How to Avoid Unexpected Expenses

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How to Avoid Unexpected Expenses

Staff Writer · Sep 30, 2009

You can avoid unexpected expenses. With a little organization, you can learn how to save money to avoid the stress and difficulties unanticipated costs can bring.

Set up an Emergency Fund

Besides your regular savings, set aside a certain amount from your weekly pay for emergency use. You might think this is impossible, especially if you have pressing bills and other financial obligations. However, it can be realized if you are aware of what you’re spending and know where to pare down unnecessary costs.

Sell Any Excess Clothes or Clutter

Are there clothes you don’t wear or items in your apartment that are not practical or decorative? There may be a market for them, say, on eBay. De-clutter your place, and you can reap some small financial benefits.

Strategize

Focus on minimizing your debt and not on how you got saddled with it in the first place. Lower your credit card expenses through loan consoidation. This can help reduce the high interest rates associated with such cards. Don’t procrastinate, however. If you still haven’t consolidated your debt, make a habit of paying the minimum balance on each card monthly until which time you do. Make it a standard practice to pay something. Don’t give up and claim bankruptcy if you don’t have to. Learn to regularly pay your obligations, and you will be better focused on keeping a budget that stays within the guidelines of the salary you make.

Scrutinizing your investments is another way to strategize your spending habits as well. If you have any stocks, for example, in your portfolio that have proven to be losers more than winners, sell them and use the cash for your savings and emergency fund. Make your money work positively for you. Keeping stocks that are not performing well can be a bane to anyone’s portfolio. Better to cash them in and deposit at least part of the money in your emergency fund.

Take an objective look at where you spend the cash you make. Get rid of the expenses you can live without, such as impulse items and those snack items you gingerly buy out of the vending machine.

Reduce Gas Costs

With the high price fo gasoline, do yourself and the environment a favor and walk if driving isn’t necessitated. Reducing gas consumption can make an immeasurable impact on your total financial picture. It’s an excellent way to cut costs and be environmentally conscientious at the same time.

Maintain Your Vehicle

When you do drive your vehicle, make sure it receives regularly scheduled maintenance. This can help reduce major expenditures with regards to the engine, transmission and tires. Don’t purchase a car without a warranty either. This can save you a good deal of expense down the road (no pun intended).

Reduce Your Food Bill

Eat healthier, and you can substantially lower your food expense. Most items, such as fresh fruits, vegetables, grains and dairy products, are generally less expensive than processed foods, desserts and meats. Keep a healthy perspective with regards to eating, and your food budget will become more manageable.

Follow the above tips, and you’ll be rewarded when any unforeseen expense steps in your way.

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