Today we want to share 6 types of unexpected expenses. No matter how disciplined you are with your budget, there are always potential expenses that take you by surprise. Even if you have an emergency fund, it might not stretch far enough. Below, we explore the types of unexpected expense.
Cars can leave you expensive maintenance and repair costs at short notice. They can be tough to budget for as you never know quite what will go wrong. Ideally, you should prepare an emergency budget that can cover middle to high-end repairs. That way, you won’t be left in a position where you’re struggling to afford to keep your car operational. This is particularly important if your livelihood depends on car travel.
Pets are beloved family members and if they need emergency care, you have to be ready to fund it. One of the best ways to protect yourself in this scenario is to take out pet insurance – by paying a monthly fee, you’ll be covered in emergencies in the long-term. Alternatively you could also create your own emergency fund to prepare.
Plenty of problems can suddenly arise with your house too. This could be a broken boiler, a leaky loo, or maybe even something more serious like a fire. Home insurance from a Cincinnati insurance company agent can protect you to an extent, but with complex regulations you’ll need to have money saved up to give yourself true peace of mind.
Your monthly bills can suddenly jump up too. If there’s a particularly cold winter, you might find that your heating bill surges up. Sometimes, your water bill might jump up without explanation either, Nevertheless, you should always be prepared for sudden bills.
In the UK, we’re lucky enough to have the NHS cover most medical bills, but teeth can lead to unexpected bills. If you suddenly require root canal surgery, or another major dental operation then you could find that your wallet is hit harder than usual.
Helping out family members
If a loved one has an unexpected bill, you’ll often feel compelled to help out too. This could be if a family member suddenly becomes unemployed or unable to work.
There are many hidden expenses that can take you by surprise. If you’re struggling to cover one, it could be worth taking out a bad credit loan to see you through.