Spring clean your March budget! Via Shutterstock
March can be an easy month to get lazy and let finances slip. The financial stress of winter has passed and we usually have a little extra jingle in our pockets. Heating bills are less expensive, holiday debt is paid off, and a refund check is burning a hole in many a taxpayer’s pocket.
But, spring is coming, bringing with it a lot of expenses that are unique to this time of year. And as you well know, if money isn’t managed, it evaporates into thin air. So, let’s put a lid on it!
Here are some common March budget items you may not have planned for:
It’s time for spring break, Baby! I hope you’ve already saved for your spring break getaway if you’re taking one. You may want to plan a little extra cushion for a special splurge. If the kids are off of school and you’re not taking a vacation, your child care expenses may be higher this month as well.
Tax preparation fees: If you still haven’t done your taxes, time’s-a-tickin’! Get it done now so you can get your refund or so that you have some time to save up or make money to pay the IRS.
Party on: Do you have parties to plan for in March? St. Patrick’s Day, March Madness, birthdays, anniversaries, showers, or weddings for example. Don’t forget that graduation season is right around the corner, if you need to set a little aside over the next month or two for gifts.
Easter: This year Easter falls in April, but many years it happens in March. Be glad you’ve got a little extra time to bargain shop for Easter basket goodies, gifts, and clothing. Budget extra for food and entertaining if you’re hosting Easter dinner. Include travel expenses if you’re visiting family.
Exercise: Do you take part in summer fitness events like century bike rides, 5K’s or marathons? It may be time to pay those entrance fees. Kids sporting activities, summer camps and summer day care registrations are also due this time of year.
Tests and exams: If you’re the proud parent of a smarty pants high school student, it’s time to register and pay for AP tests. Driver’s ed and college entrance exam fees may be coming due this time of year as well.
Prom is usually in April or May. There are dresses to buy, tuxedos to rent, and dinners to pay for. This is a great opportunity to help your teen develop their budgeting skills.
Spring lawn care: As soon as the snow melts, the yard work begins. Budget for things like mulch, new plants, fertilizers, or power washing the deck/patio. Will you have a need to buy supplies or tools, make repairs to yard equipment – like sharpening mower blades, or pay for hired labor?
Expenses to Budget for Every Month:
Pay off debt! If you’re carrying a balance on a credit card, student loan, car loans, etc. you should put every extra dollar towards paying it down.
Emergency fund: If you’re living paycheck to paycheck, stop the insanity. It’s awful to worry about money. Give yourself some peace of mind and your family a safety net by saving at least $1,000 to $3,000 in an initial emergency fund. Do this before putting extra money towards debt or any “I want” type expenses. After you’ve got your finances under control, set a goal of having at 3-6 months of savings set aside.
Occasional Expenses: Do you have any of the following coming due in March? Property taxes, insurance premiums, license plate stickers or city stickers for the car, doctor appointments, dentist appointments, eyeglasses, etc.
Money saving bargains to snatch up in March:
While there aren’t many shopping holidays days this month there are plenty of things that will be on sale in March.
New tech products will be heading to stores near you soon, so watch for markdowns on previous year’s models.
TV deals will also be hot as basketball lovers watch March Madness hit the courts on the 18th. (College team hoodies and fan gear deals will also be hot.)
Watch for winter clothing clearance, spring fashion, running and outdoor sporting gear sales.
There will also be last minute spring break travel deals available.
Oh, and if you’re into buying 2nd hand, get ready to stock up as people do their spring cleaning! Your favorite thrift stores will be bursting with treasures just waiting to be found.
Plan Ahead for April Budgeting:
April will bring Easter, graduations, gardening, and the dreaded the tax deadline. If you’ve got extra money, set some aside to cover these expenses.
What is on your family budget in March?
Related monthly budgeting posts:
January Budget Busters
February Budget Busters