Most of us are quite good at keeping control of how much we spend. By the time we hit thirty, we’ve become masters of keeping our wallets closed and our bank accounts full. But, there are always issues throughout the year where we end up spending a lot more than we intended to. There are plenty of examples of these types of unforeseen scenarios. It may not be possible to see them coming, but we can certainly still prepare for the havoc they cause.
Accident and Emergency
You can wrap your kids in cotton wool as much you like but I promise you, they’ll still find a way to hurt themselves. They might fall down the stairs climb a tree or cut their skin open. Whatever the case, at some point you’ll find yourself sitting with them in A&E and your mind, shouldn’t go to the bill. Truth be told, it probably won’t. Instead, you’ll focus all your attention on knowing that your kid is fine. Even if it is just a splinter, it could get infected you know! But then the bill arrives a few months later and suddenly you find it’s a lot more expensive than you thought it would be. How do you handle this situation? My advice would be to avoid it in the first place. Make sure you know what your health insurance covers. If the treatment your kid needs isn’t covered by health insurance, you can shop around for the best price. No, I’m not joking, medical bills can be incredibly expensive.
Must Have Items
The must have item for Christmas this year is a Playstation VR. Check online, and you’ll find the price is 350. Reasonable you say? Ah, but wait because you’ll also need the camera, the controllers and the games. So, you can push that 350 up to at least five hundred. If you want a gun for shooting games or a steering wheel for races, add another hundred on. Oh, and then there’s the console itself. A new one is being released this year with the word Pro attached. So, altogether a full VR kit could cost one grand. To avoid a cost like this, you need to take a few things into consideration. Do they desperately want it? The Fortunate Investor recommends you say no to your kids on items they are going to get bored of. You’ll save money, and in a few months, they’ll forget. However, if you are desperate to buy, make sure you shop around for the best deal. At least then you won’t be wasting a fortune.
Home Repair Nightmares
I find home repairs are always needed roughly two months before Christmas. I don’t know why this is, I couldn’t tell you, I think it might be sod’s law. They occur just as you don’t want them to when your finances are already stretched to the limit. I’m not talking about little repairs either. I mean issues such as the boiler breaking down unexpectedly. That could set you back nearly five thousand, just before the winter season kicks into high gear. Luckily, there is a way to avoid this scary unforeseen cost. Check your home for problems with regular, annual or semiannual inspections. Then you’ll never be hit with a bill like this because the repair won’t be that expensive.
Use these tips and unforeseen costs won’t devour your bank account.
