After Budgeting, How Do I Deal With Unexcepted Expenses?

AicecreaME

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Quote from: mk4 on January 22, 2023, 09:56:05 AM

It depends what the "unexpected expenses" are. If it's overspending on stuff, then you need to discipline yourself with your spending. On the other hand, if they're like unexpected medical bills and stuff, then there's nothing you can do but to try to increase your income.

As for being discouraged — if you don't budget, you're likely going to be in a far worse situation if you didn't budget.

I definitely agree.

Unexpected expenses that doesn't belong to the "needs" are not even a problem, because obviously if your money is already allotted to something, then you should not spend that over the things like when your friends asked you to go out with them to eat somewhere or to drink liquor to chill out. Adulting is a very tough job especially if your income is not enough to keep up with your expenses, either it is your needs or wants.

The only solution is to make a lifestyle that will fit in your income to avoid having a lot of debts or headache.

Gallar

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Suggest ways to deal with unexpected expenses?

Unexpected expenses in everyday life have always been a concern that is quite influential in society. Because everyone will definitely feel surprised when there is a need that suddenly approaches. Lucky if when the need comes, you still have a reserve fund, but what if when the need comes, you don't have money or a reserve fund. Certainly a feeling of panic will come over, and maybe the way out is to borrow money, and even then if someone lends it.

From my personal experience, to deal with unexpected or sudden expenses. In essence, we must be more self-aware of all aspects related to our lives. Like being aware of saving, being aware of income and expenses, being aware of bodily health, being aware of distinguishing wants and needs, and don't forget to be aware of the future. Because you need to remember, there are many kinds of unexpected expenses. Examples include illness, renovating a house that may be the result of a natural disaster, vehicle damage, and children's school fees, which may suddenly have payments that must be completed quickly.
So the point is to always be self-aware about each other's financial situation.

bayu7adi

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I always allocate a specific budget for unexpected expenses to avoid disrupting both my short-term and long-term financial plans. Every month, I set aside 10% of my total income for the upcoming month's unexpected expenses. The interesting thing about emergency funds is that there might not be any unexpected expenses for several months in a row, which happened to me once for six consecutive months. As a result, my emergency fund grew like savings.

However, the classification of unexpected expenses depends on each individual. From my perspective, expenses that fall under the category of unexpected expenses include accidents, illnesses, and job loss.

KiaKia

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By making more money? And also have an emergency savings account? The more money you make the easier it will be to solve any money-related problems, so work on making more money through extra side incomes, it's not about hard-working and having multiple jobs, we are humans and whatever we use our bodies for we will pay at a later time in life, just make sure you work smarter.

Sometimes, not all problems can be solved, you can't say because you have the money so you should solve the problem, there is a reason why men die faster than women, and this is one of them, worries every now and then is bad for the health of men, if the problem is not life threatening it is not important to solve the problem.

Lubang Bawah

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Theory will look very easy, we understand the economics and budgeting lessons well, but when we face a difficult situation then the plan is just theory, it's better to focus on continuing to increase income so that we can survive or increase wealth, don't be too strict in expenses especially many things that we are difficult to avoid or unexpected.

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Quote from: odunybiz on January 29, 2023, 06:46:48 PM

In one plans on basic needs, miscellaneous expenses should be included in it. So when making plans on how to spend ones daily income, one should include this as to meet up when unexpected issues come in.

Basic needs that are spent regularly every day, every week and even every month really need to be regulated and usually this is only regulated once. Because for the next time there is already data in the plan so it doesn't make someone too tired in managing the same thing every day. After all, when it comes to dealing with unexpected problems in life, usually everyone always makes safety in the form of daily or weekly or even monthly savings to be able to deal with these unexpected problems.

Quote from: Theones on January 30, 2023, 02:56:52 PM

I mostly turn deaf ear to all the expenses
And then when I have to do these expenses - I curse myself and cut all my other expenses.
Life is difficult and its hard to manage the finances when the budget is tight.

Actually life is not difficult, because what is difficult is to survive to stay alive. And if you very often ignore all the costs that you have to spend in your life, the reward for that will also be very appropriate because you will continue to feel difficulties in your life until you say life is difficult, even though not everyone agrees with the word -that word because in this world there are still more people who say life is comfortable as long as you know how to make money and how to spend it.

Negotiation

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As the goal of doing the best work in the budget will be there it should also be remembered that apart from the budget, some allocation should be kept for unused expenses, no one can say when there is a need. And this work will cost a lot beyond the plan so set aside a portion of the original budget for any unexpected expenses, which were not foreseen at the time of planning. Also depends on whether you are willing to spend on the whole job by setting aside a portion from the original budget, it is possible to deal with unused expenses.

ancafe

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Even if I take all of these steps, "unexpected expenses" still throw off my budget for me. I will keep track of all my spending and costs, create a budget, and begin adhering to it, but before you know it, a huge unforeseen expense will ruin everything, leaving me discouraged and not budgeting for a while. This usually occurs when I spend excessively in one category or another and realize that the budget isn't working, at which point I give up.

What kind of unforeseen costs do you mean? if it is related to unnecessary expenses and buying goods not for urgent needs, then everyone should avoid spending like this because there will be unnecessary waste, except for unexpected expenses related to health costs, children's schooling and other things that are more basic to buy. When we fail to make suggestions in financial planning, we will be faced with problems and it will be difficult for us to find solutions to get out of these problems.

Everyone must have discipline in spending/spending money that is not needed, we must have a pattern to balance income and expenses, because if we don't have a concept or pattern, no matter how much money we have it will not be enough. Being thrifty does not mean being stingy, but rather keeping your finances stable in the current uncertain economic conditions.

Latviand

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Quote from: mk4 on January 22, 2023, 09:56:05 AM

It depends what the "unexpected expenses" are. If it's overspending on stuff, then you need to discipline yourself with your spending. On the other hand, if they're like unexpected medical bills and stuff, then there's nothing you can do but to try to increase your income.

Aside from increasing your income stream, I think that it's in our best interest also that we have to be smart about how we save money, that unexpected expenses especially if it's a medical bill, an insurance might come handy but that's just me, instead of hsing piggy bank to save money, put it somewhere where it can grow, the least favorite which is a bank, some offer some sort of savings although it's pretty low rate, the favorite but the most risky is crypto obviously.

Aanuoluwatofunmi

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When making a budgeting plan, it is very important for us to always include a miscellaneous expenses incase of unforeseen circumstances, this can cover up for any urgent need arising and our main budget will not get affected, in addition also, we need to work on our income source which should at least be able to carter for our daily expenses or any emergency need arising, such as when we took from them, it will satisfy the need it's meant for and the source will not be affected as well.

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Pouring from the hollow to the empty. This is the old saying, and from that the aphorism was born "The Serbs have perfected pouring from the hollow to the empty, now everything is full."

There's no point in explaining how we deal with "unexpected expenses" because every unexpected situation can be more or less serious, and each of us is in a different financial/life situation... so it's silly to talk about something without knowing all the factors.
I guess most of us are in the "magical circle", it's hard to find a balance between income and expenses, saving is like a mission impossible with the growing prices around. When something unexpected happens, we don't have many choices, we need to reorganize at the given moment. Depending on the seriousness of the situation, sometimes we have to borrow money or sell something (if we have something to sell) in order to solve the problem that arose. Life can be really tricky and hard sometimes, seemingly without solutions... But whatever happens, we have to keep a cool head, think about the problem that has arisen and find solutions that are available to us.

smile1218

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For me after budgeting, I find it really really hard to deal with my unexpected expenses. Usually the unexpected expenses is related to our health. Honestly I am having hard time dealing with unexpected expenses because my salary is not sufficient to cover up those expenses. My salary is allotted to my family's daily needs and necessities. Me and my family are trying very hard to have a healthy lifestyle so that we would not face unexpected expenses. It is hard to get health insurance here in our country because it is too expensive and I cannot afford that.

