3 Tips to Afford Multiple Major Expenses at the Same Time
Ever feel like all your big expenses decided to show up at once, like uninvited guests to a party you didn't plan? Maybe you're saving for a wedding, your car suddenly needs repairs and your rent just went up.
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Juggling multiple major expenses can feel overwhelming. And it's no joke. Even Newsweek reported that Americans are suffering from financial burnout.
But with the right strategies, it's totally possible to stay afloat (and even ahead).
'When life throws several big expenses at you all at once–maybe you're buying a house, replacing your car, and starting a family–it can feel like your wallet's being pulled in every direction,' said Michael Foguth, Founder of Foguth Financial Group.
Here are some practical tips to help you manage it all without losing your mind — or your savings.
If all of a sudden you add a home, a new car, children and college costs to your budget, focusing your efforts is wiser than dealing with each of these the same way, said Chunyang Shen, Finance Expert and Co-Founder of Jarsy.
For expenses, he recommended considering how pressing they are, what you pay for them and what profits or advantages you'll enjoy.
Be sure to put down on your list those aims that have a fixed time frame such as saving for a home down payment or dealing with medical expenses for your baby.
Next, Shen said you need to look at costs that are flexible such as buying a new car or contributing to a 529 education fund that can be adjusted.
If everything's working with your car, waiting to buy for another 6-12 months may help you prepare for other important bills.
'It's useful for clients to think about having money for now, later, and in the years ahead,' he explained.
Here's a breakdown:
Immediate Bucket: you hold funds for immediate needs and required expenses.
Medium-Term Bucket is meant for your children's future and a new car.
Long-Term is assigned to their education and retirement.
He advised adjusting your monthly contributions according to what life throws at you.
'Realizing that it's important not to fall behind in college doesn't mean you should put getting out of high-cost debt on the back burner.'
So, while loans, scholarships, and aid help cover college expenses, you shouldn't borrow money when trying to save for the future.
You can find it easier to manage your money when the monthly costs of your mortgage or auto loan don't reduce your savings by much, said Shen.
Even so, he noted that it's important to avoid taking out loans with high interest or on credit cards–doing so is damaging to your future finances.
Once done, go ahead and update and examine your marketing strategy. Establish a system for saving and paying bills and every three months examine your budget.
'Rapidly changing times mean that your financial plan should change as well.'
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San Francisco Chronicle
3 hours ago
- San Francisco Chronicle
Prices of eggs and gas are down. Does Trump deserve credit, or is something else going on?
President Donald Trump ran on promises to bring down prices for Americans. Today, prices of eggs and gas are down from their peaks of the past few years. Can he take credit? Nope, experts say. In both cases, prices were expected to come down as external factors abated. There's no compelling, recently implemented federal policy that had much impact on either commodity. First, let's look at the numbers. A year ago, the average national price of a gallon of unleaded gas was $3.47, according to AAA, and $4.88 a gallon in California. So far this month, the average price is $3.14 a gallon nationally and $4.77 in California. (Gas prices are higher in California for a combination of reasons, including regulatory issues, the special type of gas required to be sold here, and the highest gasoline taxes in the country.) • Got money questions? Here's how to send them to our California budgeting advice columnist. 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A headline on the right-wing news and opinion site Daily Caller said, 'Grocery Prices See Biggest Drop In 5 Years As Trump's Policies Take Effect.' But, again, experts say Trump's policies aren't driving the price decreases. So what actually is behind them? Why gas prices have come down in California Gas is down 13 cents a gallon just from last week in the Bay Area, said Patrick De Haan, the head of petroleum analysis for cost comparison website GasBuddy. That's more than the drop we've seen at the national level — only 2 cents compared with the previous week. Most of the recent drop here is because refinery issues in California have begun to resolve, De Haan said. However, refinery repairs are ongoing, so the decline may be only temporary, he added. Though Trump ran on 'drill, baby, drill' and his administration has discussed opening public lands for oil and gas drilling, federal policy takes a long time to work its way to the price at the pump, De Haan said. 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Yahoo
4 hours ago
- Yahoo
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Newsweek
4 hours ago
- Newsweek
How SNAP Benefits Are Impacted by Trump's Tax Bill: What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. House Republicans have advanced a sweeping tax and spending bill backed by President Donald Trump that makes significant changes to the Supplemental Nutrition Assistance Program (SNAP), also known as food stamps. The bill—the One Big Beautiful Act—passed the House by a narrow 215–214 vote and is now headed to the Senate, where revisions are expected. If enacted, the measures would mark a major shift in eligibility and administrative rules for the country's largest anti-hunger program. Why It Matters More than 40 million low-income Americans rely on SNAP to help pay for groceries each month. 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Specifically, it increases the age cap at which work requirements end from 54 to 64 years old. Able-bodied adults without dependents would be subject to these rules unless they meet other exemptions. Only parents with children under age 7 would be exempt from the work requirements, a significant change from the current exemption for parents with children under 18. : The bill would require more SNAP recipients to work in order to maintain eligibility. Specifically, it increases the age cap at which work requirements end from 54 to 64 years old. Able-bodied adults without dependents would be subject to these rules unless they meet other exemptions. Only parents with children under age 7 would be exempt from the work requirements, a significant change from the current exemption for parents with children under 18. Reduced state exemptions : The legislation limits states' ability to exempt individuals from federal SNAP work requirements. : The legislation limits states' ability to exempt individuals from federal SNAP work requirements. No changes to benefit amounts or maximum eligibility thresholds were specified in the bill, but administrative changes could affect how and when recipients qualify. These SNAP reforms are intended to partially offset revenue losses from the bill's expanded tax deductions, including higher standard deductions for older Americans and the elimination of taxes on overtime and tips. Stock image/file photo: Man shopping for groceries in a store. Stock image/file photo: Man shopping for groceries in a store. GETTY Policy and poverty experts have said the bill could be devastating for SNAP recipients. The Center for Budget and Policy Priorities, a left-leaning think tank, said the passage of the bill would constitute "by far the largest cut to SNAP in history"—with some 7 million recipients possibly seeing reduction or total loss of their benefits. The Congressional Budget Office has said that while it will reduce federal spending on SNAP to $76.6 billion in 2034, down from a baseline projection of $115.8 billion, recipients would see an average reduction of SNAP benefits of $15 dollars per month by 2034 for every single SNAP participant What People Are Saying President Trump has not commented directly on the SNAP provisions, but he framed the broader legislation as a necessary reset. "It's time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE!" he wrote on Truth Social. Democrats have been outspoken in their criticism. Those on the House Agriculture Committee said the bill is "irresponsible" and poses an "immense threat" to "food assistance for vulnerable seniors, children, working families, veterans, and Americans with disabilities." Jennifer Greenfield, associate professor at University of Denver who specializes in the intersection of health and wealth disparities, told Newsweek: "The proposed federal "savings" are not savings at all—it's a shift of the costs to our already cash-strapped states and families. The net result will be to increase hunger and financial instability among households with children, older adults, people with disabilities, and veterans—while also sending tens of thousands of people into unemployment." What's Next The Senate is expected to negotiate revisions to several parts of the legislation, including the SNAP work requirement provisions, before any final vote. If changes are made, the bill will return to the House for another vote.
