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Life has a funny way of throwing things at us unexpectedly. Sometimes this can be a good thing, but when it comes to money, it’s usually the bad kind of surprise. The best thing to do is make sure you are prepared by building up an emergency fund to deal with life’s unwanted surprises. With that being said, read on to discover some of the common unexpected personal expenses people tend to have to deal with at some point.
Something breaking – There is only one place to begin, and this is with something breaking. After all, we all know how frustrating it is when the oven, dishwasher, fridge, tumble dryer, or washer breaks down. If you rent, you luckily won’t need to fret about this, as it is the landlord’s responsibility. Make sure you know your rights about this. If it is winter, and your boiler breaks down, if it is not resolved within 24 hours, it is your landlord’s responsibility to provide you with heaters.
Gifts – It is a good idea to have a savings jar for gifts, which you can add to on a monthly basis. After all, we all have the birthdays we know about, and there are no surprises with regards to when Christmas is! However, unexpected presents can often be needed, such as housewarming gifts, and presents for weddings and baby showers.
Health-related expenses – We are lucky in the UK because we do not need to pay for healthcare. However, there are some expenses you may need to fund, including buying new FSA reading glasses and taking a trip to the dentist. These are expenses a lot of people tend to overlook, and as a consequence, they can put back dentist appointments and optician appointments. Nevertheless, you could end up costing yourself even more money by doing this, as the issue may only get worse.
School trips – Another money drainer is school trips. We have all been there; your child comes home excited, with a school letter in their hands. This can only mean one thing; there is a super cool school trip being planned, which is no doubt going to cost you a small fortune.
Alcohol – Last but not least, it simply would not be right to talk about unexpected expenses without mentioning the ‘A’ word. Alcohol may not be so expensive to buy, but if you are like most of us, our decisions become a bit questionable after a few glasses of vino. Booking that holiday seemed like a good idea at the time, but when you wake up the next day and see it doesn’t have a cancellation option, it doesn’t seem so wise!
As you can see, there are lots of unexpected personal expenses that can crop up at any point. To ensure these costs do not set you completely off track and land you in financially difficulty, it is important to be prepared by putting an emergency fund together.