Theones

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Quote from: odunybiz on January 29, 2023, 06:46:48 PM

Quote from: mk4 on January 22, 2023, 09:56:05 AM

It depends what the "unexpected expenses" are. If it's overspending on stuff, then you need to discipline yourself with your spending. On the other hand, if they're like unexpected medical bills and stuff, then there's nothing you can do but to try to increase your income.

As for being discouraged — if you don't budget, you're likely going to be in a far worse situation if you didn't budget.

In one plans on basic needs, miscellaneous expenses should be included in it. So when making plans on how to spend ones daily income, one should include this as to meet up when unexpected issues come in.

I mostly turn deaf ear to all the expenses
And then when I have to do these expenses - I curse myself and cut all my other expenses.
Life is difficult and its hard to manage the finances when the budget is tight.

odunybiz

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Quote from: mk4 on January 22, 2023, 09:56:05 AM

It depends what the "unexpected expenses" are. If it's overspending on stuff, then you need to discipline yourself with your spending. On the other hand, if they're like unexpected medical bills and stuff, then there's nothing you can do but to try to increase your income.

As for being discouraged — if you don't budget, you're likely going to be in a far worse situation if you didn't budget.

In one plans on basic needs, miscellaneous expenses should be included in it. So when making plans on how to spend ones daily income, one should include this as to meet up when unexpected issues come in.

BlockMinusOne

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To handle unexpected expenses, you can create an emergency fund, prioritize expenses, reassess the budget, and adjust spending habits. Consider automating savings for the emergency fund, and be flexible with your budget by reallocating funds to cover unexpected expenses.

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Quote from: 19Nov16 on January 27, 2023, 09:09:03 PM

Budgeting is an important thing to keep us going, especially since economic conditions are getting more difficult, for example due to the influence of a recession or unexpected things due to the pandemic that happened 2 years ago, I think after we make budgeting, the next step is to do what has been set, don't be too easy spending money especially for things that are not useful such as consumption, fashion, gadgets or other unimportant things.

Spending on non-essentials is not quite a priority this time but can't just sacrifice ourselves to experience being happy as well as having those things, just consider this as a reward. Because as long as we won't overspend all your earnings/savings and not all the time been doing, that is not a problem. Budgeting is not hard to comply with as long as we are also serious about doing this and we are clear about what we wanted to happen. And should be discussed with our family if ever we have one so they will also understand and no way they would complain us back.

19Nov16

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Budgeting is an important thing to keep us going, especially since economic conditions are getting more difficult, for example due to the influence of a recession or unexpected things due to the pandemic that happened 2 years ago, I think after we make budgeting, the next step is to do what has been set, don't be too easy spending money especially for things that are not useful such as consumption, fashion, gadgets or other unimportant things.

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Quote from: letteredhub on January 27, 2023, 05:50:09 PM

When making a budget we should always bear in mind that there will come unexpected expenses along the line, expenses we never budgeted for and that's why while planning your budget you also make space for miscellaneous as part of your budgeting. Miscellaneous as part of your budget plan helps you prepare against uncertainty or unplanned expenses so that your actual plan would not be distorted by unplanned expenses. Rather you'll have to push those unplanned expenses under the miscellaneous. It's much helpful that way

The advice you say is very true and I also agree with this statement because everyone really needs to budget for unexpected expenses as expenses so that their plans are not hampered when they see these unexpected expenses in order to support other expenses that have been foreseen. This means that putting a little money on small, unexpected costs has become very important in every job because often these things are taken for granted so that the work is not completed on time because it is hindered by an unplanned amount of money.

Mahanton

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Quote from: letteredhub on January 27, 2023, 05:50:09 PM

When making a budget we should always bear in mind that there will come unexpected expenses along the line, expenses we never budgeted for and that's why while planning your budget you also make space for miscellaneous as part of your budgeting. Miscellaneous as part of your budget plan helps you prepare against uncertainty or unplanned expenses so that your actual plan would not be distorted by unplanned expenses. Rather you'll have to push those unplanned expenses under the miscellaneous. It's much helpful that way

When we do talk about space then it would be particularly talks about having some savings on which this would really be that be the only thing that would really help us on facing up these kind of problems.Unexpected
things could really happen and this is why it is really that ideal that you should really make yourself that prepared or else you would be finding yourself on struggling on solving or facing in out.
We know that not all the times that we are fit and healthy, not all the time we are really that in safe in terms of our security, not all the time that accidents could really happen.
This is why preparations is really that very crucial into these kind of times.

letteredhub

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When making a budget we should always bear in mind that there will come unexpected expenses along the line, expenses we never budgeted for and that's why while planning your budget you also make space for miscellaneous as part of your budgeting. Miscellaneous as part of your budget plan helps you prepare against uncertainty or unplanned expenses so that your actual plan would not be distorted by unplanned expenses. Rather you'll have to push those unplanned expenses under the miscellaneous. It's much helpful that way

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Suggest ways to deal with unexpected expenses?

unexpected expenses must be in one of the parts of the budgeting every month. We don't know what will happen to us, so, we need to save some money for unexpected expenses although it is a small amount as we are able to have. This is important enough as the reason. However, many people forget or don't have any budget for these unexpected expenses, moreover, the one who lives with a limits salary will be difficult to save money for unexpected expenses.

Quote from: el kaka22 on January 27, 2023, 03:08:30 PM

It's really important to have savings on months where you do not have unexpected expenses, like you just did have one, and put that aside. I had about 1.5 years of my life during pandemic where everything went as good as could be hoped for, everything went perfectly well and it was great, then what happened?

Yes, that is. Although in certain moments, we may not have any unexpected expenses, who knows in the next month. That is why we need money for those unexpected expenses that may happen in unexpected times and conditions. Because we live here, will never know what will happen again.

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AFAIK, when studying any project as a complete study, and in the part of the financial study that must determine the total cost of the project, which is supposed to cover all project costs, there is an important element in the study called "working capital". This part means that part of the budget will be in the form of liquidity to pay for unexpected expenses. Of course, there is a mathematical equation to calculate this ratio.

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It's really important to have savings on months where you do not have unexpected expenses, like you just did have one, and put that aside. I had about 1.5 years of my life during pandemic where everything went as good as could be hoped for, everything went perfectly well and it was great, then what happened?

Many things went wrong in my life and I got into HUGE debt during late stages of 2021, during September/October of that year. Since those days I have been paying that debt, literally couldn't save a single dollar most of the months, found some extra income somewhere couple of times but it was rare, and this month was the last month I paid my debt in full and now I am done.

Pejoh Asu

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Financial theory is very easy to learn but very difficult to do the theory, many conditions affect it and I have tried to do budgeting and exercise very strict control on expenses, but I am very tormented and there are unexpected things that make me have to get out of the budget, the most important thing right now is to continue to add sources of income so you don't bother with expenses.

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Quote from: milewilda on January 25, 2023, 04:38:50 PM

Quote from: Furious 7 on January 25, 2023, 04:12:29 PM

But sometimes conditions like this are a little difficult to do, especially when looking at human nature, which is sometimes rare to see all possibilities.
It would be great indeed if we thought about conditions like that but the problem is that not a few people will even forget, especially when they are above and in good economic conditions we seem to forget about possibilities like we will get waves or conditions where we are below.

This is true because if you are on the condition on which you dont able to experience and witness out some economic hardships which people do really tend up on being that confident and forget out things
which are really that needed to be done on making yourself that able to save into various situations if ever it would happen.You would only soon realize that you had just missed out on the time that
you would really be experiencing these problems. It is true that people would really just tend to regret if they are on the actual situation and really that able to forget it out.
Expect the unexpected expenses because it is really that part of life on such condition, this is why we should really be that prepared.

True, when we are above it is clear that we can forget everything and that is not nonsense or mere boasting because basically almost everyone has done something like that it seems and I am also included.
Self-awareness and having felt where we are below can make us aware of things like this because it is not easy to be aware of this kind of thing if indeed we have never felt or really evaluated the behavior we did before.

Quote from: Wong Gendheng on January 26, 2023, 08:51:48 AM

Quote from: Furious 7 on January 24, 2023, 03:13:47 PM

I think it depends on us and what unforeseen needs really require us to spend money because indeed when this condition was before we were unemployed it was clear that we meant having a job and of course people who manage their finances well clearly know they have to put some of their money for needs which was unexpected.
Conditions like this must exist so that we are not overwhelmed when we have unexpected and urgent needs so that we are still financially secure.

