Plan for Annual Costs: Insurance and More
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Yearly payments catch many people off guard. Set-asides keep them manageable.
The key points
- List all annual or semi-annual payments.
- Divide the total by twelve.
- Transfer that amount monthly to a separate account.
- Update the amounts once a year.
Recommended product
Weekly and Monthly Finance Planner
A planner with templates for monthly budgets, savings goals and a debt plan.
Bottom line
The step you will probably feel first: list all annual or semi-annual payments. Start with one point, check the result after a few weeks, then build on your plan.