Life is full of surprises, unfortunately, some of those may not be of the fun, exciting variety. And, while it’s hard to plan and prepare for the unexpected, always remember that life can change in an instant. In fact, big things like job loss, accidents, and death can destroy a family’s security in mere days or weeks. Though we can prepare for some of these things with insurance, there are other smaller things that can do some financial damage as well. That’s why I recommend considering these unexpected expenses to prepare for today.
Be Prepared Not Scared
I would never recommend walking around in fear that something bad is going to happen. That said, it’s wise to prepare for emergencies and unexpected “surprises”. When you have an unexpected expense blow a giant hole in your carefully planned budget, it can be a shock that is difficult to recover from. Even if you have insurance, it may not be sufficient. You may not have known that your health insurance wouldn’t cover you for an entire injury, so you wouldn’t have thought to check out www.GoMedigap.com.
Many unexpected expenses can also be avoided with a little pre-thought and prevention. Yes, look at all of your insurance plans and make sure that they are enough. Regular maintenance of all mechanical items you own is also smart and can save you thousands of dollars later on. This includes appliances, computers, and anything that would cost a lot to fix if it broke. Here are a few other ones to pay attention to…
Unexpected Expenses To Prepare For Today #1: Major Home Repairs
Home repairs can hit hard when you’re unprepared for them. And, again, though you should have insurance, will it cover all of your property? Do you have a substantial deductible? I recommend having an “emergency” fund for your home in case a natural disaster or other mechanical malfunctions happen. That way you won’t have to use full credit to get things back to normal. That said, there is nothing wrong if you have to establish a home equity line of credit to salvage your home. Do what you can to be prepared for anything.
Unexpected Expenses To Prepare For Today #2: A Sick or Injured Pet
Fortunately, there are ways to prepare for an ailing pet. To start, pet health and life insurance are available. Additionally, some veterinarians or pet hospitals offer monthly membership plans that include regular health checks and discounted care if needed. I once had a cat that severely broke his leg. The choice was to amputate or have an expensive surgery to repair it. Unfortunately, because we didn’t have insurance or a huge savings, we had to remove the leg. It was a tough choice that we did not want to make. So you can understand why it’s important to prepare for pet emergencies in advance.
Unexpected Expenses To Prepare For Today #3: Emergency Dental Care
Though emergency dental care isn’t something most people think about, it can be a horrible financial burden if you need it. Accidents happen and teeth break down. Most dental insurance that I’ve ever had only covers a part of most procedures, including emergency care. If you have children, this preparation is even more necessary. One of my kids had to have emergency dental care to repair a broken tooth after a bike accident years ago. We did not have dental insurance at the time either. Also, consider how things can get weaker and more prone to trouble as we age.
Unexpected Expenses To Prepare For Today #4: Last Minute Travel
What would you do if an out of town family member gets sick or dies and your bank account is running low? This situation can put a lot of strain on your financial situation. You want to be there but what can you do? The first thing I recommend is to have a plan for these things. Keep an emergency fund or credit card for travel and out of town expenses that you only use for this reason. Also, if you know a family member is sick and may need you, work out the details before things get bad. Maybe he or she can help you prepare financially.
Emergencies interrupt everyday life and can be devastating to your budget. However, if you plan accordingly you won’t blow your budget completely. You can be covered and have peace of mind in any situation if you simply plan ahead.