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F&M Bancorp: 16 expenses to plan for this spring

By on March 2, 2022 0

Spring is in the air! That means warm days are ahead and those common spring expenses are on the horizon. Is your budget ready for the changing seasons? With this list in hand, you can be.

Spring Common Expenses

1. Spring Break

A short weekend, stay in your own town, or a week-long family vacation, it’s your choice. . . if it’s in the budget. No matter what you plan to do during Spring Breakbudget in advance for this.

Consider the expenses of Travel, hotels, food and entertainment. Then you can relax and soak up the sun without worrying about your vacation eating up all your cash.

Another note: Even if you don’t plan to travel, school-age children who will be home all week may need to be supervised. Budget for extra childcare costs on those days or plan to miss work.

2. St. Patrick’s Day

Last year, Americans had to spend about $40 per person on St. Patrick’s Day, including festive clothes, drinks, food and parties.1 Just remember our favorite Irish proverb: Luck does not allow you to achieve your financial goals. Budgets and hard work do.

Start budgeting with EveryDollar today!

Alright, we made that one up. But these are still wise words to follow. So set those holiday spending limits ahead of time, then enjoy the celebrations without worrying about whether you can afford it.

3. Easter

You know you’ll be filling baskets, finding matching outfits for the whole family, and planning a wonderful Sunday dinner. Those chocolate bunnies, pastel vests and glazed hams won’t pay for themselves. So, budget for all that!

4. Mother’s Day

Mom works hard all year, it’s time for her to have a day off! Ask her how she wants to celebrate Mother’s Day, then add your own special touches to surprise her. Plan a weekend full of his favorite things – just be sure to budget before you buy.

5. Remembrance Day

If your family or friends want to celebrate Memorial Day with party food and have fun at a barbecue in your garden, decide in advance who brings what. The more you can split the cost, the more you can enjoy your long weekend without worrying about overspending on burgers or all the gorgeous red, white, and blue decor.

6. Taxes

Taxes. I can’t live with them. I can’t live (in America) without them. Some people don’t think about tax returns as an expense to be prepared. But you are not certain people. You think and budget in advance!

And here’s why you need to think about taxes when you do your spring budgets: If your return is a little complicated, it’s worth paying hire a tax pro. They will take your stress away and make sure everything is done the right way.

And if your declaration is simple enough to do yourself, you have to pay a reliable tax program like Ramsey SmartTax that will guide you through the process with confidence.

One final note on this: don’t wait until the last minute to file your tax return. If you find out you owe money, you want to make sure you have time to save. That way you don’t even think about stepping into debt pay Uncle Sam.

7. End-of-year school expenses

If you have school-aged children, you know they love to celebrate the end of the school year, which means there may be expenses to plan for.

Depending on the age of your kids, that could mean teacher gifts, class parties, yearbooks, proms, and maybe even senior trips. All the pre-holiday celebrations can really cost you, so be prepared!

8. Landscaping

Mulch, secateurs, fresh flowers – there’s a long list of supplies you might need to make your garden look worthy of a magazine cover (or even get it into acceptable condition after ignoring it all). Winter).

Find cost-effective ways to do this, like buying your mulch en masse. And don’t be afraid to do the heavy lifting yourself! Make it a weekend getaway with the whole family or offer to take turns with friends and get together to take down everyone’s landscaping needs, one yard at a time.

9. Gardening

Frost danger is officially over, so you’re probably looking forward to planting your tomatoes, squash, peppers and herbs. These seeds or plants can really add up depending on the size of your garden.

If you can’t afford to plant everything now, no worries. Buy the best to plant at this time of year, then keep planting new vegetables when you save more money in some months.

10. Graduation Gifts

Between nieces, nephews and children of the neighbors, you necessarily know a graduate or three. Be prepared for invitations that will fill your mailbox budgeting for gifts.

write a check in the smart amount of their graduation year (like $20.22) or land a good read like The Graduate Survival Guide, which helps graduates avoid the five most common mistakes made in college. This way, they can start off on the right foot when they enter campus. (Where was it when we were in school?)

11. Weddings

Flowers are blooming, and so is love! Spring can feel like a wedding marathon. You’ve probably already sent a few RSVPs or put Save the Dates on your fridge.

And being invited to a wedding can mean paying for a trip, fancy clothes and gifts. think smart ways to save when attending weddings this season, make a big gift to split the cost with friends, or remember you don’t need a whole new outfit for someone else’s big day. Then, prepare your budget for these upcoming costs, so it doesn’t say, “You can’t!” when they say, “I do.”

12. Spring activities and entertainment

One of the best parts of spring is being able to get outside again. Ultimately! That means dancing at outdoor concerts, riding roller coasters and exploring street festivals.

Keep your budget in mind when creating your event calendar. And don’t forget to add free activities to cut costs without cutting the fun.

13. Student loan payments

If you have student loans and have suspended payments due to the CARES Act student loan repayment relief-it’s time to start budgeting for this relief to end.

Currently, the extension goes until May 1, 2022. So be prepared to put this position back in your budget. And while you’re at it, go ahead and plan pay off those student loans fast so you never have to think about it again!

14. Organizing and Spring Cleaning Supplies

This weather might make you want to clean up and clean up. These storage bins and alternative bleach cleaners are not free. But here’s a thought: while you’re sorting out, what if you sell stuff? A senior garage sale might just be the trick to covering the costs of that expense (and maybe doing a little something extra to cover other things on this list!).

15. Summer camps and sports

If you have children at home, it’s almost time for summer camps and sports. Remember to prepare your budget to pay these deposits and save for payment in full when it is due.

Add line in your budget for start saving now for this expense so your kids can do all the back flips and camp crafts they want.

16. Summer Vacation Sinking Fund

The hotter it is outside, the stronger our dreams become of escaping everyday life on a summer getaway. But big city sights and heavenly beaches cost money.

Don’t worry if your summer vacation fund is running low. You have time to put money aside, as long as you work it into your monthly budget by establishment of a sinking fund.

We’ll talk more about sinking funds in a minute, but here’s the basic idea:

  • Check how many paydays you have until your trip.

  • Set aside money each time you get paid.

Then you can save enough money to do these summer travel dreams a reality. Because vacations should be about memories, not debts.

16 expenses to plan for this spring

Ramsey Solutions