There’s a popular saying that goes, “Life is what happens while we are making other plans.” In simple terms, this tells us that disasters are unpredictable; they can stun us and destabilise us, especially when we are unprepared. When finances are involved, the unexpected is mostly not a good thing.
Unexpected expenses are bills you never saw coming. It could be an unexpected meagre “urgent 2K” request or an unpredictable and unplanned event that costs you financially. If there’s one thing that’s certain about unexpected expenses, it’s that they will mostly require financial remedy. It can be unsettling, but with the right preparation in place, you have nothing to worry about.
Some expenses are irregular but expected, while others are impossible to predict.
Here are some of the unexpected expenses and emergencies that occur in our daily lives.
Experiencing a car breakdown can be very upsetting, not only is it inconvenient; it also leads to unexpected expenses. If your car is your major form of transportaion, ensuring it’s always in top form is a priority.
We all know the situation of electricity in the country and how generators save the day. One thing about them is that they always break down at the most unfortunate times, usually at night. When they are faulty, not only is it inconvenient, but they will also cost money to repair.
Medical emergencies can happen at any time. Even the healthiest person can fall sick or get injured. If there’s one thing that’s synonymous with medical emergencies, it’s pain, stress, and bills(unexpected bills).
While there are inevitable household repairs and maintenance like changing a light bulb or fixing a burst pipe, it’s a fact that there are other home appliances that won’t last forever, and with everyday wear and tear, they will eventually break down. When this happens, its replacement or repairs can be expensive and usually come unexpectedly.
While you can save up and prepare for a vacation, you can’t when there’s an emergency journey to make. It could be an unexpected family meeting or emergency. When this happens, one thing is certain, it eats into your budget.
From the little discussed above, we have learnt that unexpected expenses are inevitable. They are bound to happen even though you plan and budget for them. While you may have planned for one, another pops up. The best we can do is reduce the impact by preparing for them. Here are other ways to deal with unexpected expenses.
When unexpected expenses show up, the first thing you can do is to re-evaluate your budget and cut back on unnecessary expenditures. This might require foregoing things you enjoy or want just to accommodate the unforeseen expense.
While the cost an unexpected expense incurs may exceed what you have built up with an emergency fund. Setting one up is still a good plan to reduce the impact of an unforeseen expense. If you don’t have an emergency fund, it’s never too late to start one to prepare for the future.
When facing unexpected expenses, seeking a no-interest loan is a great choice to overcome the period.
A no-interest loan saves you the stress and worry of having to repay a loan with interest. It gives you the respite of having to repay a loan while covering the interest on the loan. A no-interest loan can help you tackle an unexpected bill and give you control over your finances.