We probably already have a little pot of money stashed away somewhere for when those unexpected payments and costs that creep up on us. It is certainly not a fun thing to think about but it is very responsible. If we have dependables that we take care of, it’s good to know we have a little bit of money waiting for that rainy day. Let’s take a look at what specific things you may need to save up for 2020 to ensure you’re not caught out in the times that matter. Make a list in a book or diary of the things that may go wrong, along with any relevant numbers for the help you’ll need. It could become like a bible to you when you need it the most.
Things Around The Home
Our homes are usually in good working order; however, things may go wrong with our systems or appliances and leave us having to fork out a huge bill. If you do not have insurance for specific things or warranties on products, you may find yourself having to pay out if they break down. The most common things to go wrong in the home are:
- Boiler breakdown – if your boiler breaks down, it can stop your hot water and central heating systems. They tend to break down in the depths of winter. It can cost quite a bit in repairs to have it fixed. Having back up systems, such as electric heaters, hot water bottles can help in the meantime.
- Fridge breakdown – if your fridge breaks down and it’s not under warranty, it can be hard to fix and may even need to be replaced. You could easily lose all your food and waste time and money. It’s important to have the funds to fix.
- Washer/Dryer problems – there are many simple things that can go wrong with washers. However, if you have children, you will find you probably use your washing machine more than the average person.
- Power cuts or outages – having no power in the home can be worrying and daunting, it can be costly to have things rewired.
- Shower/Water issues – if your shower or bath is leaking or not working, it may be simple, something as easy to fix as a washer. Although, it may not be something you can do yourself if you are not super handy around the house and you will be charged for time and labour.
- Car – keep a pot for anything that goes wrong with your car. You are probably insured but in case there are any other hidden costs, it’s good to be prepared for it.
Health Costs
If you are not covered by any private insurance, you may find that you are having to spend money on things to help you feel better. Some of these include:
- Musculoskeletal issues – we are all likely to develop some kind of muscular issue at some point with our body. Pain or irritation can cause restlessness, stress, lack of sleep and we may have to opt for taking ourselves to a chiropractor or specialist which can be costly.
- Dentistry -unexpected dental health issues may arise. It may be that you need a minor surgical procedure in your mouth and some work doing, or even some medication for an ulcer or infection. You would not want to suffer and it is not recommended to leave anything untoward in case it becomes worse.
- Therapy – therapy, mental or physical is not cheap but if there comes a time when you feel you need some additional help, with your anxiety, depression, chronic illness or any type of ailment, you may want to look at some type of therapy; to have someone to talk to and someone who can assist your problems.
- Eye tests – we often forget to take care of our eyes, especially if we do not already wear glasses. However, taking care of our eyes is so important if you want your vision to last a lifetime. Eye tests are not cheap and if you do need glasses, prescriptions can also be pricey. It is important to have a pot aside for your yearly eye checks. Although, make sure to check for vouchers or offers as you might be able to snag yourself a free eye test.
Lifestyle Costs
It may be important to be more than prepared for other situations in your life in the future, and start to save now. Although these payments aren’t unexpected, your future self will thank you for it. If you do not have a sustainable pension or life insurance, it may be something to look at. Here are some other lifestyle associated costs that you could begin making a little pot for:
- Pensions – you can pay into a private pension fund each month, to supplement any state pension you’ll receive or you could create your own account and save up month by month for the future. It’s responsible and sensible, especially if you have children.
- Life insurance – life insurance is important to take care of funeral costs and to pass on any sum of money to your surviving relatives. Many companies offer cheap plans which don’t have to break the bank but will really assist.
- Home insurance – this is an important thing to consider if you have a home and do not have insurance. Any type of theft, damage or destruction of your home can be taken care of with insurance.
This post is in collaboration.
