Fuel and train travel costs are rising, so an unplanned trip could take a big chunk out of your finances. For example, you may need to travel at short notice to attend a funeral, for work, or to visit friends or family in an emergency. Things like holidays or weekends away are types of travel that you can plan for, but there are times when travel is unexpected. For example, replacing a new dishwasher can cost between £300 and £500. These appliances usually need to be replaced immediately, and appliances such as a new refrigerator, oven, or washing machine can be expensive. Then the panic sets in as these items are essential to our way of life. Our home appliances are used so often that we tend not to think about them breaking until it happens. If you save for this each month, you will have the money ready to pay your taxes when you need to. If you are a business owner or self-employed, you will need to pay taxes on your income in one lump sum. You may receive a fine if they are not filed on time or are incorrect. You will need to save money to pay taxes as and when they are due if taxes are owed. These costs could be ongoing, and you may need to pay for regular prescription medication.Īlthough the NHS offers free medical care to English residents, eye tests, dental care, prescriptions, and personal care are not free. You should budget for your unexpected medical bills as well as loss of income. You may also be unable to work during your recovery, so your income will be affected. If you are in an accident or diagnosed with an illness or medical issue, you may have to pay a medical bill. Budgeting for them is easy, but if you don’t know how to get started, it may help you to understand the types of unexpected expenses you may come across. Unexpected expenses are just that - unexpected. The more money you have saved, the less impact unexpected expenses will have on your life. They can be difficult to plan for because there are many variables, but that should motivate you to save. They can happen at any time, usually when you’re least expecting it. Paying for unexpected expenses can strain your budget and cause havoc with your finances. It’s a bill you were not expecting or a cost that occurs out of the blue. It’s any expense that you were not prepared for.
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