At present the human needs are more complicated and the many basic needs make routine expenses continue to grow, if we already have a family, of course, more unexpected expenses, and the instant things we usually do are by owing or selling assets, from now on we must be normal for investment so that it can cover unexpected expenses.

I think this depends on how we take our attitude because when we talk about family, if we are born as boys then we are indeed responsible for the consequences.
We have a family because we already understand the consequences and of course we have to be aware that the burden will increase compared to living alone.
But as long as it's lived well and our thinking is changed that family is not a heavy burden, I think this can still be handled well and of course with good financial management it will be fine.

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Are you married with kids, or are you single and living with your siblings or on your own?
I remember when I was living alone, I spent exactly my budget; sometimes I even spent less than my budget, unless some serious unexpected needs arose, which doesn't always occur too frequently, but since my little sister started staying with me and my girlfriend, who often comes around, I now spend off my budget, which is nothing strange. But if one is spending off budget, there's a need to increase your income or identify the particular thing that is making you spend more than your budget, determine if it is what it is or not, and take your decision.
But most times, no matter the level of income you may be getting, spending outside of your budget is usually something that occurs but can be managed. When saving, save more than the budget. Try to note the situations that cause you to spend more.

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Quote from: Wong Gendheng on January 26, 2023, 08:51:48 AM

Quote from: Furious 7 on January 24, 2023, 03:13:47 PM

I think it depends on us and what unforeseen needs really require us to spend money because indeed when this condition was before we were unemployed it was clear that we meant having a job and of course people who manage their finances well clearly know they have to put some of their money for needs which was unexpected.
Conditions like this must exist so that we are not overwhelmed when we have unexpected and urgent needs so that we are still financially secure.

At present the human needs are more complicated and the many basic needs make routine expenses continue to grow, if we already have a family, of course, more unexpected expenses, and the instant things we usually do are by owing or selling assets, from now on we must be normal for investment so that it can cover unexpected expenses.

Expenses will be very different when we are still living alone and when we have a family. Of course the difference will be more complicated and we have to be good at managing all expenses. But what I see from some of my friends, expenses when they are still single and have a family are still the same and even those who are already married are smarter in managing their finances.
The question is why is that so, even if we think that after marriage we need to divide it not only for one person, but for 2 people (even more if you already have children). The answer is in ourselves. Sometimes when we are still alone we will be free and buy anything even though it is not really needed, but after we have a family we will think again before spending money, because there are more important things that must be prioritized.

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Quote from: Furious 7 on January 24, 2023, 03:13:47 PM

I think it depends on us and what unforeseen needs really require us to spend money because indeed when this condition was before we were unemployed it was clear that we meant having a job and of course people who manage their finances well clearly know they have to put some of their money for needs which was unexpected.
Conditions like this must exist so that we are not overwhelmed when we have unexpected and urgent needs so that we are still financially secure.

At present the human needs are more complicated and the many basic needs make routine expenses continue to grow, if we already have a family, of course, more unexpected expenses, and the instant things we usually do are by owing or selling assets, from now on we must be normal for investment so that it can cover unexpected expenses.

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Quote from: Rengga Jati on January 24, 2023, 05:15:21 PM

Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Even if I take all of these steps, "unexpected expenses" still throw off my budget for me. I will keep track of all my spending and costs, create a budget, and begin adhering to it, but before you know it, a huge unforeseen expense will ruin everything, leaving me discouraged and not budgeting for a while. This usually occurs when I spend excessively in one category or another and realize that the budget isn't working, at which point I give up.

Unexpected expenses are indeed something that cannot be avoided and the expenses are completely unexpected, both in terms of what is needed, when, where, and how much money is needed for these unexpected expenses.
therefore, it would be better if we included an unexpected budget every month in our financial budgeting, and kept that amount of money. Remember, because this is a fund for unexpected needs, let the money continue to be available every month and increase, don't use it for daily needs or needs that are not really necessary. So the money is really used for very urgent interests at unexpected times. So that if at any time we need it we can use it, even if the money we need is more than the amount of our unexpected savings, at least we can use that money for additional funds and can lighten it. This is not guaranteed, but at least it can help us overcome a few unexpected needs that are really urgent.

Save your spare and control your expenses each time you earn your salary. By doing this, you'll be able to save some
in case that unexpected expenses take place, you have something to use.

We all know that it isn't easy to budget your money, especially at a time like this, but we always need to think about
the possibility that may happen.

With some save money, unexpected expenses can be covered or you might have something to use.

milewilda

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Quote from: Furious 7 on January 25, 2023, 04:12:29 PM

Quote from: Fatunad on January 24, 2023, 03:26:48 PM

Quote from: Furious 7 on January 24, 2023, 03:13:47 PM

I think it depends on us and what unforeseen needs really require us to spend money because indeed when this condition was before we were unemployed it was clear that we meant having a job and of course people who manage their finances well clearly know they have to put some of their money for needs which was unexpected.
Conditions like this must exist so that we are not overwhelmed when we have unexpected and urgent needs so that we are still financially secure.

You should really make yourself come prepared for whatever situations or circumstances that you might be able to face on because if not then you would really be having a tough time on facing it out
because you would fell short for this one and this isnt something that you could really be able to avoid specially if you dont really have savings at all due to some normal circumstances.
This is why its always been suggestible for you to save up even a small part of your money for emergency purpose because we dont know on what are the things that
lies ahead on which you couldnt be able to know on when you would be needing money the most.

But sometimes conditions like this are a little difficult to do, especially when looking at human nature, which is sometimes rare to see all possibilities.
It would be great indeed if we thought about conditions like that but the problem is that not a few people will even forget, especially when they are above and in good economic conditions we seem to forget about possibilities like we will get waves or conditions where we are below.

This is true because if you are on the condition on which you dont able to experience and witness out some economic hardships which people do really tend up on being that confident and forget out things
which are really that needed to be done on making yourself that able to save into various situations if ever it would happen.You would only soon realize that you had just missed out on the time that
you would really be experiencing these problems. It is true that people would really just tend to regret if they are on the actual situation and really that able to forget it out.
Expect the unexpected expenses because it is really that part of life on such condition, this is why we should really be that prepared.

Furious 7

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Quote from: Fatunad on January 24, 2023, 03:26:48 PM

Quote from: Furious 7 on January 24, 2023, 03:13:47 PM

I think it depends on us and what unforeseen needs really require us to spend money because indeed when this condition was before we were unemployed it was clear that we meant having a job and of course people who manage their finances well clearly know they have to put some of their money for needs which was unexpected.
Conditions like this must exist so that we are not overwhelmed when we have unexpected and urgent needs so that we are still financially secure.

You should really make yourself come prepared for whatever situations or circumstances that you might be able to face on because if not then you would really be having a tough time on facing it out
because you would fell short for this one and this isnt something that you could really be able to avoid specially if you dont really have savings at all due to some normal circumstances.
This is why its always been suggestible for you to save up even a small part of your money for emergency purpose because we dont know on what are the things that
lies ahead on which you couldnt be able to know on when you would be needing money the most.

But sometimes conditions like this are a little difficult to do, especially when looking at human nature, which is sometimes rare to see all possibilities.
It would be great indeed if we thought about conditions like that but the problem is that not a few people will even forget, especially when they are above and in good economic conditions we seem to forget about possibilities like we will get waves or conditions where we are below.

Smartvirus

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Even if I take all of these steps, "unexpected expenses" still throw off my budget for me. I will keep track of all my spending and costs, create a budget, and begin adhering to it, but before you know it, a huge unforeseen expense will ruin everything, leaving me discouraged and not budgeting for a while. This usually occurs when I spend excessively in one category or another and realize that the budget isn't working, at which point I give up.

There is always bound to be unforseen expenses in course of going about your expenditure and even in the event of having a budget deficit, you could still find them there. Not because you aren't good in following the plan but also, you can't completely analyse and budget for all your activities within a period and the price changes that might occur on budgeted items within a time frame.

