{ "media_type": "text", "post_content": "Curious how people budget for unexpected expenses (e.g. property tax, one-off car maintenance, house repair, medical, etc.)? Just from the \"discretionary\" budget? Wondering how to treat expenses that aren't large enough to be worth pulling from savings but large enough that my discretionary budget would barely cover.", "post_id": "6167ac08b99c4b002b92c8d4", "reply_count": 16, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Curious how people budget for unexpected expenses (e.g. property tax, one-off car maintenance, house repair, medical, etc.)? Just from the "discretionary" budget? Wondering how to treat expenses that aren't large enough to be worth pulling from savings but large enough that my discretionary budget would barely cover.

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Are property taxes unexpected?

likefunnyhelpful

Okay maybe not property tax, but wondering how you would budget for other types of unexpected items then?

Property taxes shouldn’t be unexpected. That should be a budget item.

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How are your property taxes "unexpected expenses?"

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You could set up a sink fund, it’s different than a emergency fund where those cover truly unexpected circumstances. But a sink fund could cover large one off expenses such as car repairs, vacations, etc.

likehelpful

Some banks like Ally for example allow you to split your savings into buckets. So you only need one account but several sub accounts. I have not used it but may solve your issue.

You’re describing an emergency fund to a T

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Money is fungible. If I have extra from my paycheck it comes from there, if not it comes from savings and replace it later. Discretionary budget isn’t really an account that you can pull cash from. Not sure if you consider that checking account or something else

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We have a page of Assumptions. Listing out assumptions for personal care (mmm maybe 1 expensive haircut for me and 8 cheap for my spouse), car maintenance, gifts, etc etc. Then those are included in our budget but in a consolidated way. Then when I think wait why am I so off on my gifts budget this year u can look & see in my assumptions I expected xyz.

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Either an emergency fund or a short term savings fund. Put a little in it every month so you are covered when they come up.

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I am a bit of a spender so I usually just skip a few dinners out and eat in for a couple weekends. Usually does the trick for a couple hundred dollar expenditure. Anything over $500 I pull and then replenish from my emergency fund.

I get paid 26 times a year and use 24 for my normal expenses and savings. The other 2 are used for gifts and other expenses. I just keep the extra $5k in my checking account for a few months. If it sits there longer than 6 mos then I’ll move to brokerage.

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