What’s Poppin’,

This is the Master Money Newsletter. The little joy in your life that makes you smile. Just like that secret treat jar you have hiding in your house.

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Here’s what we have on deck today:

📰Read: How to Handle Unexpected Expenses

📺Watch: VOO vs. VTI: What is the Best Vanguard ETF?

🎧Listen: 10 Ways to Increase Investment Returns

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Numbers to Know

💰The top 5 purchases more retirees regret spending money on.

💻 Learn what actually makes you happy from a 100 year old doctor.

📈 How the 529 can turn your teen into a millionaire.

🤔 70% of Americans are feeling financially stressed​

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How to Handle Unexpected Expenses

As one reader put it, it’s death by a thousand cuts.

We've all been there: You've got your budget on lock, you're feeling like a financial wizard, and then BAM!

Life decides to throw you a curveball in the form of surprise expenses.

Fear not, wealth builders! We're here to help you tackle these unexpected setbacks like a pro.

Grab your coffee, and let's dive in.

🚀 Embrace the Art of Flexibility

First things first, it's important to recognize that life is unpredictable. Your budget should be a dynamic document, ready to adjust to your ever-changing circumstances. Keep your eyes peeled and be prepared to pivot when life gives you financial lemons.

You need to be able to roll with the punches. Your budget should reflect that.

🎯 Add a "Stuff I Forgot" Line Item

We're only human, and our crystal balls are perpetually out of order. So let's create some wiggle room in our budgets by adding a "Stuff I Forgot" line item. Allocate a small percentage of your monthly income to this category, and use it as a buffer when unexpected expenses arise. It's like having a mini-emergency fund, without dipping into your actual emergency savings.

💰 Revisit and Revise

If your "Stuff I Forgot" line item is regularly being maxed out, it's time for a budgetary check-up.

Revisit your expenses, identify patterns, and make adjustments to ensure you're covering all bases. This might mean redistributing funds or finding ways to cut back on other expenses.

Go back and look at your bank statements over the last 3 months.

📝 Plan Ahead for Seasonal Surprises

Some unexpected expenses are more predictable than others. Think about those irregular, seasonal expenses like holiday gifts, annual subscriptions, or car maintenance. Do some calendar stalking and incorporate these events into your budget to help mitigate surprises.

Take Christamas for example. Most people fall behind because of the spending frenzy. Instead, look at how much you spend last Christmas and divide by 12. This will be the amount you save each month for this year!

⏲️ Give Yourself Some Time

Rome wasn't built in a day, and neither is the perfect budget. Be patient, and give yourself time to adjust to your new financial habits.

As you become more in tune with your spending, you'll be better equipped to anticipate and manage unexpected expenses. This takes time. Don’t rush it.

🏦 Keep Your Emergency Fund Intact

Remember, your "Stuff I Forgot" line item is not a substitute for an emergency fund. The goal is to cover small, unforeseen expenses without dipping into your emergency savings.

Keep building that safety net for life's more significant financial curveballs.

In a Nutshell ☕

Surprise expenses don't have to send you into a budgetary tailspin. Embrace flexibility, add a "Stuff I Forgot" line item, and become a financial forecasting ninja.

With a little patience and a keen eye for patterns, you'll be ready to tackle life's financial surprises head-on.

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📈 Quick Tip Of The Week - 4 Steps to Cheaper Flights

1. Set up fare alerts: Sign up for fare alerts from websites like Airfarewatchdog, Scott's Cheap Flights, or Hopper to get notified about price drops and deals on flights to your desired destinations.
2. Use fare comparison websites and apps: Websites like Skyscanner, Google Flights, and Kayak can help you compare fares from different airlines and find the best deals.
3. Be flexible with your travel dates: Cheaper flights can often be found if you are flexible with your travel dates. Tuesdays, Wednesdays, and Saturdays are generally considered the most affordable days to fly.
4. Use incognito mode: When searching for flights, use incognito mode in your browser to avoid potential price hikes based on your search history and location.

BTW our fave travel cards are here.

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High-Performance Book Club 📚

I get a ton of questions from listeners and readers as to what I am reading. So we decided to let you know via the newsletter. The High-Performance Book Club will be a way to share this. If you want to be Elite in your career, business, or with your wealth, then welcome to the club. If you would like to see our previous picks, you can find them here.

​https://kit.co/MasterMoney/high-performance-book-club/money-master-the-gam​

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The Personal Finance Podcast 🎙️ ​ ​

​The Best Cash Back Cards This Year - Money Q&A​

​10 Ways to Increase Investment Returns (Do These Now!)​

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Youtube

​VOO Vs. VTI: Which Vanguard ETF is Best To Buy and Hold? S&P 500 vs Total Stock Market Index Fund​

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