Good thing is, budget doesn't end at looking into what you spend but, it sort of builds a circumference about you not over spending. Though you might spend above your budget, your still going to be about a familiar range that won't have to lead you into bankruptcy or outrageous spending. It sort of keeps watch on how you allocate and use funds.

Be it as it may, you've got scale of preference to list your priorities if need be.

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Quote from: Fivestar4everMVP on January 24, 2023, 03:45:53 AM

I as a man with a wife and two daughters, can indeed relate to what OP is talking about, like for example, I wrote my resolution for this year 2023 which also include things I plan to achieve this year and when I plan to begin each, this is a plan I draw based on how much I earn over all monthly, but even up until now, I discovered i have not started working towards achieving what I have written in my resolution, and January is almost coming to an end.
miscellaneous and unexpected expenses have not allowed me focus on my goals for the year, this is indeed very frustrating, and at times, it makes me want to just throw the resolution away as i see no need for it.
This is a topic that is indeed worthy of discussion and i really wish there was a long lasting solution to this problem.

You know it’s hard to achieve your resolution when you are not even starting to do it. Although unexpected expenses will always be unexpected, that’s why you have to prepare for it like having your own emergency funds that will cover all of your sudden expenses that are out of your budget. That way, you’ll have less trouble achieving your resolution if you think that is really valuable for you.

Rengga Jati

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Even if I take all of these steps, "unexpected expenses" still throw off my budget for me. I will keep track of all my spending and costs, create a budget, and begin adhering to it, but before you know it, a huge unforeseen expense will ruin everything, leaving me discouraged and not budgeting for a while. This usually occurs when I spend excessively in one category or another and realize that the budget isn't working, at which point I give up.

Unexpected expenses are indeed something that cannot be avoided and the expenses are completely unexpected, both in terms of what is needed, when, where, and how much money is needed for these unexpected expenses.
therefore, it would be better if we included an unexpected budget every month in our financial budgeting, and kept that amount of money. Remember, because this is a fund for unexpected needs, let the money continue to be available every month and increase, don't use it for daily needs or needs that are not really necessary. So the money is really used for very urgent interests at unexpected times. So that if at any time we need it we can use it, even if the money we need is more than the amount of our unexpected savings, at least we can use that money for additional funds and can lighten it. This is not guaranteed, but at least it can help us overcome a few unexpected needs that are really urgent.

Finestream

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Quote from: blockman on January 23, 2023, 07:53:26 AM

Quote from: adaseb on January 22, 2023, 11:59:50 PM

These days it’s tough. Many are careful with their money but if there is something unexpected then they will most likely use a credit card to buy it. The issue is that the credit card interest is usually 20% if not paid off.

That's why those people that owns a credit card have to be responsible. Everyone who's used to shop with their CCs are aware of the possible drawback if not used properly.
I agree that these days are tough and even with your best way of budgeting, still, there are some difficulties on how tight budgeting is when sudden expenses came even how hard we try.
We're going to be out of the budget and pulling some money from our savings and pocket when necessary.

Well, everyone should be responsible enough when it comes to handling our finances. Not only for our debit cards, but even credit cards as well. There should be a plan for everything so that it won’t turn to be abusive in our part. And that’s when tight budgeting also becomes very important. We can’t be good in budgeting if we never anticipate all expenses, even those unexpected ones. Although there would be lapses still possible, but at least it can be controlled no matter how unexpected they may be.

Russlenat

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Quote from: mk4 on January 22, 2023, 09:56:05 AM

It depends what the "unexpected expenses" are. If it's overspending on stuff, then you need to discipline yourself with your spending. On the other hand, if they're like unexpected medical bills and stuff, then there's nothing you can do but to try to increase your income.

As for being discouraged — if you don't budget, you're likely going to be in a far worse situation if you didn't budget.

If you can’t increase your income, then it’s safer to just include those unexpected expenses in your budgeting. That is why we also need to save not just for savings alone, but also reserve funds too for emergency cases and unexpected problems that may arise. At least, we can always be prepared in everything that may happen out from our sight.

Fortify

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

The following actions are basic steps in budgeting:
- Track your expenses and income for one month
- Create the categories that fit your life
- Set some short-term and long-term financial goals
- Cut certain areas to make those financial goals possible
- Adjust your budget according overtime.

Even if I take all of these steps, "unexpected expenses" still throw off my budget for me. I will keep track of all my spending and costs, create a budget, and begin adhering to it, but before you know it, a huge unforeseen expense will ruin everything, leaving me discouraged and not budgeting for a while. This usually occurs when I spend excessively in one category or another and realize that the budget isn't working, at which point I give up.

Suggest ways to deal with unexpected expenses?

If you're not running an emergency fund alongside your budgeting (which is a great skill that many people do not use properly) then you are probably not doing it correctly. It's recommended to have at least 3-6 months worth of salary stored in an easily accessible location, although this is often impractical it is getting easier with interest rates going up. This can be used to buy important things like unexpected house repairs and should be replenished via your budgeting as soon as possible. Once it is "full" then you can start pushing money to other savings or investments. It can give a great peace of mind but generally the younger you are the less likely you are to need so many months worth of cash doing little.

Cryptomultiplier

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These days, budgeting is better left open and restricted to needs first before wants, numbered in a subcategory.
What I mean is this, budgeting changes once one has a family to look out for. No matter how much one earns, miscellaneous/unexpected expenses take more, if one isn't careful and watchful enough.
One way to deal with this is to have extra source(s) of income, which should be for the purpose of any unseen expenses. Also, it would be helpful to sometimes overspend on a particular need and ignore it in the next budget. It is also wise to delay spending, when the need can be managed. I e., Live creatively.
If one has loan facilities or is credit worthy, that would be and should be more directed at unexpected expenses, so that the budget is not overstretched.

Fatunad

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Quote from: Furious 7 on January 24, 2023, 03:13:47 PM

I think it depends on us and what unforeseen needs really require us to spend money because indeed when this condition was before we were unemployed it was clear that we meant having a job and of course people who manage their finances well clearly know they have to put some of their money for needs which was unexpected.
Conditions like this must exist so that we are not overwhelmed when we have unexpected and urgent needs so that we are still financially secure.

You should really make yourself come prepared for whatever situations or circumstances that you might be able to face on because if not then you would really be having a tough time on facing it out
because you would fell short for this one and this isnt something that you could really be able to avoid specially if you dont really have savings at all due to some normal circumstances.
This is why its always been suggestible for you to save up even a small part of your money for emergency purpose because we dont know on what are the things that
lies ahead on which you couldnt be able to know on when you would be needing money the most.

Furious 7

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I think it depends on us and what unforeseen needs really require us to spend money because indeed when this condition was before we were unemployed it was clear that we meant having a job and of course people who manage their finances well clearly know they have to put some of their money for needs which was unexpected.
Conditions like this must exist so that we are not overwhelmed when we have unexpected and urgent needs so that we are still financially secure.

RockBell

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Goals are also very important, but when it comes to anything financial, it takes discipline to be able to deal with the money budgeted for. There is a saying that goes, "If you don't plan, you are planning to fail, and from what you said about tracking your transaction is very important because most people can not even account for the money spent in a day which is not good at all.

Crypt0Gore

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I just leave around some extra money for unexpected expenses, this has nothing to do with food, medical and gas fee for transport and other expenses, that's why I call it an emergency fund, in fact I open a separate bank account for this, I believe this is an almost perfect plan for anyone that has a family 👪 to take care of, you can never know what a medical emergency will pop up, we are human and we often get sick too.

Getmon

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It would appear that your unforeseen expenses are becoming usual. Perhaps it is truly normal, particularly for us family men. Therefore, we ought to treat that unexpected expense as anticipated. The best we can do is trim some of our budget spending on things not called necessities. We can also find another way to make more money depending on what opportunities there are in your area. Additionally, we can avoid having another child if we cannot afford the financial security necessary for our present family.

autumnleaf

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I believe that when you are creating a budget, you should be prepared for the unexpected. For this reason, whenever you make a plan, always keep money aside for unforeseen costs such as medical expenditures, unanticipated bills that must be paid, events, etc.

