Monday, March 28, 2011

Unexpected Expenses

March has plagued us with many unexpected expenses.  In all fairness, I should have expected some of them and I should have known that the others were coming up at some point.  Some of the expenses that aren't usually in our budget are as follows:

Will  $300
Life insurance $255 Annual premium
Trees $230--One time fee, I told my husband to go ahead but wasn't sure when we would have to pay, not quite done yet on this one.  (We are having trees planted on our property as part of a conservation project.)
Tractor $1500
Moving Tractor $400
Tractor Repairs $200
Marie Claire subscription $10
Medical bills $50
Motorcycle Insurance $40

Ouch, very ouch!  Oh, well.  I knew that there were going to be plenty of expenses this month and I wasn't disappointed. 

Getting our will done will be our first goal for 2011 complete.  A certain part of me doesn't want to pay for it but I really want to decide what happens if both Y and I died.  We want the best for our daughter and want to dictate it from the grave if we have to.

Happy Monday!

7 comments:

  1. That's not too bad, remember things could be 'worse' LOL

    HS

    ReplyDelete
  2. A will is a necessity! I'm so glad you were able to get it done! I'm too embarrassed to post all of my expenditures for March. I would rather just skip to April...:)!

    ReplyDelete
  3. have you already paid for the wills? We just did ours and it was free, through an online document service
    http://myfrugalfunlife.com/?p=2548

    ReplyDelete
  4. Sara, I haven't already paid for our wills but I'm having an attorney draw up our wills because I think that there is a good chance that they could be contested if both Y and I died. With our life insurance, our estate would be over 1 Million and my family is crazy. I don't want them to try to get my daughter to get at the money in our estate. I see that as a very real possibility. I don't currently have any contact with my parents and the last thing that I want if I die is to have them try to fight for custody of my daughter to get money. That is why I'm paying the extra money to have a professional do our will.

    ReplyDelete
  5. I'm glad to see your comment about the will being done by an attorney. I think if your situation is straight forward, you may be able to get away with the DIY option, but when kids are involved, you don't want to leave it up to chance. Can I be a pain and suggest you do powers of attourney too while you're at it? It won't add much to the cost, and it gives you more flexibility if your partner is incapacitated (e.g., in a coma) but not dead. The example I was given was if DH was injured and incapable of making financial decisions, I may not be able to sell our house by myself if money was tight, as his name is on it also. If I have POA, I can make his financial decisions for him in the case of incapacity. Horrid things to think about, but you'd be happy to have them in place should the worst come to pass.

    ReplyDelete
  6. I think you should sort out first all the expenses that you're expecting for the rest of the year before you start on your will. I mean, you don't want your kid to carry the burden of unprepared spending, right? But that's a wise plan you've got there. The will can act as a foundation for your financial security.

    ReplyDelete
  7. Sofia, we actually already did our will. That was actually our priority because if something did happen to us, we're not able to go back to make revisions. We don't want our kid to carry the burden of unprepared spending but she's only 1 1/2 so that would have actually been the executor of our estate.

    ReplyDelete