3005: Budget Busters How to Plan for Unexpected Expenses by Chelsea of Smart Money Mamas

Optimal Finance Daily - Financial Independence and Money Advice

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Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 14 January 2025

⏱️ 11 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3005: Chelsea from SmartMoneyMamas.com explains the practical steps to safeguard your budget from unexpected expenses by dividing them into predictable and unpredictable categories. She highlights the importance of building annual budgets, creating sinking funds, and prioritizing an emergency fund to transform financial stress into manageable bumps in the road. Read along with the original article(s) here: https://smartmoneymamas.com/how-to-plan-for-unexpected-expenses/ Quotes to ponder: "Building irregular expenses into your budget is one of the pillars of creating a budget that works long-term." "It always seems impossible until it is done." "An emergency fund is your financial life jacket. It keeps you from sinking into debt just because you didn’t budget for something." Episode references: YNAB (You Need a Budget): https://oldpodcast.com/track Qube Money: https://qubemoney.com University of Minnesota Extension on family clothing budgets: https://extension.umn.edu Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Curry's Business.
0:03.1	Whether you run a bustling cafe, a busy office or an inspiring classroom,
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0:19.4	Shop at business.curries.co.com.
0:21.6	visit your local hub or call their UK-based specialist business center. Currie's business,
0:27.2	powering your business in 2025.
0:30.6	This is Optimal Finance Daily. Budget Busters, how to plan for unexpected expensesenses by Chelsea of smartmoneymamas.com.
0:40.4	There is nothing worse when you're working on keeping a budget than an unexpected expense.
0:46.2	You think you're being responsible, you're even meal planning, and then the car needs new breaks
0:51.6	and out comes the dreaded credit card, back in debt when you thought you were being financially smart.
0:57.7	And next, the spiral.
0:59.9	For most people, the biggest problem is that once that credit card sneaks out of their wallet once,
1:04.5	it becomes much easier for it to keep coming out.
1:07.8	So how can you break the cycle?
1:10.4	Learn how to plan for unexpected expenses.
1:14.6	Luckily, the secret of how to plan for unexpected expenses is surprisingly simple. There are two
1:20.2	types. Expenses you can predict and expenses you can't predict. For the ones you can, start with an annual budget for that item,
1:29.3	then back into what you need to put aside every month to have the money readily available
1:33.8	when your son grows out of his shoes again. For the expenses you can't predict, it's time to
1:39.3	finally build that emergency fund. While it isn't the most exciting thing you will do in your life,
	...

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