Fivestar4everMVP

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I as a man with a wife and two daughters, can indeed relate to what OP is talking about, like for example, I wrote my resolution for this year 2023 which also include things I plan to achieve this year and when I plan to begin each, this is a plan I draw based on how much I earn over all monthly, but even up until now, I discovered i have not started working towards achieving what I have written in my resolution, and January is almost coming to an end.
miscellaneous and unexpected expenses have not allowed me focus on my goals for the year, this is indeed very frustrating, and at times, it makes me want to just throw the resolution away as i see no need for it.
This is a topic that is indeed worthy of discussion and i really wish there was a long lasting solution to this problem.

Obari

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This situations are very common for an an unexpected condition to just cut in despite all the plans and budget one might have and most times it seems so impossible to make budgets with tis things happening especially when it's often.
Just as it seems, you also have to make budgets for the unexpected expenses as well and in some cases try to give it some reasonable budgets so if it doesn't happen at the end of period, one would also country that to his or her advantage.
Make budget is one thing and implementing this budgets is another thing altogether.

RealMalatesta

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Even if I take all of these steps, "unexpected expenses" still throw off my budget for me. I will keep track of all my spending and costs, create a budget, and begin adhering to it, but before you know it, a huge unforeseen expense will ruin everything, leaving me discouraged and not budgeting for a while. This usually occurs when I spend excessively in one category or another and realize that the budget isn't working, at which point I give up.

Suggest ways to deal with unexpected expenses?

This is basically why I invest into bitcoin on good days, so I could cash it out on bad days. I had this before, I saved a lot of money on bitcoin before, and it was in profit and I had some unexpected and unwanted expenses to be paid and I ended up cashing out my bitcoin and had nothing left but had zero debts after that as well.

This happened as recently as September as well, I had to cash out on a bad time on bitcoin and yet cashed out all I got and bought something I do for my work and now I am working a lot easier. It has not improved the amount of work I do unfortunately because I have life stuff that stops me working 12 hours a day, but it surely made my life a lot better, because I have this now.

ChiBitCTy

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This is the type of topic that comes up a good bit with my clients. Many financial advisors, or just a general consensus in the past is to have at least 3 months of monthly expenses saved up at all time. I think it's best to try and do 4 or 5 (if you can). The last thing you want to have to do is borrow from your retirement plan, but this could be a solid option for those who are really in need of some quick money.

AmoreJaz

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Quote from: Alpha Marine on January 23, 2023, 05:24:23 PM

While setting up your budget have a category you can title "other". This is set aside for future expenditures that you do not plan for. I am assuming you're not overspending because if the "unexpected expenses" you're talking about is just you overspending then what you need is discipline as @MK4 has said. Without discipline you can't even follow your budget, so you need a lot of discipline if that is the issue. If discipline is not an issue and the unexpected expenses mean things coming up that you did not plan for and you need to solve then keep a category for them. Use the money from that for any unexpected expenses and emergencies.

that's what i am thinking about here. if you think you always have unexpected expenses at the end of the month, then save or allot also for other expenses. at least, you have something to pull out from in case you need it. and after several months, you will have idea how much is you average expenditure for unexpected expenses. also, assess those unexpected expenses, is it really necessary or you just want to spend on those things?

milewilda

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Suggest ways to deal with unexpected expenses?

This is where savings would save you up and this is why its really that relevant for you to save up even a little portion of your income for the sake of these kind of circumstances because
if you dont really make some savings then for sure on the time these kind of unexpected expenses or emergencies then you would really be ending up on taking up some loan or debt into someone because
you dont have money to be spent off specially if its that necessary, but if you arent really that minding that much on that particular expense then its still an option for you
whether you would really be that trying out to deal with it or simple skip out.

Alpha Marine

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While setting up your budget have a category you can title "other". This is set aside for future expenditures that you do not plan for. I am assuming you're not overspending because if the "unexpected expenses" you're talking about is just you overspending then what you need is discipline as @MK4 has said. Without discipline you can't even follow your budget, so you need a lot of discipline if that is the issue. If discipline is not an issue and the unexpected expenses mean things coming up that you did not plan for and you need to solve then keep a category for them. Use the money from that for any unexpected expenses and emergencies.

carlisle1

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Quote from: Flexystar on January 23, 2023, 01:35:13 PM

Talk about the unwanted expenses with the person who just got his first job and is on the way to settle with married life or may be their new business etc. The budget gets collapsed all the time. There might be unwanted expenses from someone’s perspective but it be very important in view of the budget setter. Many things really but in a family you have to take that extra burden all the time.

We can deal with this by cutting down the unwanted expenses by making a priority list. Always give a number to those wanted and unwanted reasons then do the expenses.

Cutting unwanted expenses will help you a lot to save some money, you can save it to make sure that if in case of emergency or unwanted
expenses take place you got something that you can use.

I like your argument and it's true that we can't easily separate portions of our money/salary for savings. We need to adjust in cutting
out extra expenses in order to save up.

Not easy, but if you are thinking about the possibility of emergency cases, you will adjust and make sure that you will save some.

jostorres

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Quote from: stadus on January 23, 2023, 04:27:58 AM

Unexpected expenses are normal in business but much more in personal expenses.
That is why we allocate a budget for "others" meaning that can be spent on those things that are not listed on our expected expenses. Remember that we can't predict everything for the incoming and the only way to deal with this thing which really possibly happens to allocate some budget like 10% of the overall expenses target. So, we don't have to worry about where to get funds as we already have money reserved for this thing.

We can't predict what can happen so yeah, this is why it's always better to have some extra cash so that we won't stress ourselves if where we will get the funds to be used on the thing that troubling us but unexpected expenses aren't always outside on our capacity but sometimes we intentionally do it. This can possibly be avoided if we already list the things if where we will use our money.

We should also practice to have a self-control if ever we don't have it yet because that can also negate everything that we are planning. More importantly is we should never give up once we failed at our first or earlier tries especially to you @op.

freedomgo

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Quote from: Anonylz on January 22, 2023, 09:56:21 AM

Unexpected expenses will always ruin your budget plan no matter how good the plan was.
Sometimes I do set aside a small amount for unexpected situations out of the original budget because life is full of unpredictable situations.

In order not to make this unexpected, i would always prefer to include this in my budgeting and save some extra funds for emergency funds for unexpected problem that will arise. That way, I won’t have to worry touching my personal savings as I have my own budget for that cases. But if you don’t include it in your savings since you only have enough amount to save, then maybe adjust your expenses so you will really have a budget for unexpected events.

Flexystar

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Talk about the unwanted expenses with the person who just got his first job and is on the way to settle with married life or may be their new business etc. The budget gets collapsed all the time. There might be unwanted expenses from someone’s perspective but it be very important in view of the budget setter. Many things really but in a family you have to take that extra burden all the time.

We can deal with this by cutting down the unwanted expenses by making a priority list. Always give a number to those wanted and unwanted reasons then do the expenses.

xSkylarx

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Unexpected expenses struck you when you are in tight of budget but my strategy with this is that there are budgets that will last you until your next pay, what I've done is I've cut it in there like our food, we have a budget of $4 per day for food for the whole month if we have unexpected expenses and it is not that big then I could cut it into $2 so that it will last us until a month but the problem is that we will be sacrificing that food that we like to it but again we needed money so we have no choice.

mvdheuvel1983

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The answer to the question is simple. Emergency fund. What is it? Money that has been set aside for use in times of financial hardship is referred to as a "emergency fund." By providing a safety net that may be used to cover unforeseen costs like illness or significant home repairs, an emergency fund aims to increase financial security. And the thing with emergency fund is that you set it just like you set your budget every month. And these unexpected expenses should be into two categories - short-term and long-term. This is so important such that if you do not do it, you run the risk of running into debts.

https://www.investopedia.com/terms/e/emergency_fund.asp

Iroh

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Well, that’s where your savings comes in. Unexpected expenses would always pop up after you’ve laid out your budget. Take for example, a business after laying out its plans and budget for the financial year would also allocate space for bad debt. Planning ahead for bad debt from some certain customers would make the reality easier to bear. Unexpected expenses would always come up.
That’s why having some money kept aside in form of savings is important. As after budgeting and all, whenever unexpected expenses pop up, you could beat it cause you’ve got some savings aside.

