How to prepare for unplanned expenses

Let’s face it, despite our best efforts, there are going to be times when you come up against some unplanned expenses. Now in an ideal world, these will happen when you have either an emergency fund pot or little savings from payday.

The reality is though, it is likely that it will happen when you have no spare cash to go on it. There is nothing worse than an emergency car repair or home repair a few days before payday.

Now I know if you had the chance to save your emergency pot and payday is a little while away, firstly, do not panic! I know that feeling well. The fear comes first then blind panic follows, whilst your mind searches for a solution. Take a step back from that and assess the situation. What you do not want to do is escalate your debt by making a snap decision.

When this has happened to us in the past we have had to make some tough decisions on how to get through this, for example, there was one incident when our car ended up going in for repair on something minor that resulted in something a lot bigger. Of course with a bigger problem came a bigger repair bill.

On this occasion, we took the decision to delay the repair on the car for a week to get the funds together for the repair. Of course, this may not be practical if you require your car to work, for us though we were able to get to work by walking. it was a bit of an inconvenience however it brought us a little break financially.

If you are facing a tough financial expense due to an unplanned expenses don’t panic. You could look at boosting your income, this post is a good post for inspiration. Depending on the time you have available, why not see the options that are out there. I have written previously about side hustles to boost your income, it is well worth a read.

How to prepare for unplanned expenses

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