Preparing for Unexpected Costs

Running a home can be expensive, even if you’re good at budgeting. Sometimes, it’s the unexpected expenses that catch us off guard. Here are some ways to deal with these.

Appliance breakdowns
Our household appliances can be some of the costliest items we buy for the home, with washing machines, fridge-freezers, and dryers accounting for a big percentage of our appliance costs. We all rely on these items but never realize how much until they stop working. Buying a replacement is an unexpected expense most of us haven’t planned for. In winter, it’s no longer possible to dry clothes outside, so your dryer breaking down can make drying clothes difficult. Using a clothes horse to air clothes will take much longer, and can lead to dampness and mold in the house. There could be a simple fix, like a dryer heating element, for much less than it would cost to buy a new dryer.

Other household appliances may be cheaper to fix too, so it’s always worth looking at other solutions before buying a replacement.

Unexpected or higher than expected bills
Most of us are careful about leaving lights on, turning off computers and laptops when not in use, and monitoring our heating usage. Sometimes we still get unexpected bills, or our utility bills are much higher than we anticipated.
Most of these bills are higher in winter, so if you can, add a little to your budget the rest of the year to help save for higher bills in the winter.

Pet emergencies
Pets are often thought of as part of the family, so if anything happens to your pets, you’ll do whatever you can to help them. Often this includes expensive vet bills. All or most of these can be avoided by taking our pet insurance. We take out health insurance and life insurance for ourselves, so it makes sense to protect our pets too. Some plans will cover all the costs of your pet’s treatments, while others only cover most of them. This at least takes a lot of the financial pressure off you, as you’re less likely to feel the impact of paying monthly for pet insurance, compared to one lump sum for vet bills.

Car repairs
While car insurance will cover a lot if you’re the victim of an accident, repairs through general wear and tear can be difficult to plan for. Often we don’t realize there’s a problem until it stops the car from working as it should, or when getting an MOT. Just like preparing for unexpected household bills, you can try to save a little each month to help with future repairs.

Price increases
If prices are going up, but your pay rise isn’t matching this, it could be time to look at the things you buy and find alternatives. There might be cheaper brands you can try, or looking around second-hand shops could help you find what you’re looking for, in good condition but cheaper.
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Unexpected costs might fill you with dread. By preparing for them, they won’t be so daunting. Sometimes, items can be fixed instead of replaced, or by saving a little extra, you’ll be financially prepared to deal with them.