Does bad weather affect your savings account? It almost always will if you aren’t careful. Why is that? Because a snow storm or any other type of extreme weather brings costs that are unexpected. Not only that, but we tend to get a little careless when our routines are changed. This week on Fox 59 I talked to Ray Cortopassi about bad weather, your finances, and how you can avoid blowing your budget this winter. Watch the clip below courtesy of Fox 59 Morning News.
This last week in Indianapolis was an interesting one. Lots of snow and extremely cold temperatures led to a near city wide shutdown. So what’s that got to do with your budget? You’ll know in about three weeks when you get your utility bill. An increase in energy use is normal in the winter, but with a big storm energy use can skyrocket. What I don’t want you to do is use your savings for this extra expense. While the word ’emergency’ immediately comes to mind, I’m confident that you can find room in your regular budget to fit in the extra expense without dipping into your emergency fund.
The best place to find the money is going to be your dining out budget. Chances are that before the storm you went to the store and stocked up on food. For the next week you didn’t eat out or grab a coffee or order food in while you were holed up in the house. The savings you achieved by not eating out for a week or two should be enough to help cover your extra energy costs.
The snow is melting but there is sure to be more winter weather to come. There is no better time than now to sit down and really dive into your budget. Set goals and shift budgeted percentages around to fit in seasonal expenses and you’ll be on your way to financial wellness.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.