2020 expenses: Which has your name on it?

By January 14, 2020 June 4th, 2020 Research

Some things remain constant with each year while some new situations welcome themselves regardless of our level of preparedness. Here are some things that will likely gulp your money in 2020 apart from your daily home expenses.

School fees – If you’re a parent, you must know that you will pay school fees thrice this year. The last one in September being of a bigger sum because your child will be entering a new class which will demand some financial responsibilities. Start now to plan and save for it.

Valentine’s Day – February still has 14th on it and the world will mark Valentine’s Day. Unless you don’t believe in Valentine’s day (which is fine) you’ll be spending some money this season

New baby – If you’re expecting a 2020 baby, then you must be prepared for the expenses that come with buying baby items, paying hospital bills and the general wellbeing of the child. Also, it’s important not to forget that you could be enrolling this new baby into school by the end of next year, making now the perfect time to start saving towards that big step.

Easter, Christmas and Eid celebrations – Whether Christian or Muslim, you will be marking these special seasons in 2020 and they will require some expenses. Knowing and planning is the surest way to have a joyous celebration without going broke afterwards.

Special birthdays – Be it that of your spouse, child, friend, parent or relatives – birthdays are those celebrations that we don’t count but often leave a hole in our pockets if we don’t budget for them.

Rent – This is an inevitable expense unless you currently live in your own home (without mortgage expenses) . Plan for it as well.

Major milestones – If this is the year you plan to get married, enroll for further certifications, put a down payment on your first home or buy your first car amongst other major milestones; then it is an inevitable expense for you – one that requires planning. The first month of the year is the right time to start planning towards these big steps and the best investment vehicle is your best option to being financially prepared for them.

The unexpected – Emergency car breakdown, hospital bills, last-minute travel expenses, home repairs… name it. Because you know that life can throw you an unexpected curveball at any point, it is wise you have an emergency fund somewhere for the just-in-case moment.

You may not be sure what 2020 will bring, but planning for it will make the seemingly difficult times easier.

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