I am a homemaker and have developed my own ways to save some money for the financial emergency. I do it from the amount given by my husband for Monthly Expenditure. I would love to share it with you.
I have kept some separate envelopes on the basis of some annual expenditure. Every month I keep an amount in these envelopes and keep them in a separate bag.
Every year when we need to pay the bills of annual contracts then it gets managed from the money saved in the envelopes. So, it’s not an extra burden on the annual budget. Basically monthly budget takes care of the annual budget to some extent.
In this way I also save, if not full, an amount of money for various expenditures that has to be made during festivals and ceremonies. Not only this, it helps me to save a significant amount of money for my son’s extra school expenditures.
Though my son stopped taking some vocational classes my husband still gives the monthly fees of these classes to me as an addition to the amount for monthly expenditure. Well, I do not use the amount extravagantly rather save it in another envelope which serves handy when some sudden financial emergency arises.
In addition I always put the surplus money, if any, after every month in these envelopes. I know my husband can take care of financial emergency, if arises, but I don’t want to be unnecessarily extravagant and utilize the money saved in the bank which in return will not earn the proposed interest rate.
This practice is quite fulfilling to me.
Latest posts by Shampasaid (see all)
- Be cool when your Child becomes Hyper - 05/14/2014
- Homemakers can contribute too in Family Finance - 05/13/2014
- Tips to Save Money from the Amount for Monthly Expenditure - 05/02/2014