MONROE, La. (KNOE) - Saving Categories are designed to help you save for non-monthly expenses and better manage your money. There are certain items that we want to save for monthly but may only purchase a few times a year.
Courtesy: MGN Online
Oil Change - We usually don't get that done monthly but maybe every 3-4 months. If we put $20 in savings each month for oil change then when it is time to get the oil changed we have the cash to do so and it doesn't have to come from the paycheck we just received on Friday.
Gifts - We may not buy a gift every month but some months we have to buy 2 or 3 or more. May & June are great examples because Mother's Day, Father's Day, Graduations, Weddings and Birthday's are all in May & June.
Christmas - Make a list of everyone you buy for and put a number by their name and total it up and divide it by 12 months and this is the amount you need to save monthly to cover your Christmas costs.
Here are some other examples of some categories: Clothes, Pets, School Activities, Vacation, Hunting, Golf, Medical Co-Pays or Deductibles. Also, if you are a teacher who is off in the summer you will want to save monthly to have money for summer bills.