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You try to do right with the little money you have. You’ve had your fair share of ups and downs financially, but you’ve learned a lot. You budget your income each month, you’ve reduced your excessive spending, and you even have small savings for those emergent situations you just can’t get around. Even as you practice these personal finance tips in your life, there are still months where you fall short. There’s something that comes up that you totally forgot about, and you need the money to cover it.

In those instances, it can be tempting to tap into the emergency savings account or to use funds that were set aside for another expense, but that isn’t always the best solution. Below are a few ways you can cover those monthly expenses you completely forgot to add to the budget.

Miscellaneous Savings Account

You forgot that this month you have a relative with a birthday coming up. You want to get them something, but you don’t have the money. It’s not an emergency, so you wouldn’t dip into those funds, and you can’t take money from things you need to get things you want. Having a miscellaneous savings account can come in handy in times like these. Every month, try to throw a few bucks into the account to use for miscellaneous purposes.

Short-Term Loans

Every year you make it a point to have your heating and cooling systems serviced by an HVAC professional. The only problem is, you completely forgot to budget for the cost of the visit. Since home maintenance is imperative to keeping your home safe and reducing the need for costly repairs, this is something you don’t want to skip. Again, it’s not an emergency, so it may work best to look into payroll advance loans. These small short-term loans provide you with as much as $1250 in one business day. You can have your HVAC system serviced right away – just don’t forget to budget the loan repayments into your finances.

Round-Up Expenses

Every month when creating your budget, instead of budgeting an exact amount for a particular expense, round up on what it would cost. So, if your mortgage was $1550 a month, you’d allot $1,600 for the mortgage. If you don’t use the entire $2,000, take the $50 and add it to your miscellaneous account to use when you need it. If you do this for all of your expenses, you could have several extra dollars in an account in no time. Now, if you forgot about money for a school trip, gas prices increased, or you overlooked the need to add in medical copays, you can tap into your savings without ruining your budget.

Second Income Source

You want to take a vacation, go on a shopping spree, or even treat your family to a nice dinner, but there just isn’t any money in the budget for it. Having a second income source can change all of that. By becoming a freelance writer, designing website, tutoring students, or selling crafts online on the side, you can use this money solely for the purposes of affording things you regular income won’t.

There are so many things that you pay for throughout the course of a year that it isn’t uncommon to forget a few of them. This is especially true for expenses that don’t come up often or are small in nature. Rather than tapping into your emergency savings account unnecessarily or falling into debt, consider the tips listed above. Now you’re in a better position to financially cover whatever comes your way.

Dumbleton Greenwald

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