As I am writing this, my phone is on my desk, and it won’t power on anymore. I’ve gone through the 7 stages of grief, and now I’m at “acceptance/hope”. Since starting my monster Chronicle series a couple of years ago, I have learned two things. The first thing is; expect the unexpected. The second thing that I learn is; even when you expect the unexpected, you will get unpleasant surprises. My phone dying came at a bad timing but honestly, it was bound to happen. Today’s post is all about unexpected expenses and 2 ways to plan for them.
Unexpected Expenses + 2 Ways To Plan For Them
Have a “just in case” saving account
A couple of years ago I had an issue with my iPhone. It was HUGE; I even wrote a post about it here. As I was venting to my friend/mentor, he asked if I had a “just in case” saving the account. He told me to open a free (no fee) checking account with Tangerine (Formerly known as ING at the time). I already had an account but wasn’t using it. He said I should set up a pre-authorized payment for 10-20$ monthly to go into my account. I started this about two years ago. That savings account has been useful for times when I faced unexpected expenses.
Tip: Have the amount set to go automatically into your saving account. That way, you don’t have to remember to do it.
Have a backup plan
Let’s face it; we rely on our electronics a lot. For example, I use my phone for everything. My cell phone is our primary house phone. I also use it for my online banking and as an alarm clock. Not only that, but I use my phone a lot for blogging and taking pictures. It would have been nice to have an old phone that could have held me off for a couple of weeks. Sadly, I didn’t. Don’t be like me! Having a backup plan will ensure you are not scrambling all over the place and paying even more than you anticipate. Having a backup plan will allow you time to shop around.
In conclusion
My unexpected expense is my phone suddenly dying one me. I didn’t have a backup plan, but thankfully, I did have a “just in case” savings account. Sure, I would have rather spend that money on something else (like a DSLR camera* I’ve been drooling over for months!!), but knowing that I had that little bit of cash helped with my decision to get a new phone.
Life is all about the unexpected. Do what you can to plan for the things that you have some control over. I mentioned opening a savings account with Tangerine. Please note, I am not being compensated nor sponsored for this post. You can open a free account with them too. If you do, please use my orange key (17427338S1) so that I can get a referral credit. For a limited time, you can earn 50$ (regular referral bonus is 25$) check their website for details.
Tell me, what are some ways you can plan for the unexpected expenses in your life? I love to hear from you.
Subscribe to my blog for updates on my phone situation. You can also follow me on Instagram and Facebook.
Unexpected expenses are the worst! I just had to buy a new laptop this week so I know how you’re feeling. I guess that’s what they talk about when they talk about “saving for a rainy day.”
Nellwyn |
I have always found when I don’t have any savings, or a cushion thats when the unexpected expenses come in to play and things get messy. It’s so important to have a back up plan!
We for sure keep an emergency fund. Owing a home and 2 cars you have to!
It’s so important to have back up funds. When you don’t, that’s the time that everything goes crazy.
I try to keep money squirreled away all over the place so that I have something when I need it. It is a good idea to have some kind of a savings if you can.
Jeanette recently posted…Grilled Chicken Parmesan
We have a savings account and an emergency fund in place at all times. You absolutely never know what might happen at any given time.
Stacie @ Divine Lifestyle recently posted…Best Buy at 2016 Mom 2.0 Summit + Vegetable Spring Rolls Recipe @BestBuy @SamsungTweets #Mom2Summit #BestBuy
I like your advice! Unexpected expenses can really hit you hard at inconvenient times. You really have to teach yourself to save!
Love these tips!! It is amazing how much-unexpected expense can happen and so fast to!!
Vera Sweeney recently posted…What Can I Give The Man Who Wants Nothing? His Family Of Course! #MyShutterfly @Shutterfly
These are both two GREAT ways to always be prepared. Having a back up account is a great idea so long as you have the self control to not spend from it when you dont have to.
I think it’s so important to always have an emergency/saving fund. It’s so true that we never know what will happen!
These are great tips. You just never know when something could happen!
