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Planning for Unexpected Expenses

Planning for Unexpected Expenses

It is a fact of life that unplanned expenses will happen to all of us.

We can plan and budget all we like, but at some point, an unexpected expense will arise that will derail all our planning. So the best thing to do is acknowledge they will happen and plan the best we can.

General Tips

  • First, compile a list of irregular expenses. Sit down with your family and write down every irregular expense you can think of for the year. Think of things like items that might be getting old and might need replacing, and home repairs, and car maintenance. Anything that is not a monthly bill is an irregular expense. Write them down and estimate how much they will cost.
  • Then, start to save for your irregular expenses.  Adding up all the expenses you came up with and dividing by 12 will give you an amount that you will need to save each month.
  • Finally, start a dedicated savings account and set up an automatic transfer of the monthly amount of unexpected expenses you have.

 

Home Repairs and Maintenance

An unexpected home repair can be very expensive. In addition to the planning tips listed above, there are some other steps you can take to avoid unplanned repairs. When it comes to home maintenance, regular checkups can help you catch problems before they become emergencies.

Check for proper drainage around your house to prevent foundation problems and keep your trees trimmed to keep limbs from falling or scraping against the roof. Service your heating and cooling system annually to make sure it is in top running shape, and clean or change those air filters once a month.

 

Car Repairs

We all know how costly car repairs can be. You can avoid some problems by making sure your car is serviced regularly by someone you trust. If you do need a costly repair, get several quotes to make sure you get the best price and confirm the repairs are actually needed.

 

Medical Expenses

Monitor medical expenses closely. It is not unusual for health providers and insurance companies to make mistakes, so review your statements to avoid unnecessary additions to your bills. You should review your health insurance contract, your policy, and the complementary information provided. Make sure you are receiving all the services covered by your plan. If it is impossible to pay your medical bills (under the established terms), talk to your health provider, hospital or doctors about a payment plan.

 

By following these simple steps you can reduce the impact of unexpected expenses.  

If you need help getting started, please give us a call at the number below to schedule an appointment with one of our financial coaches. We are here to help.

Tips to Reduce Expenses 

 

Tiffani Jackson, CCCC, CSLC, CFE

Phone: (513) 868-9220
Toll-Free: (888) 597-2751