How to Cope with Unexpected Costs
Spending is something that we always seem to be doing. Spending on ourselves, our home, our cars, and just generally spending on the things we need in life. But what can we do about that? If money is flying out of your accounts quicker than it seems to be coming in then you need to re-evaluate. But what happens when you have to spend money on unexpected costs; things in life that don’t make you happy. There are many occasions where this will happen. We’re going to talk you through a few of them, so that you can deal with them in the right way!
Now this is something that’s going to seriously hurt, and it’s frustrating when you’re already going through a difficult time. First things first, make sure you spend time with loved ones. As for the cost side of things, if you visit websites such as heartofenglandfuneralcare.co.uk, you’ll find a company who is going to keep this unexpected cost down for you. They will also support you through the hard times! It’s all about who you chose to facilitate this sad time, because some businesses charge a fortune with little support, which is just terrible!
You could consider a funeral plan. The Money Saving expert claims that a basic funeral plan can cost around £3,000. Though what this covers will be fairly limited and just include the essentials, such as a simple coffin, possibly a procession, restricted times for visiting the body in a chapel of rest and little choice on funeral time or day. If you have the money to pay for a funeral plan now and you would live to take the pressure off your family when the time comes, this is an option you should do further research on!
Relationship breakdowns are hard for anyone. Things can start spiralling out of control, until you hit rock bottom. Even if it’s mutual, and you’re not completely cut up about it, you’re still going to have to deal with all of the headaches it will bring, and the biggest is the expense. If you have financial commitments there pay be legal fees for you to pay, but if you’re married, you will get a payout to cover it. Are you financially linked? To protect your credit score, you’ll need to make sure that you unlink all your accounts with your ex partner(s). But the most important thing you can do, is try and get through it as quickly and as sensibly as you possibly can. Don’t drag it out any longer than it needs to be!
Car Maintenance Costs
Cars aren’t cheap. From tax, MOT tests, insurance, fuel and recovery. Cars are one of the worst investments, as their value depletes so quickly. And if you’re living on a budget you really don’t need our car to cost you anymore than it does already! Here are some of the ways that you can reduce the cost of your car:
- Shop around for the best insurance deals
- Drive safely and efficiently
- Budget early for MOT costs
- Get a fuel efficient car
Where to find quick cash?
First things first, do you have savings or spare cash that you could use to pay off these unpleasant costs? If you don’t have savings or family that can help you navigate the costs, you could look at securing a cash loan. Often you will need good credit to qualify for quick personal loans. You can read my top tips on improving your credit score.
Why you need a Rainy Day Fund
A rainy day fund, otherwise known as an emergency fund, is a sum of money that can be used in the event of an unexpected situation. Situations such as paying for funeral costs, losing your job, or another big expense.
Most financial advisors would recommending saving around three months worth of money to cover the cost of your usual outgoings. If this is something you think you would struggle to achieve, take a look at these rainy day funding tips.