Monday, July 6, 2009

Redoing the Spending Plan

It's important to re-examine the family budget regularly and tweak it when necessary. We do that all the time. For example, I'm going to go over the thing with a fine tooth comb this week to look for every penny possible and start putting it away for a different vehicle for Brittan. Her car is 9 years old, has 150 k miles and is starting to show some mechanical needs that could end up costing more than the car is worth. I think we can get another year or so out of it, so we have time. But it's mission critical to avoid car payments. Risk management is always important, but in an economy like the one we're currently experiencing, it's doubly important.

Plan for major expenses and budget for them. It's what we used to call, 'common sense.'