Sometimes we all need to get something fixed that we are not expecting and it can cost a lot. Maybe the heating breaks down or there will be a water leak. I recently had a plumber's bill that I was not expecting and although I have paid it, it has left me short. How do you cope with large unexpected bills that crop up from time to time?
Borrowing for short-term purpose can help you deal with the unexpected bill without stress. I know some unexpected bills can be expensive than the amount in your savings account but borrowing extra is the solution here. After you have solved the first unexpected bill, you have enough experience to budget, plan and also look for extra sources of income to keep you financialy secured. This will help you to face any other unexpected bill in future without feeling your finances are less.
It is really hard to cope with these bills because all are really high. The only thing that I can do is to use less water and try to reuse or collect rainwater, not starting the heating unless it started snowing and the temperature will be very low, and I have installed led bulbs in all my house. All these actions reduced my bills with more than 70 dollars a month!
My sink has been dripping for almost a month now and of course that means an extra bill. I haven't had the money to get it fxed yet so now I am expecting a bigger bll. Right now I am tryin to safe up some money to get it fixed and pay it full for once and for all.
Few things can really drag you down then an unexpected bill, especially when it is a significant amount. I always try to plan but sometimes it can be hard to gauge, but hopefully it is not something completely unexpected like a forgotten loan or something - that might be a different story
@littlewitch66 You have a question which we all face whether or not we like it. We generally count these expenses as "must" and keep some amount for them in reserve. There is a long list of such expenses which no one can put them in a monthly list but then no one can avoid them. Like when the car tire suddenly needs a change and you have to change at least 2. Or an electric equipment, you mentioned plumber, a sudden sickness which was least expected. So it's wise to keep a certain amount in reserve account and do not use it for other purpose other than emergencies.
@kamai This what happened to me but it wasn't just a dripping tap it was a bath tap that ran enough to make our baths cold while we were taking them. You would think it would be a simple job but my partner could not unscrew the taps as they were on too tight so I had to get a plumber. £80 ($105) just to have it fixed although it was worth it to have a nice hot bath again.
I would recommend a store credit card for just home improvement (Sears Home Improvement Account- credit card)situations that come up around your house-so you can pay off that unexpected home repair problem over time and not be stuck with the whole amount at one time. It can only be used for things related to the home, which include large installed home improvement items. Things like heating and air conditioning,kitchen remodels,and vinyl siding as well are things you can use the card for.
I would suggest a service that provides all repairs (some provide it including damaged parts) on a fixed annual charges. Here is a list that covers these problems- dangerous electrical fault a burst water or an appliance or fixture (such as a tap) that is not working or broken and is causing a substantial waste of water a blocked or broken toilet a roof leak serious or ordinary a gas leak You can also add- flooding or fire damage, but that may cost a lot or covered by your house insurance plan.
Just yesterday, our bidet in the bathroom had a leak and it needed replacement. There’s a hardware near the gate of our village so I asked our housemaid to purchase a replacement. And since I had no cash, I had to turn to our coin jar. Fortunately, our coin jar is not exclusively for coins because we also toss in some money bills. It’s a good thing to have spare money that you can use for unexpected expense in the home.
This is why it is very important to always ensure we have a certain amount of money saved up to cover expenses. This will help ease up the pressure when it comes to unexpected bills. Also it helps if you can ask around from your friends and family to see who can assist with this issue before getting paid assistance.
Yes Linda, it happens to all of us at times! It could be something inside our homes or even a medical emergency. A couple of months ago, my husband dislocated his shoulder in a small accident and we had to go to the emergency room. He was attended to quite quickly and his shoulder joint manipulated and placed back in position, but the bill was a bit staggering plus the medicines so we had to dip into our savings! Cannot complain but pay up and carry on!
@littlewitch66 Always make a habit of saving for unplanned/unforseen scenario in your life. You may decide to save 5% of your monthly pay on such project. So therefore, any day these unexpected bills or expenses shows up, you definitely wouldn't feel anything because you have already saved up for such expenditure. This is exactly what I have doing for years, and believe me it has been quite helpful in making me not feel choked up with the need to provide more money for the unplanned project.
So far so good We have never had money crunch to take care of any unexpected jobs that crop up. We see that we have enough liquid to take care of contingencies.
We actually applied for a loan when there are unnecessary bills occur. But it's hard because loans will just pile up and another payment coming.
It's very important and not advisable to use loans in settling of an unexpected bills, it's definitely going just put you in practical debt as the means to use and generate such loan money to pay back is definitely going to prove stubborn. Loans are better invested and from the turn up of such investment, such loans can easily be paid back.
Whichever way ones goes about getting money to take care of unexpected bills is good as long as it's not a loan. You can decide to cut down on your expenses over the course of a month and use the money axed from such expenses to take care of the unexpected bills and expenditures they may crop up without any prior notice.
The 'unexpected' can be dealt with easily by making provisions for them ahead of time. Our regular budget can go awry due to sudden expensive bills so it's best to keep a separate fund for those events which can happen anytime. Many of them require immediate settlement in cash to pay for service or labor and a credit card may not be of much use. When too many of them happens at the same time, the fund could be depleted though. In such extreme cases, one will have to juggle funds, make realistic cuts on spending, or look for ways to make extra cash to cover the deficit.
If one invests sensibly money generates. If one needs to keep a vigil on finding out what investments pay and what are those that one should do away with as many instruments start playing less sometimes.
I can quote to you that it's not always a guarantee that when one invests sensibly that one makes a good turn. The truth of the matter is that most times, business and investment can be quite unpredictable so it's probably the reason why I don't look up to a business investment as a source of money to take care of unexpected bills.