Erumo

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If you have settled a budget, and still have question what to do when you get unexpected expenses, then you simply have failed at budgeting. Wasnt unexpected expenses should be one of the lines of your budget? Should not you create a money pillow every month for such case? The only thing you can do is to move other category sliders - cut somewhere to cover extra expenses. That is the only option I see. But what not to do is to take loans to cover wholes in your budget. It will only help you to win time now, but it will enlarge the amount of money you need to earn, save, cut in future. Definitely not an option.

blockman

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Quote from: adaseb on January 22, 2023, 11:59:50 PM

These days it’s tough. Many are careful with their money but if there is something unexpected then they will most likely use a credit card to buy it. The issue is that the credit card interest is usually 20% if not paid off.

That's why those people that owns a credit card have to be responsible. Everyone who's used to shop with their CCs are aware of the possible drawback if not used properly.
I agree that these days are tough and even with your best way of budgeting, still, there are some difficulties on how tight budgeting is when sudden expenses came even how hard we try.
We're going to be out of the budget and pulling some money from our savings and pocket when necessary.

fadhilz123

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Quote from: letteredhub on January 23, 2023, 01:49:26 AM

There are lots of people that are swaying and lackadaisical about how they spend their income that if well checked it would be discovered that their expenses for the month exceeds their income because there's no track planand this attitude leads to unnecessary debts and financial burdens that could have been avoided under a good tracking. Cause it will help the individual to avoid waste .

Actually it is not about the doubts that exist in certain individuals, but it only concerns how a person is able to manage the use of money based on the amount of income in each month, because spending more money than income will definitely cause debt in his life. So in order not to incur debt in his life, a person must be able to manage his income every month so that he can live more comfortably without the burden of debt within him.

naira

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We often hear statements like this: the greater the income, the greater the spending to support needs. That's about what crossed my mind. It is undeniable that the cost of living is categorized into basic needs, if in a month I only spend $ 500 to $ 600, you could say that where I live is quite an extravagant expenditure. Because I live in a rented house, paying for electricity, water, internet and of course basic needs.

Speaking of unexpected expenses, this is what I can't avoid the most, which causes the allocation to remain swollen, aka more than what I had anticipated. After all, dealing with unexpected expenses is a difficult act even with anticipation though.

Woodie

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Suggest ways to deal with unexpected expenses?

Others would definitely go for their credit card or take out a loan but I think part of the budgeting process should account for such unforeseen circumstances like events, house maintenance, medical costs if insurance isn't an option or won't cover it list goes on, the best is to setup a savings account or some kind of emergency fund that will help cover these bills in the most unexpected scenarios....unless you are in a budget deficit you will have to go for a loan, otherwise cuttimg expenses from your life style to accommodate for the savings will be the perfect adjustment .

davis196

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Would you mind sharing with us what kind of unexpected expenses you have? Are your unexpected expenses a secret?
If you ask me, having an old car and a new woman is a recipe for unexpected expenses. Grin

Just try to increase your income and start saving more money. All your unexpected costs should be covered by your savings, not by your monthly budget. This is what I do. Try to cut all the spending related to bad habits, like smoking, alcohol, gambling, etc...
Don't use consumer debt, if your income isn't high enough. Failing to pay consumer debt in time would mean that you will fall into a debt spiral.

Fesatmas

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We can prepare unexpected expenses for each month. We can include it in our spending plan, if the money is not touched then we can accumulate it every month to become our emergency savings. We do the same thing every month, because sometimes we forget to budget. I mean let contingencies be part of our spending and that money separate from savings. We must be smart in managing our finances very well, because that is what is difficult for us to do and we often even underestimate it.

stadus

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Unexpected expenses are normal in business but much more in personal expenses.
That is why we allocate a budget for "others" meaning that can be spent on those things that are not listed on our expected expenses. Remember that we can't predict everything for the incoming and the only way to deal with this thing which really possibly happens to allocate some budget like 10% of the overall expenses target. So, we don't have to worry about where to get funds as we already have money reserved for this thing.

EarnOnVictor

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I understand you but know that there is room for a budget deficit and surplus, and there might be a situation where there will be an exact expenditure as budgeted. The latter is most peculiar to individuals and it's the best for the prudent souls. I've done this many times, and have experienced all the results listed above.

In the process, I discovered that no one is immune to budget deceit at times, unexpected circumstances that would warrant more spending would just happen. The best way I believe to tackle such is to always add a "factor of safety" to the budget. And note that determination and discipline are so important in actualizing it.

jakelyson

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Suggest ways to deal with unexpected expenses?

That is "Rainy Days" fund is for. That is money that you save that is only used for unexpected expenses like accidents, hospital bills, or even your refrigerator breaking down. When budgeting your money, you should also consider setting aside funds for this particular reason. So, when the need arises, you are still prepared because you have money for it. That is the only way I know you can deal with unexpected expenses.

rat03gopoh

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Ever heard of financial advice from an influencer in my country for dealing with a potential 2023 recession, that (iirc) if your monthly expenses only max. 20% of monthly income then you'll be ready to face any bad economic situation.
If Unexcepted expenses can be assumed to be a bad economic situation (spending more money over the period), then obviously you should at least have 80% of your income remaining minus the basic needs budget by finding alternative income or rearranging the needs budget closer to 20%.

letteredhub

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

The following actions are basic steps in budgeting:
- Track your expenses and income for one month
- Create the categories that fit your life

There are lots of people that are swaying and lackadaisical about how they spend their income that if well checked it would be discovered that their expenses for the month exceeds their income because there's no track planand this attitude leads to unnecessary debts and financial burdens that could have been avoided under a good tracking. Cause it will help the individual to avoid waste .

Dickiy

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Indeed, unexpected expenses always make the finances that are arranged messy, sometimes we don't know where our money is at the end of the accumulated expense calculation at the end of the month, but to avoid that I think we have to be more aware of the flow of our money out when it is outside the budget we make. I think it's necessary to protect every expenditure for several months to ensure a minimum collection level of preparing money for an emergency fund, as we can measure how many potentially unexpected expenses will later be backed up by the emergency fund that you have prepared.

adaseb

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These days it’s tough. Many are careful with their money but if there is something unexpected then they will most likely use a credit card to buy it. The issue is that the credit card interest is usually 20% if not paid off.

So the debt will keep growing over time. And hence in a high inflation period like now it’s difficult to save money or even stay out of debt. Hence why the inflation needs to be tamed with higher interest rates.

michellee

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Quote from: Viscore on January 22, 2023, 04:58:19 PM

Quote from: mk4 on January 22, 2023, 09:56:05 AM

It depends what the "unexpected expenses" are. If it's overspending on stuff, then you need to discipline yourself with your spending. On the other hand, if they're like unexpected medical bills and stuff, then there's nothing you can do but to try to increase your income.

As for being discouraged — if you don't budget, you're likely going to be in a far worse situation if you didn't budget.

That is why we need to include in our budgeting emergency funds so that if there are unexpected expenses that will arise whether it’s emergency or not, we can still cope up with that expenses easily. But we should stick to our budgeting and observe discipline, otherwise we will end up suffering from a heavy debt.

Discipline really determines whether we can set aside a small portion of the income to be used as an unexpected expense. And we may not use the money for unexpected expenses for other things because we prepare the funds for emergency matters so that they will not interfere with other expenses. This is not easy because there must be a temptation that makes us take a little of the emergency fund for things that are not too important. After all, we can say I only take a little of this fund to buy something.

