
One-Off or Rare Expenses
A recent family funeral brought the importance of having a will, power of attorney, etc. for me (none currently). I was at a loss as to how to budget this though. The amount will be nontrivial enough to want to put it into a proper category. However, it will just be sitting there as "Legal Fees" with nothing else budgeted (hopefully) for decades.
Is the recommendation to create a one-off category and then hide it in subsequent months? Any other solutions for these very rare expenses?
Thanks!
SaishDawg
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I use a category called professional services for legal or accounting services. For me these are less frequent than annual, more on the five-year recurrence, but definitely not trivial in cost. It's also an important planning category that I like to keep in place for awareness (like my taxes category). I leave the category in my Life Happens group (e-fund subs) with a few hundred in it.
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I have a general category called Banana Stand that is a catch-all for those one off expenses and I use the memo field to remind me what it was for. Last month it was used for a legal fee and this month I have money in there to cover baggage costs for an unexpected trip I have to take next week. I hate having to have a bunch of hidden categories.
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I posted some other thoughts on what to prepare for loved ones at https://support.youneedabudget.com/t/x1nh10/funerals
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