How I Deal With Unexpected Expenses

[@ViviansLog]

I have learned so much through this pandemic how important it is to have a savings in place for essential bills and expenses.

[@justourfamily8068]

Great video!! I’m learned so much on my debt free journey. Having a large family I needed to be a little more prepared for unexpected expenses. I have three envelopes: 1. An Emergency Fund of $1500. This is for a major crisis. 2. Oh Sh!t Fund of $300-$400. This is for minor oversights or unexpected expenses. This year I had a shortage in my escrow account of $355.00 that took my by surprise. 3. Miscellaneous Fund of $100-$200. This is for printer ink, co-pay at pharmacy or last minute school events. However I wished that I had 3 months saving. I’m stopping my debt payoff and working on getting at least one full month of expenses in the bank.

[@brandicastle4861]

I’m so glad I found your method. It has helped TREMENDOUSLY!

[@marcelaperez2259]

Me too 😃

[@msgenuine]

I’ve watched this video 5x’s as a reminder because I’m someone who plans way in advice but when unexpected expenses pop up, I feel like I failed. Thank you Miko for this awesome reminder that unexpected expenses happen and it’s life. It’s doesn’t mean that my budget failed.

[@justourfamily8068]

Kao Moua as much as I hate when unexpected things pop up, I’m proud of myself when I don’t have to resort to using my credit cards. I notice that I rebuild my envelopes faster than I payoff my credit cards. To me it’s a win!

[@venanciasandin6475]

Unexpected situations like what is happening right now with this coronavirus outbreak!

[@clairedriscoll8628]

What a great vlog, the implementation of a miscellaneous fund is genious because it saves you "falling off the wagon" for unexpected events or even things you may have to say no to. These little instances can completely wreck your budgets and make you feel very disheartened with all the other hard work that you have put into your plan. Great advice x

[@SC-jy4ny]

The past year we've had to deal with an important bankaccount that got blocked for several months by mistake, then the amount that was on that account was taken away also due to that mistake. We got behind on a lot of payments because of that and so the debt started piling up. At the end of last year my husband totally unexpected lost his job. Our car broke, our washing machine broke, our dishwasher broke and my phone broke 2 times because of little hands. He finally started working again at the beginning of this months, but then... ofcourse... Corona hit and now he is in temporary unemployment. We are still behind, a lot behind, on debt payments. It is hard to stay positive and motivated at times, BUT thanks to Miko, I feel like it's going to be okay. Thank you so much for sharing your journey and tips. You really make a difference!

[@NoodlesMusings]

I hope things are going better for you now 🙂

[@maggiem1404]

Thank you for posting this. Right now I’m trying to get everything in order. Thankfully I am still able to work (just from home) and since I’m not spending I’m using my money to get ahead. So far I have $1,000 emergency fund, checking account cushion (one week’s pay as your blog post recommended) and I’m trying to also get a paycheck ahead by saving up an average amount of 1 paycheck so I’ll at least have a little buffer in case things go sideways. Your process has helped me feel more prepared and in control. Thank you!

[@Debys2]

I've been budgeting for a few years, always using my savings account. But since January, I gave myself the chance of trying your mixed method( savings account and cash envelope) It has been working so well and I feel even safer and confident about my goals! Ty u are make the difference girl!❤

[@6732Louise]

This video was so helpful for me this is the bit of the budget I wasn't sure how to address

[@paaitje]

I've had my phone break, glasses break, and had to buy a lot for my new appartment. Now I practically don't have any savings anymore and it's making me extremely nervous.

[@shafeqah5318]

OMG, God Bless You! I really think having that Misc envelope will help me with unexpected expenses. Something as simple as that, I did not think of...duh me...lol!! Thanks again for your tips! I just came across your channel and is now a subscriber. Take care!

[@carlaowens7959]

I needed this message TODAY. Thank you so much.

[@cattsmahal1005]

My sinking fund is $600 a month. Ins. Reg. Service Birthdays Christmas Emergency

[@AlissaHenry]

This video was so helpful especially during all of this COVID-19 uncertainty. I am one of those people who gets very discouraged when an unexpected bill pops up and derails my meticulously pre-planned finances. This happened twice in the past week and totaled over $400. Next month, I am going to start specifically setting aside money for these instances!

[@justourfamily8068]

Alissa Henry Hey! Please read my comment I made about 3 days ago. It may help you as you plan for unexpected expenses. I have 3 categories for unplanned expenses. This help me feel a little more prepared.

[@ttlyraw1332]

Love u girl! Thanks for all your help through this last year.

[@kaikosmom]

Exactly what I’ve been wondering since I started in January 😍 THANK YOU FOR ALL YOUR LOVE AND WORK

[@Erica_1021]

You are awesome! Thank you for all that you do!

[@gealachinion]

For months where you don't use all/any of the miscellaneous envelope's cash, do you roll the leftover and just keep adding to the miscellaneous fund? Or do you roll it into the savings account cushion, emergency savings, or something different? This video was super helpful as it addresses almost all of my issues I've had implementing a zero-based, cash budgeting system long-term. Thank you!!

[@maricruzdelosangeles2119]

Great video! Great tips + advice! Thankyou!

[@heathm7951]

I love your channel I have been try to do fund like you say and I am new to this you give me engagement to keep going.

