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Dealing With Unexpected Costs

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I am a planner but also a worrier. I like planning every detail in advance. So it comes as no surprise that every penny I have is accounted for. Since having my kids, I have become even more organised and more frugal. Life as a parent is very different to that of a single young child-free female living in Bristol. Before I had my kids and all the other responsibilities, there were so many things I could afford to buy without thinking twice, but all that has changed now. I am happy to say I am now a full-fledged responsible adult, with 2 toddlers, a mortgage and a business.

The truth about being a home owner means you have to deal with home improvements, emergencies and breakdowns. The bills never stop coming, and there is no agency or landlord to run to when appliances fall apart. That is where the responsibility comes in. When we have to deal with the shock of an unexpected cost, it literally throws me and our finances completely off-balance. A washing machine breaking down can drive any parent insane especially if your house is anything like mine. Our washing machine is always running. We always have piles and piles of clothes to wash. So washing every other day especially in the summer is quite normal in my house. So if the washing machine dares to break down, that would be classed as an emergency.

 

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But then what happens when you have no funds to cover the unexpected cost of a breakdown but can’t survive without the appliance? That is where Vivus comes in. This company provides short-term loans of Β£100 to Β£300, to cover the costs of what you need sorting, and you pay back once you get paid, from 10 to 41 days. The best part of Vivus is you can get a decision online usually within minutes. Which means you may be able to get your appliance breakdown issue sorted on the same day, which is brillant.

Recent survey carried out by Which has also confirmed that payday loans are actually cheaper than unarranged overdrafts. So as a worrying mum, I like to know this is available for when I do need it because you never know these days. Life happens unexpected and the show must go on.

Have you ever had to deal with an expected cost? How did you handle it? Please share your thoughts in the comment section below, lets talk.

Thanks for reading.

 

*This is a collaborative post.

 

 

 

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52 responses

  1. I try to be smart with my money and ensure I have some saved away for things like this, but it’s good to know that there companies out there that can help if you need it.

  2. It is good to hear there is a company that can help in need. Even if one puts money aside every month, it may not cover the emergency and one may not want to empty the account so such loan help is very welcome. Thanks for sharing.

  3. I guess I’m still a child-free female living in Sheffield, though I also care about money and always have some savings in case I have a “surprise” to cover. It’s really nice that you share your experience, it’s inpiring πŸ™‚ xx
    http://www.wha2wear.com

  4. That’s very interesting to know – especially the bit about the loan being cheaper than an unarranged overdraft. And yes, the washing machine breaking down prompts a total crisis in my house as well!! πŸ™‚

  5. It is always such a nightmare when you are faced with unexpected costs, I always say I save for things like this but I never do. I am really lucky that my dad always lends me money if I need it or fixes things / replaces them for me xx

  6. That happened to us once. We’ve just arrived from a long holiday in Scotland to come back to … a broken washing machine! Sigh. The good thing is, we have an emergency fund which we can use for emergencies like this one. It still is stressful though. x

  7. Whilst I’m in rented accommodation where everything is taken care for me, a friend of mine pays for all her shopping only with cash, saves up her (literal) pennies & every now & then goes to a Coinstar to change up and this is how she builds her nest egg.

  8. It’s great knowing that there’s a company for this type of thing, we have a “just in case” fund which has bailed us out in more ways than one. It’s always good having a back up plan. Just last month our fridge went on the blink and had to use the fund so back to saving!

  9. The only unexpected costs I’ve had to deal with are for mobile phones, when I’ve been stupid enough not to get insurance that is. It’s a great idea to be frugal and plan ahead wherever possible!

  10. We also try to put a bit away each month. Something always comes up though so it doesn’t usually stay their long term. I have never used a payday loan and dont ever intend too. My eldest has, has you said, it was because it was cheaper for him to borrow the money he needed over the weekend until he was paid when he was a uni student than go into an unauthorised overdraft. He only did it once.

    I am a bit anti payday loan companies as I know someone who got into trouble with them. They have an illness which makes them bad with money. We did manage to help them sort it. I know they have their place. The company they used did at least offer to block them using them again, which the person did. They haven’t done it since.

    I know the rules of these loans have been tightened up. It’s good to know some are O.K. Ill remember the name for the future as you have clearly looked at them properly

  11. This is such a way to deal with unexpected costs. It’s so frustrating when you feel like you have everything under control and something just comes up from nowhere. It can really start a domino effect. xx

  12. Oh my days, I would be trying to catch up for weeks if our washing machine broke down!
    I do try to put a bit a side for emergencies, but it is nice to know there are companies like this to help out if needed πŸ™‚

  13. I like to keep a credit card to one side to pay for unexpected costs. Theres up to 56 days interest free on credit cards, the interest rate APR is usually a lot lower than other short term borrowing options and its also safer to make purchases on a credit card than in cash or on a debit card so for me, its win win! xxx

  14. We have no interest credit cards that we don’t use, we literally just have incase of an emergency as well as trying to put some savings aside aswel x

  15. Ahhh, love-love-love your post!

    I remember those days well… Savor them while you can, because the kiddos will be grown before you know it!

    Something that helped me a bunch when my kids were young, was staying debt-free and planning for emergencies by squirreling away enough for “surprises”! (Finding something on the side to do when they’re asleep and keep that income apart from the monthly/regular income as “The Emergency Fund”. (I raised chickens and sold their eggs for my egg money stash. YMMV!)

    Also, check out Dave Ramsey and his methods for finances – most of it will seem familiar, if you are a Frugalista – and it’s always nice to have the validation of your existing methods – but he also might have a couple tricks you haven’t considered.

    Enjoy those babies!

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