mean paying for travel, fancy clothes and gifts. Think of clever ways to save as you attend weddings this season-like going in on one big gift to split the cost with friends, or reminding yourself you don't need a completely new outfit for someone else's big day. Then, prep your budget for those upcoming costs-so it doesn't say, "You can't!" when they say, "I do."
12. Spring Activities and EntertainmentOne of the best parts of spring is being able to get outside again. Finally! That means dancing at outdoor concerts, riding on roller coasters, and exploring street festivals.
Keep your budget in mind as you create your event calendar. And don't forget to throw in some free activities to lower costs without cutting the fun.
13. Student Loan PaymentsIf you've got student loans-and you've been pausing your payments because of the CARES Act student loan payment relief-it's time to start prepping your budget for that relief to end.
Right now, the extension goes through May 1, 2022. So get ready to put that line item back into your budget. And while you're at it, go ahead and plan to pay off those student loans quickly so you never have to think about them again!
14. Organization and Spring-Cleaning SuppliesThis weather might have you itching to clean out and clean up. Those storage bins and bleach-alternative cleaners aren't free. But here's a thought: While you're clearing out, what if you sell some stuff? An old-fashioned garage sale could be just the trick to covering the costs of this expense (and maybe making a little extra something something to cover other stuff on this list!).
15. Summer Camps and SportsIf you've got kids at home, it's almost time for summer camps and sports. Don't forget to get your budget ready to pay for those deposits and save up for the full payment when it's due.
Add a line in your budget to start saving now for this expense so your kids can do all the back handsprings and camp crafts their hearts desire.
16. Summer Vacation Sinking FundThe warmer it gets outside, the stronger our dreams become of escaping the everyday on a summer getaway. But big city sites and blissful beaches cost money.
Don't stress if your summer vacation fund is low. You have time to stash some cash-as long as you work it into your monthly budget by setting up a sinking fund.
We'll talk more about sinking funds in a minute, but this is the basic idea:
- Check how many paydays you have until your trip.
- Put some money aside each time you get paid.
Then you can save up enough cash to make those summer travel dreams a reality. Because vacations should be about making memories-not debt.
https://www.ramseysolutions.com/budgeting/spring-expenses
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F&M Bancorp published this content on 02 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2022 17:17:04 UTC.
