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Reply to "Another budget post: tell me how I'm doing (HHI=$145k)"
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[quote=Anonymous][quote=Anonymous]That's a great idea, PP. How much would you recommend in a "planning for upcoming expenses" account?[/quote] I think it totally depends on what you think you will be buying in the next few years. If you think you are 3 years away from needing a minivan for your growing family, and you expect the minivan to be $36K, then try to put $12k per year or $1K per month into a savings fund. If you think you will need a new roof in 2 years at the cost of $12K then put $500 per month into a savings fund. Or do a combo based on multiple needs. I would sit down and write out some goals for the next 5 yeasrs and 10 years. Those could include wants (such as a big family vacation) and/or needs (such as a new roof). By planning ahead for big expense items, they won't surprise you or make you go into debt when the costs come up down the road.[/quote]
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