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Dealing with money and unexpected costs

With daily spendings, unexpected costs and monthly bills, money can often just take over...

Money is what makes the world go around, or at least that’s what we’re told. With the stresses of mortgage payments, bills, loans and unexpected costs, all while trying to keep money aside for hobbies and holidays, it’s easy to feel overwhelmed, dissatisfied and sometimes even disheartened, that it’s never quite enough.

No matter how hard you work, or how many hours you pull in at work, there will always be an unexpected cost that comes around, making it all appear very unprofitable.

Unfortunately, moments like this can often be unavoidable, however, they don’t always have to be filled with stress and annoyance.

Balancing your money each month can help towards any unknown costs, such as a needed car service, a boiler that needs to be replaced or something as small as a flat tyre. It will also help you to focus on the things you want to do, such as a trip away or seeing your favourite band.

Balancing your money can give money a purpose and allows to you have a new outlook on spending and saving.

An easy way to do this is to write down all your outgoings every single month, so you’re not surprised by the monthly cost. Then, work out what you have planned for that month… if there’s nothing in the diary, put money away and save it for a rainy day or that dream trip you’ve been thinking of. The amount has to be realistic, we’d all like to save most of our money, however, when the unexpected costs do pop up, it’s always good to have back up money for this.

Once you’ve put money aside for yourself, create another pot for the unexpected costs. This pot will save you stress and worry in the long run and although you may not find it worthwhile and meaningless while it’s sitting there… you will have a completely different outlook on it when it’s needed.

If you find yourself struggling to save anything, look into your outgoings properly, where is your money outside of the monthly costs going? Takeaways? Meals out? Even a habit such as smoking? Once you’ve found the source of this, calculate how much exactly you spend on these things a month. You will likely be stunned at the cost going towards these.

Everyone loves to indulge and so you should, you’ve earnt it, but removing costly outgoings such as these can help you to save more money, putting this away for greater things. Aim to cut down on these for a month and come back to see what you have saved. The reward will be worthwhile.

Second to this, look into an app that will do all the saving for you. There are lots of apps out there now that round up your money each time you spend, putting your savings straight into a pot. This is always a great way to save as you never realise you’re doing it! Or, even talk to your bank to see which saving accounts they have on offer.

Whatever you choose to cut down on or how much you decide to put away each month, the future of money and stability will be easier for you. With a small amount of organisation and time, you’ll be saving money in no time and making those unexpected costs, just that little bit less daunting.

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