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Today’s Woman
Judy Burtner
Extension Agent,
Home Economics
Few are the families which have not seen their best-made financial pi an shattered by the arrival of one or more completely forgotten bills. There may be property insurance, usually due each three years; auto insurance, payable every,’•jB months; property^ t*ft£Sc -payable yearly; and others.
It is not too surprising that some of such large and irregular bills can be forgotten until it is time to pay them. To assist families in making realistic financial plans, Miss Hilda Daily, extension specialist in home management at Virginia Tech’s Coflege of Home Economics, has prepared Virginia Tech extension publication MHM-41, “Financial Planning for Large Irregular Expenses.” Included is a sample work sheet, developed by a bank, showing how to build a reserve fund to pay such expenses.
The work sheet shows how to determine the amount to be set aside each month for large, irregular expenses. It also offers a method of managing the reserve fund and provides space to record its progress.
First entered on the work sheet is each irregular bill expected. Entries will include the date payment is due, a description of the item and the amount.
The year’s total of all large irregular expenses divided by 12
89.6%