6 unexpected expenses you need to prepare for

By Lidia Staron

Special to the Financial Independence Hub

“Life is like a box of chocolates. You never know what you’re gonna get.”

Truer words were never spoken. We all know how life can be full of surprises: some of them happy while others can be a huge pain in the backside.

We’re talking about unexpected expenses here. Even when you’ve already set your budget,  you’re sticking with it, and you’ve got some savings set aside, you can still get knocked off your financial track due to a cost you never anticipated paying for. While you were patting yourself on the back for your financial savviness, life was preparing to throw you a curveball. To help you expect the unexpected and plan your savings accordingly, we’ve listed six of the most overlooked costs that are just waiting for you around the corner.

1.) Home repairs or replacements

It’s a fact of life that everything breaks down eventually, especially if it experiences everyday wear and tear. Your home won’t last forever, especially since you and your family are living inside it everyday. Anything that breaks down will need to be taken care of right away. Plumbing, electricity, a leaking roof, a flooded kitchen, a broken oven, termites …  all  these are things you never think of saving for when you plan your budget.

2.)  Health-related bills (Dental and vision care)

We all know you need to save up for those emergency room visits and prescriptions you may need to fill. But have you ever considered that you may suddenly need to pay your dentist or eye doctor a visit? If you’ve ever had a really bad toothache that turned out to be a root canal in your future, then you know this is something that needs to be placed in your “health budget” right away.

3.) Unpredictable auto repairs

Suddenly need new brakes, new tires, or both? What about a leak in your radiator or a huge dent in your bumper? There will be times when you will need to put out some cash for your car. The question is, do you have something in your budget for this?

4.) Job loss

We always think it’ll never happen to us. But look at the financial crisis of 2008, when so many people lost their jobs unexpectedly. Are you prepared to survive on no income? Do you have enough saved to get you and your family by until you can find another source of income?

5.)  Last-minute travel

We’re not talking about a last-minute decision to join your friends in Bali or Bahamas or even just Vegas for a weekend: though you should also have a budget for that. But we’re talking specifically of the unexpected times when you need to rush across the country to take care of a sick relative or a friend in need.

6.)  Parking and traffic tickets

While most of us probably think we are really good drivers, there are times when we aren’t. Then we get hit by a traffic ticket that can cost you a hundred dollars if not more (depending on your violation and the state or province you were caught in). What about parking? Admit it. We tend to park in places where we shouldn’t and we end up paying the cost for it. While it may not be as costly as a traffic ticket (at times), it will still eat away at your budget.

If you want to stay financially afloat, it’s really best to always have a stash of cash for these unhappy surprises. And if you can’t, go for the next best thing – an online cash advance. You can get quick access to cash to pay for your emergency expense with this short-term loan.

Lidia Staron has been working as a writer, editor and literary coach for 5 years. She contributes articles about the role of finance in the strategic-planning and decision-making processes.