[@elizabethmoore9072]

When will the budget planners be back in stock

[@justourfamily8068]

Elizabeth Moore I believe she said in October. But her download version is on sale .

[@V.I.C.]

I got a question.. I'm new to budgeting so this may be a stupid question and I'm sorry if it is.. but when you talk about saving money for longer term goals where is that money physically at? In an envelope or in some bank account? For reference goal like your son's future or Disney land. Stuff like that.. that would be alot of money to put in an envelope. And I am 100% serious.. thanks for sharing 😊

[@elenadamian9134]

You can open a separate account for this savings goal....at my credit union, I have 3 savings accounts. 1 for long term savings like vacations, 1 for yearly house expenses like insurance and HOA fees, and 1 for my small emergency fund of 1000.

[@vidahappy-frugalspanglishv1528]

Hello! I keep a buffer of $1000 dollars on my checking account as if it was $0(this is aside from all my sinking funds and emergency fund), just so that I never overdraft... which I have before my financial journey.😕

[@lornarobb6389]

I have just started with your budgeting book, I feel on top of everything in this time of uncertainty which for me is amazing as a single mum to 3 kids. I had a question I hope some will pop on and answer. Envelopes do you go through them every month and take extra out if there not sinking funds or is it best to do it annually? I have set a debt repayment plan so I cant pay extra to debt but could, of course, add to 1k savings pot. Thanks all x

[@vidahappy-frugalspanglishv1528]

Hi Lorna! I know is a year later, but I came across your comment and wanted to mention... I now use any unused money left over from my envelopes for small special events like having take-out on a movie night, eating at an unusual restaurant, or to help with the expense of a day trip for my family. If you read this reply I hope it helps you or someone in some way.😊

[@hereynol1]

I need you to do my budget! I am trying to get out of debt.

[@sapphire2746]

hi, good job with educating us about budgeting, however, do you roll over miscelleanous funds ?

[@bethanymuchan4579]

how much would you recommend for a checking account cushion? Love your videos🥰

[@saraboutin2210]

Bethany Muchan Miko keeps $1,000 I think.

[@maggiem1404]

She has an article on her blog about it. It says to start with one week’s worth of pay and work your way up.

[@michellemorales401]

I miss Miko moment. 💙💜💙

[@ms.reilife2378]

Great video. How much do you keep in the account for the cushion? I usually keep $100 as a cushion. This month I had 3 unplanned medical bills. was able to use money that I had sit aside to go into saving. So I was still able to save some cash but not what I had plan.

[@mariavidal2875]

Standley Y I think in other videos she said she keeps 1000.00

[@adonaiskid24]

I have a question about the starting balance. Am I including my checking account cushion in the total? also do you keep a running tracker of the checking account cushion or do you just keep adding to it per paycheck and not record it? I just wonder where it should be recorded in terms of savings, sinking funds to make things “zero” out.

[@thebudgetmom]

Your checking account cushion is a part of your starting balance.

[@thebudgetmom]

Your following month's starting balance needs to be included as a "category" when filling out your monthly budget category breakdown

[@onajourneylife2242]

How much do you recommend for checking account cushion?

[@sherrypoole4430]

When you were saving for a house. That went into its own Seperate acct? Thanks

[@thebudgetmom]

That is correct. I like to have separate savings accounts for specific goals. It makes it harder to spend when you know what you are giving up :-)

[@mylagrasparil8484]

Hai maam watching from philipines 😘😘😘

[@julianabernadino1470]

Seus vídeos poderia ter legendas em português pq gosto muito do conteúdo mas ter q fica traduzido e dificiu.

[@aleljzz2978]

Pipe leaking now ;( !!!!!! Looks like a big job 😔😔😔

[@MariaSanchez-he2vo]

👍

[@ellevalin1597]

Do you still use cash during this Covid-19 crisis?

[@annekimberleight]

House tour please ❤️🙏

[@thebudgetmom]

Coming soon :-)

[@LadyDelSangue87]

I feel like I can't even properly budget now because of the coronavirus outbreak. We had a small savings, and I was JUST about to sit down and write down everything, and getting everything set up, and BAM this crisis happens. My motivation went completely out of the window because my anxiety was so high and I ashamed to say I ended up panic buying quite a bit (food not tp, don't come for me) and dipped too much into our savings. Thankfully my husband is working from home during all this, and I still plan on sitting down and doing the budget at least part of the way, but it feels pointless atm because everything is shutdown and it feels weird to be concerned about it when the economy may just collapse anyways. It just feels odd to plan for a future unknown. Things could get so much worse and it's just scary to know that this could all be for nothing one day.

[@justourfamily8068]

Amanda Roper I know that we are living during an unprecedented time but you want to be prepared. Imagine if your husband wasn’t working. Do you money saved least till his unemployment starts? Having a budget is even more important now. Please try not to feel hopeless.

[@elenadamian9134]

Start by tracking your expenses...all of them....includes your bills and your daily spending like groceries and gas. Track for a few months...this will help you see where your money is being spent.

[@Eloraplays]

I get paid weekly, will the budget by paycheck workbook have enough pages for that?

[@thebudgetmom]

Yes, there are 5 bill trackers :-)

[@rachelcarter2443]

Pandemic?