Before the year ends and before 2018 starts, I reviewed and created my projected expenses for the year 2018. I have adjusted some numbers to reflect the changes that will occur for the year 2018. What is the change?
My daughter will be in Grade 11 for the school year 2018 – 2019. She will be moving to another school that offers the track and strand of her choice, Technical-Vocational. Her choice is Fashion Design strand. This choice comes with a higher tuition fee and a higher school allowance.
Actually, this is something I do every year before the year ends and before the new year starts.
I also plotted the projected costs for other expenses that occur on annual basis.
(I had to omit the numbers for privacy.)
Why do I do this? Doing this gives me a visual overview of my income, expenses and cash flow for the incoming year. This exercise prepares me for what lies ahead.
There is another task that I did before 2017 ends. For some time, I have been planning to organize my policies in one place. So I bought a bag that is big enough to hold all my policies (life insurance, health insurance, educational plan, investments, etc). I reviewed my policies which are active and discarded the policies that I have surrendered for reinvesting.
All my files are here. The contents of this bag are:
- Life insurance policies
- Current house insurance
- Education plan
- Health invest policy
- Retirement and other investment policies
- Birth certificates
- Other relevant files pertaining to my civil status
- Green folder which contains all the files should I pass away
This is not to scare anyone. But as a single mom, with no other adult in the house to rely on to, I deeply feel the need to organize everything that is needed should something happen to me. It’s something that my daughter can easily access.