On average, seven in ten UK households spend a total of £1,101 on unexpected costs. These annual costs can include anything from car trouble to broken household appliances.
Car-related costs are the most common culprit, with one in three drivers paying up to £1,341 every year for unforeseen expenses. When faced with these costs, many people quite simply don’t have the savings in place to pay for them.
Putting aside a small amount every month to cover emergencies is a good practice to get into but for those unable to do this, personal credit loans can certainly come in handy – especially when it comes to larger jobs such as replacing the brakes or fitting a new window.
Replacing a washing machine
Another common unforeseen cost is the replacement of a washing machine. As an appliance which is in regular use, it’s important that any repairs are completed as soon as possible. Unfortunately, finding the cash to fund such repairs is not always easy.
Broken boilers are another important appliance which often cost a great deal if they go wrong. In fact, one in five UK households suffered a broken boiler last year alone.
If you can, invest in insurance which covers household appliance covers to protect yourself. You may end up having to spend a great deal of money getting your boiler fixed at inconvenient times otherwise.
Vet bills are notoriously expensive and finding the money to cover them is a concern for many pet owners. No one knows what’s around the corner, which is why it’s important to have pet insurance in place – especially as animals have a tendency to fall ill or suffer an injury at the worst times.
Helping a family member
Whether it’s a son, a daughter, your brother or your sister, it’s not uncommon for family members to ask for financial help every once in a while. They may need funding towards a University course or help to cover their mortgage repayments.
Whatever the case, if you’re offering to help then you should make sure your own finances are in order first. Helping friends and family with money troubles is an admirable choice – but only if you can afford it yourself.