Protecting Your Family From Unexpected Costs

Keeping on top of your family’s finances is a difficult task as it is. Once you throw unexpected costs into the mix, you could find yourself in real trouble. There are any number of things that can catch you off guard and send your well-planned budget spiraling out of control. But if you are sensible with your money, and plan in advance, you can face these situations head on, and avoid getting yourself into financial trouble. These are some of the most common things that can add unexpected costs to your budget.

Budget by Tax Credits, on Flickr

Medical Bills

A trip to the hospital is always unwanted, but it can also leave you in financial trouble. Most people will have insurance, of course, but not everybody can afford it. Accidents can happen at any time, without warning. If you can’t afford insurance, you need to be aware that you might need a bit of spare cash put aside to cover unexpected medical bills. Even if you do have insurance, it might not cover you if you need expensive surgery.

It might not always be one of the human members of the family either. Vet bills can be just as expensive as your own treatments, and you don’t want to be in a position where you have to make difficult decisions about your beloved pet’s future.

If you do fall ill, you could end up taking a lot of time off work and missing out on valuable wages, so you need to prepare for this eventuality as well.

Damage to Your Home

Image result for burst pipe

There are countless ways that your home could be damaged and repairs can end up costing you a lot of money. A water pipe doesn’t have the courtesy to tell you before it decides to burst and flood the house. You could also be caught out by pests; Terminix representatives reported that pest problems can cause serious structural damage to the foundations of your house. This will be very expensive to repair, but if you leave it, it can make the house unsafe for your family.  

Car Troubles


If you’re running a busy family, then your car is probably vital. You’ll need it to get the kids to and from school, and yourself to work. If it breaks down, you can’t do without it. Whatever the cost, you have no choice to get it repaired. It is a good idea to service the car regularly, and take good care of it, so you can try to avoid any expensive breakdowns.

Have an Emergency Fund

Any of these problems can hit at any time, without warning. After it has happened, it will be too late, so you need to start planning now. While you have a bit of surplus money, start putting it away into an emergency fund. That way, you can pay for any unexpected costs without having to eat into your normal budget. Save a few thousand at least, to deal with any problems. After that, you can keep on adding to it, and any extra can be spent on luxuries like a well deserved holiday for the whole family.

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