Poker Player

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Quote from: lionheart78 on January 22, 2023, 12:44:10 PM

Build an emergency fund: save money and set it aside for unexpected expenses, this really helps when the needs occur

This is all you need. There is nothing more to explain. With an emergency fund of 3 to 6 months of expenses is how you cope with unexpected expenses. It is a basic, initial, personal finance step that is widely known and works. [/list]

Viscore

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Quote from: mk4 on January 22, 2023, 09:56:05 AM

It depends what the "unexpected expenses" are. If it's overspending on stuff, then you need to discipline yourself with your spending. On the other hand, if they're like unexpected medical bills and stuff, then there's nothing you can do but to try to increase your income.

As for being discouraged — if you don't budget, you're likely going to be in a far worse situation if you didn't budget.

That is why we need to include in our budgeting emergency funds so that if there are unexpected expenses that will arise whether it’s emergency or not, we can still cope up with that expenses easily. But we should stick to our budgeting and observe discipline, otherwise we will end up suffering from a heavy debt.

Vaskiy

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Budgeting is to allocate funds for every needs. It is a must to add miscellaneous expenses. This amount can be used for unexpected needs. Another thing at times we can't meet the unexpected needs with the miscellaneous expenses allocated funds. Here we need to be very careful to stay within the limits.

Even after budgeting we should not have the mind to spend the allocated fund to fulfill the specific needs. We need to limit from that spending, and the amount saved could help in meeting unexpected needs. I don't know whether this is possible in real-time.

Yatsan

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On my end, I believe prevention is always better than cure. I am always saving a separate amount as for emergency funds or for unexpected expenses. It would be hard to make an adjustment once you are there already given that it is something 'unexpected'. If you have a savings you do not spend, for sure you'd be able to aid any of that or if not, lessen unexpected expenses. Some would ask, what if you don't have enough salary to spare for an emergency fund? Either you add another workload or get yourself an investment. I doubt that your salary won't be enough, you just have to manage it correctly. And if it is really not enough try looking for another which would be, as your start, to cope up with every situation afterwards.

jossiel

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More income and/or savings.

There's no other way of dealing unexpected expenses but to have more income to sustain it. Our cash flow are budgeted and it's certainly hard to execute when sudden expenses come.

That's why for someone who deals mostly with this situation, one thing I've learned is to have more money ready. So, if it's not your savings then make more money through any of your means like having a side hustle.

Marvell1

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Suggest ways to deal with unexpected expenses?

Life is always full of surprises and called surprises we will never anticipate. Other than setting up a savings account, there's no better way for me to cope with it. And that's also why many people say that they don't have a savings account in the bank, but they only have money to invest in bitcoin, which is an entirely wrong plan because unexpected things always happen in our life. Continue budgeting your monthly expenses as usual and add emergency savings, that's what we can do.

molsewid

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Quote from: Anonylz on January 22, 2023, 09:56:21 AM

Unexpected expenses will always ruin your budget plan no matter how good the plan was.
Sometimes I do set aside a small amount for unexpected situations out of the original budget because life is full of unpredictable situations.

Me too, maybe one of the reason why I am looking for another job right now is because of this thing. Last 2022 I experienced an unpredictable situations that made me fall into debt and despair, it made my savings go into 0 and made me cry at night because I don't have anything and I really want to have savings but it is all gone. Right now, my answer to that experience is, just have another allocation for that. Do not use savings nor emergency fund, you should have other money for that thing. Or yes we can maybe emergency funds will do sometimes but for me it should be useful before it can consider as emergency funds.

jackg

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https://bit.ly/387FXHi lightning theory

If "unexpected spending" can relate to self sabotage then maybe you should start tracking your finances over different periods of time.

If over a year you're spending more than is realistic in a lot of categories, maybe you should remind yourself of that to stop you doing it as much (ie you keep 10%.of funds aside to invest but keep gambling with it or buying things you don't need in excess) - the longer the time period the more money you'll end up "wasting". If it's to do with inflation, it might be worth changing your perspective and waiting for when things become more stable before you try to grow your savings and investments as it'll likely become easier once prices are stabler.

You could also invest or save in a way that'll make you forget about it. Maybe you're focusing too much on money that you're making yourself want to spend it too (a regular investment might prevent against this if you see your available balance in your account as lower before you even start to budget).

Husires

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I understand how you feel, but the nature of unexpected events can be greatly reduced. My advice to you is as follows:

Socials: Most of the unexpected things come when you are socially active, you will be associated with more people (their behavior is unpredictable), which means that the probability of unexpected events will increase.
Habits: Undisciplined people with habits are often more vulnerable to unexpected financial events.
You pay people first: whether it's the government, rent, social services, and more.

As for the solution, it is to stay away from people, isolate, pay bills at the last minute, and focus on investing, especially if you are young and do not have many responsibilities.

lionheart78

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It is really challenging to deal with unexpected expenses but here are some strategies that can mitigate the impact of the said event in your budget:

Build an emergency fund: save money and set it aside for unexpected expenses, this really helps when the needs occur
Create a buffer in your budget: you can also set money for miscellaneous category aside from the emergency fund. This will also help when unexpected expenses happens
Prioritize your expenses: always prioritized the most important to pay, this will help you to manage your cash flows.
Look for ways to cut costs: if you think that you can adjust the budget for other areas of your budget (haggling for cheaper service or product cost), cutting costs is another helpful method if unexpected expenses arise.
Be flexible: adjust your budget as needed.
Seek help if needed: If unexpected expenses are causing severe financial hardship and you are unable to make ends meet, don't hesitate to seek professional financial help.

also, you can

Work with credit card companies when an unexpected event occurs
Sell your stuff to free up money for unexpected expenses
Earn extra income to save for unexpected expenses
Take on a short-term personal loan
Re-budget to live below your means
Ask for a paycheck advance to cover unexpected expenses

source:
https://www.takechargeamerica.org/tips-to-help-you-handle-unexpected-expenses/
https://www.usbank.com/financialiq/manage-your-household/personal-finance/how-to-best-handle-unexpected-expenses.html

Adbitco

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Hi mate i would love to know if you are married?
If yes, then it won't work for you. Sorry to say, I am married and i have tried several ways to cut down unexpected expenses but the truth remains the same. As an african man I am, i would draw my monthly budgets and targets but it will still fall back that some unforeseen expenses would arose from nowhere and befall me. So i discovered a very nice trick to overcome it.

First, what are your monthly budget at home or for yourself?
For instance, if your budgets at home is $200 per month or week or day, depending on how you makes your spendings and plans. For me i make sure that i don't spend above $250 per month. So what I mostly does is that, since $250 is my max, I will only free up $150 and reserved $100. Although the $100 will be later spent but must serve me till first week of next month. Then lastly try to reduce much friends because it must calls for hanging out, all this are also from your personal pocket and spending.

alastantiger

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I follow these steps when budgeting. Although now, I have some variants of it. As humans when whenever we decide to become intentional about our personal finance, we would definitely encounter unexpected expenses because we do not have super powers to foretell future events. To manage unexpected expenses, I review my budget. It entails cutting down some expenses that may not be so important or that can be move to another time. And where it is unavailable, I just increase the budget.

BigBos

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

Suggest ways to deal with unexpected expenses?

So there is the importance of saving money for unexpected funds from a percentage of your expenses as a form of backup for expenses that are outside your control or a budgeted spending radar.
This usually happens due to being attacked by an illness that requires unexpected costs for both you and your family (sometimes we also have to provide assistance to them or will not feel ashamed when something bad happens), fatal accidents which are beyond our control. , a natural disaster that might damage your facilities enough that you need to repair it.

More precisely, prepare fund unexpectedly from your total spending budget, regardless of the percentage, you need to have it adjusted to the risk of your life.

stompix

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Quote from: dothebeats on January 22, 2023, 10:34:26 AM

Stop getting eaten by consumerism and instant gratification. Idk what you mean by unexpected expenses.

You go out with your shoelaces untied trip on the staircase, land on your head, and break 4 teeth, I had a colleague who chipped all his up incisors this way hitting the banister, although it wasn't the shoelaces it was him talking on the phone and searching for the keycard with the other hand.
Since it's an accident and no average insurance will cove these that go for 4x 500-1000 euros depending on the dentist and the damage.
Or, on a smaller scale, the never-ending feud between cats and tv sets, although thinking on how many youtube videos I've seen about that it stops being unexpected.

