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Old 01-20-2017, 03:22 PM   #21
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I put in the budget for the month I will actually pay it because I already have that money (well I may need to withdraw it from the IRA but I plan to do that).

If I was in a situation where I didn't have that money already and needed to save it from income coming in monthly (like from a paycheck) then I would budget an amount each month.
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Old 01-20-2017, 03:35 PM   #22
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I withdraw my money once a year, the first week in January. That is all I get to spend for the year.

I pay once-a-year expenses like property tax in the month when they are due.

I don't have a budget, but instead look at my spending to see how I am doing and if my spending is on track, so that I will not overspend for the year. When I do that, I look at two totals that I compute at the end of each month.

(1)The actual amount that I have spend that year

(2)The same, but with property tax and other annual payments subtracted (if paid), and instead adding 1/12th of the sum of my annual expenses for each month.
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Old 01-20-2017, 03:41 PM   #23
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Old 01-20-2017, 04:04 PM   #24
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Quote:
Originally Posted by davidbeitz View Post
how do you budget for a one time yearly expense like property taxes? Do you divide the amount by 12 and budget for it monthly? or do you just have it in the budget for one month?
I would guess that people with monthly income, like pensions, would try to fit things into a monthly framework.

I don't have any monthly income, so it's easy to focus on a yearly budget. While I have about half my spending flowing to our checking account on a monthly basis, the other half is yearly items like insurance, property taxes, medical, travel, and a reserve fund (for big non-monthly spending). I track it yearly so that I don't go over our intended spending. Works for us.

Of course there are lots of budgeting systems that work...
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