Managing Your Money: How To Deal With Surprise Expenses

We’ve all tried to get better at budgeting and managing our expenses in the past, be it due to an apparent lack of money, or just realising you’re spending your paycheck way too quickly, the thought has probably passed through your head more than once.

Of course, just going around and planning how much you are not going to spend, and how much you will have saved at the end of the month, is just not enough sometimes.

Life is life, and it remains as unpredictable as it ever has been, throwing random expenses at you at the moment when you least expect it.

This rings true for just about any kind of person, doesn’t matter if you are a rich businessman, a banker with a sizeable savings account or a broke college student, you never really know just how much expenditure you will have coming your way on a day to day basis.

Despite that, you can do your very best to try and prepare for them, which is what we are going to talk about right now.

 

Mental preparation: Don’t panic

If something unexpected happens, and you have to suddenly dish out much more cash than you were prepared for, the worst thing you can do is panic.

Rather than thinking about how terrible your current situation is, you should think of feasible solutions to the problem at hand, and see how you could potentially handle it.

Of course, if you literally cannot think of a way out and find yourself low on money at the end of the day anyway, you can always resort to the “temporary fix” solution. Looking at some Quick Loans, or borrowing money from a friend and family member is a good way of keeping problems at bay while you still try to figure out what to do.

Sometimes, some things just cannot be rushed, and delaying events is the best course of action. No one likes being in debt, but when you actually consider your options and think about it, it is not that much of an issue.

With some thought out planning it could not only save you in a rough spot but be even better than the alternative.

 

Monetary Preparation

As aforementioned, saving for the sake of saving is not the easiest thing in the world. If you do not have an active goal which you want to reach, or an actual relevant and tangible incentive to why you want to save, then saving can feel like the most fruitless and unrewarding process in the world.

However, there is a fine line between being responsible with your spendings and trying to just spend as little money as possible. The former is a much more prefered method since it requires a smaller amount self-control and does not feel you leaving wholly burnt out by the time you get your next paycheck.

Not only that, it is also much more feasible in the long run and with some minor lifestyle adjustments not very hard to keep up for extended periods of time.

What are you doing to deal with unexpected expenses?   Share your thoughts and comments below.

Cheers!