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No. of Recommendations: 2
We have zero savings and probably about $6k of expected expenses coming up this year, with x-mas, kids birthdays, car repairs etc.
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Even if all this ends up in the same account, it would probably help to put it into subaccounts.

Car repairs would be an emergency and should come out of an emergency fund.

Birthdays and Christmas expenses are recurring and can be adjusted up or down. I would suggest if the kids are old enough that you tell them that you will be downsizing gifts for the whole family for the time being. Of course, if you don't downsize in this area you may have to cut somewhere else.

This $6k sounds a bit vague. This would be a good time to sit down and work out the budget for next Christmas and the upcoming birthday parties.

Also are your kids old enough to do work? Not real jobs, necessarily, but things like raking, shoveling snow, babysitting, dogwalking,etc.
They can gain a lot of self-respect that way as well as get some money of their own which you can then use to show them how to apportion into spending and saving.

Molly
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