Amber Nelson recently posted…Tips For First Time Home Buyers
Unexpected expenses are awful. Thankfully I have learned lessons the hard way and now keep a savings account where I put money away every time a client pays me for work.
It is definitely hard when unexpected expenses pop up. And it can be hard to plan for them! Thanks for the advice!
Kelly Hutchinson recently posted…Hello Summer! $25 Target Gift Card Giveaway
I hate unexpected expenses. Iphones swimming in the ocean with the fish (ugh), potholes and flat tires, broken water heaters, trees falling on roofs, broken DSLR camera lenses, etc. I feel like a walking disaster sometimes. I think one month I went through over $3K in backup funds. Just keep laughing it off and moving on!
Yeap, you never know whats going to happen. I live abroad in Costa Rica and always have to have a nice side fund just in case I have to fly home for whatever reason. It’s good to always be prepared.
It seems that these expenses always happen at the worst time. These are great tips to help make sure you’re able to afford them, should they happen.
Kristen Dann recently posted…30 Minutes With Director James Bobin Chatting about Alice Through The Looking Glass
I need to plan better for the future and especially an emergency situation. I’d go the route of an emergency account at the bank.
Terri Beavers recently posted…Brushing Fun & Firefly Lights, Camera, Smiles sweepstakes #ad
Its so important to have a backup plan. My husband saves a lot and I admire him for that because I suck at it. I’m a huge spender.
I’ve started trying to build a “just in case” savings. I learned a very hard financial lesson when marriage ended and being put in a position of having nothing to my name is not a place I plan to be again.
What a nightmare to have your smartphone bail out on you, and what a blessing to be able to do something about it. Unexpected expenses can be a real killjoy and I’ve had my share of them. Somehow, I’ve had a lot of grace see me through them. I’m glad you are back on track. 🙂
Its always important to have an emergency fund for those unexpected expenses. We are working on building ours up right now.
Carrie recently posted…Boo Boo Balm
Always! My parents taught me the importance of this at a very early age!
My phone was on its death bed in December. Luckily, I was at a point where I could upgrade. I had an extra phone but it wasn’t accepting a Sim card so I was forced to upgrade.
Up Run For Life recently posted…7 Ways to Help Relieve Tailbone Pain #Bumtiful
You should always have savings for unexpected expenses. Learned that the hard way, but now, I’m ready for anything!
Caroline Barnes recently posted…How I got rid of dry skin with Ureadin by Intega
I can relate with you when I had a worst nightmare as my Laptop had a big issue years back. The idea of having a “just in case” saving account is really worthy & it is very important that we have a backup plan as we rely on our electronics a lot these days as you mentioned.
These are all so important. I cannot tell you how many times I have planned, saved and pinched for those just in case moments. You can really never bee too careful.
Having an emergency account is a smart idea. I have an account that rounds up all your purchases and the balance goes into a savings account. It adds up quickly.
Smetimes the back up plan needs a back up plan — and sometimes we need to just live in faith. 🙂
These are both great plans for unexpected expense. I do believe it is always so important to have a back up plan for everything. The saving account is a great idea for unexpected expenses. I love the idea of having it taken out automatically so you don’t have to worry about putting it in there. Thanks for the tips.
Groan, grumble…unexpected expenses. They can really be a source of great stress. These are great tips for combating the inevitable. 🙂
~Lorelai
Life With Lorelai
Thanks, Lorelai! It’s always best to be prepared!
It’s really important to have a back-up savings for unexpected things like in your case now. Because sometimes things happen in the least time you expect it so it’s better if at least you are financially prepared for it.
Keisha’s Mom – I Love Keisha recently posted…Maybelline Creamy Mattes Lipstick Review, Photos and Swatches
I love both of these solutions and couldn’t agree with you more! Nothing feels more like a modern tragedy than suddenly not having access to your mobile advice. Having emergency funds for situations like this will really help ease your anxiety, and you’ll be really glad you have that to fall back on in the event that something like this happens. Very wise! Thanks so much for sharing your advice!