Can You Prevent Unexpected Expenses from Putting You in Debt?

On behalf of The Berger Firm June 15, 2019

When you are hit with an unexpected expense, you are probably not the only person in Kentucky trying to figure out how to cover the cost of whatever it is you now have to pay for. In fact, many Americans neglect to save money for such financial pressures and ultimately find themselves drowning in debt when they have to pay for something, they were not planning on paying for.

Fortunately, you have the opportunity to prevent unexpected expenses from hurting you financially by adequately planning and saving for your future. Each time you receive a paycheck, consider putting a portion of it into a savings account that can be drawn upon when needed. Additionally, you should refrain from impulsively spending money when you unexpectedly receive it. Examples include bonuses at work, commissions and monetary gifts from others. Rather, assess how the money would be most appropriately used, but consider saving some of it as well.

According to Money Crashers, some of the expensive bills that you could face that are considered to be unexpected may include such things as the following:

  • Unanticipated travel including transportation costs and lodging expenses.

  • Medical bills for both people in your family or pets that you own.

  • Car repairs that must be completed for your vehicle to remain reliable and functional.

Home repairs following a natural disaster or a malfunction of certain components can also be costly and should be accounted for when you are saving as well. The information in this article is intended for educational purposes only and should not be taken as legal advice.