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We all need to prepare for those unexpected bills. You know the ones; the car or boiler breaks down, a tooth falls out, and it always seems to happen when it’s the last thing you need.
Do you save for those events? Do you know how much you should save?
Here are four steps to show how you can budget and plan for unexpected costs:
- Identify your recent unexpected expenses. Make a list of common expenses that can crop up, like car insurance, vets bills, car repairs, boiler repairs, school trips, or optical and dental bills.
- Look at your calendar for the past year, along with bank and credit card statements, and see which ‘irregular expenses’ you paid by credit. Holidays?
- Total up the amounts, which are over and above your regular monthly expenses, and divide by the number of salary payments you have each year. For example, if your irregular and unexpected expenses totalled £2500 in the last year, divide by 12, if you are paid monthly. You should set this amount, £208, aside in a separate savings account so that you have the money when you need it.
- It might be hard to revise your monthly budget to set £200 aside each month to start with, so work up to that amount as you look for ways to decrease other expenses. Start by saving £50 each payday. Once you don’t miss the £50, increase it £100, and so on.