Quote from: Reid on January 22, 2023, 10:54:47 AM

Unexpected expenses. I never knew I would deal with this kind of problem now especially with foods and necessary things getting expensive as economy won't stop sinking down. I don't like it, that's my first impression. It's stressful, it drives my head nuts as all I think is about how to fix it.
It keeps on coming unexpectedly right after you just finish fixing the other one.

Food prices going up is not something unexpected, everyone knows inflation was coming, and everyone knew that covid has destroyed all the logistic chains and affected manufacturing, inflation was the last on the list of "unexpected" things. Also, food prices are not unexpected, you shop for food every week at least, and you see the prices increase so if you think it over you plan your budget to contain a 10-2% rise next time, and you prepare for the worse.

Plugging in your vacuum cleaner and blowing up all your fuses and damaging other devices plugged in also, that's an unexpected expense.

bittraffic

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Does an unforeseen expense suddenly come forced you to sell coins you have been holding for a long time?
I am pissed thinking about it because it's necessary to sell because it needs funds to fix the car headlight caused by an accident. Dealing with it I guess is to just consider it spent for a good cause. Budget adjustment again.

cryptomaniac_xxx

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I guess you also have to put aside budget for this "unexpected" bills? Or at least have some buckets for this kind of emergencies. And probably you are too focus on your budgeting that we all know that it's not going to be 100% foul proof, everything in life is not etch in stone. As the OP said, he will have to adjust so I think that will be the best approach here. I myself have been in this situation many times, and I'm thinking to make a loan or something, but I guess we have this local saying of to tighten your belt, so that's what I do in the long run. Cut expenses on X to be able to used it to A.

ethereumhunter

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It may be necessary to set aside a few percent each month for incidental expenses but once you do, you shouldn't use the money for anything other than incidental expenses. So for example, if you want to buy food or household needs, you may not use the money you have prepared for unexpected expenses. Do that and save it every month and don't use it if you don't have any unexpected expenses. Try not to overspend in one category or another and stick to those rules so they don't get in the way of your monthly spending plan.

teosanru

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Quote from: Davidvictorson on January 22, 2023, 09:34:29 AM

The following actions are basic steps in budgeting:
- Track your expenses and income for one month
- Create the categories that fit your life
- Set some short-term and long-term financial goals
- Cut certain areas to make those financial goals possible
- Adjust your budget according overtime.

Even if I take all of these steps, "unexpected expenses" still throw off my budget for me. I will keep track of all my spending and costs, create a budget, and begin adhering to it, but before you know it, a huge unforeseen expense will ruin everything, leaving me discouraged and not budgeting for a while. This usually occurs when I spend excessively in one category or another and realize that the budget isn't working, at which point I give up.

Suggest ways to deal with unexpected expenses?

www.investopedia.com/articles/personal-finance/100-budgeting-financial-goals/
www.nerdwallet.com/article/finance/short-vs-long-term-goals
mint.intuit.com/blog/budgeting/what-is-budget/
mint.intuit.com/blog/budgeting/budgeting-101/

See there are 2-3 types of unexpected expenses that generally come in the way of a budget and the way to solve them differ as well.
The first and actual unexpected expenses are healthcare expenses like you got an injury or even worse got any hospitalization or even Death. Generally your Insurance should cover these expenses, I generally suggest people to buy Insurances available with OPD benefit as well. So you are reimbursed for almost everything.( Obviously upto a limit but it generally is sufficient). Second expenses are like some of your appliance got broke or some other repair of something you use. I generally recommend you keep a buffer of 10% in your total budget always for such expenses because these will always come you can never stop them ever. If they still exceed in some case I suggest you withdraw some amount from emergency fund but make sure to replenish it in the month there is a saving. Other than these rest are definitely the unexpected expenses which can be avoided so it's best to avoid them if it's not possible fit them in category 2.

Lucius

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I think that the answer to such questions is not easy to give, because even though as people we share some habits and have certain needs, there are still greater or lesser differences resulting from the cultural-geographical factor. What is normal for me in everyday life is certainly not for someone else, and that means that our living expenses are also different.

I will say that the only way to overcome such crises is that we must be ready to make difficult decisions. If this means that we have to give up visiting restaurants, cinemas and buying branded clothes, then we have to do it, no matter how hard it is. We put all the money we save aside and use it for exactly those unforeseen situations, thus avoiding them being a burden when they happen.

Maybe for some who have very little income and live in bad conditions, even giving up a lot of things will not help, and in that case, as someone already mentioned, the only solution is to find an additional job or a job that pays better. If even that is not an option, moving to another location or even another country with better living conditions should always be one of the options.

Reid

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Unexpected expenses. I never knew I would deal with this kind of problem now especially with foods and necessary things getting expensive as economy won't stop sinking down. I don't like it, that's my first impression. It's stressful, it drives my head nuts as all I think is about how to fix it.
It keeps on coming unexpectedly right after you just finish fixing the other one.
I also tried to make a budget for it, but it leaves you having nothing more to put in your savings which I think is not a good sign. I like keeping cash near me but now it's getting lesser.

dothebeats

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Stop getting eaten by consumerism and instant gratification. Idk what you mean by unexpected expenses. If it's for emergency and the likes, you should already have a separate fund for that to begin with. If it's for other things, always weigh in if it's really worth going over your budget and indulging at it for a time then skimping on the necessities next. A lot of people have enough money to get by every payday and still have something to save, but the problem is most are easily tempted by the new deals that brands are always getting out there and they tend to spend more than what they should.

Cut off from the indulgencies and focus on what's really importan and you'll be fine.

Beparanf

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First of all you should determine all those unexpected expenses coming from because you can’t fully prepared on it no matter how good you budget your money if the unexpected expenses is always greater to your total budget for a certain period of time.

Let’s say your unexpected expenses is coming from hospital bills. Maybe you should focus doing a healthy living or get a health card to cut expenses of you are being hospitalized too often. I believe dealing with the problem slowly before it come is the best way to counter it instead to wait for what’s coming and absorb it using your budget that didn’t prepared exactly to value of upcoming unknown expenses.

crwth

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Are you talking about emergencies? That will be part of the unexpected expenses that would come across your life.

Some of the things I can think of at the top of my head are the following:

Repairs of any kind
Medical Emergencies
Inflation of prices

The best way to counteract this is to have a savings account that would help you to get out of these complex situations that you are facing. I'm hoping you'll be able to solve that.

LoyceMobile

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LoyceV on the road. Or couch.

You should expect the unexpected by including it in your budget. If you don't use it in the current month, you'll save it for next month to allow for bigger unexpected expenses.

Anonylz

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Unexpected expenses will always ruin your budget plan no matter how good the plan was.
Sometimes I do set aside a small amount for unexpected situations out of the original budget because life is full of unpredictable situations.

mk4

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It depends what the "unexpected expenses" are. If it's overspending on stuff, then you need to discipline yourself with your spending. On the other hand, if they're like unexpected medical bills and stuff, then there's nothing you can do but to try to increase your income.

As for being discouraged — if you don't budget, you're likely going to be in a far worse situation if you didn't budget.

Davidvictorson

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The following actions are basic steps in budgeting:
- Track your expenses and income for one month
- Create the categories that fit your life
- Set some short-term and long-term financial goals
- Cut certain areas to make those financial goals possible
- Adjust your budget according overtime.

Even if I take all of these steps, "unexpected expenses" still throw off my budget for me. I will keep track of all my spending and costs, create a budget, and begin adhering to it, but before you know it, a huge unforeseen expense will ruin everything, leaving me discouraged and not budgeting for a while. This usually occurs when I spend excessively in one category or another and realize that the budget isn't working, at which point I give up.

Suggest ways to deal with unexpected expenses?

www.investopedia.com/articles/personal-finance/100-budgeting-financial-goals/
www.nerdwallet.com/article/finance/short-vs-long-term-goals
mint.intuit.com/blog/budgeting/what-is-budget/
mint.intuit.com/blog/budgeting/budgeting-101/

Topic: After Budgeting, How Do I Deal With Unexcepted Expenses? (Read 713 times)