Sometimes it’s difficult to be as prepared as we would like. With the expense of everyday life it can be difficult to save money for emergencies, and if you then find yourself in a situation where an appliance breaks, or you get an unexpected bill, it can be a very stressful and daunting time.
I was in this position a few years back when my washing machine stopped working. It wouldn’t drain and there were clothes stuck inside the machine. At the time I didn’t have a lot, if any spare money each month so keeping money back in case of situations like this wasn’t possible then. Thankfully, I have a very handy dad who was able to fix the washing machine until I was able to replace it. But if he wasn’t able to fix it, I would have been really stuck.
There’s nothing worse than an unexpected bill. It happens to us all at some point, whether it’s a huge heating bill over Winter, a broken boiler, or your washing machine has sprung a leak. Trying to pay the bill or get enough money to replace a broken appliance can be stressful. There are a few steps you can take to try and prepare for an unexpected bill or to cover the cost if the worst happens.
Since the washing machine broke a few years back I have been putting money into my savings account ‘just in case’ so I have money there in case I get an unexpected bill or an appliance breaks. If you’re worried about unexpected bills or the risk of appliances breaking try and put money away each month so you have a rainy day fund to cover, or at least help with any bills that might come your way. I know this isn’t always possible, there are months when I’m not able to put money aside, I just put in as much as I can. If you find yourself needing to cover an unexpected bill and you don’t have access to a rainy day fund, you could consider taking out a short term loan from Vivus to cover the cost. They offer short term loans between £100 and £300 for 10-41 days. The loan could help you cover the immediate cost until your next payday. The interest rate is high at 146% pa, however, the first time you use Vivus you will only pay half the interest rate. It’s an option which is there for you to consider if you’re stuck.
Below are some tips that you might find helpful if you are trying to cover an unexpected bill.
Tips for covering an unexpected bill
- Before heading out to replace a broken appliance check to see if the item is still under warranty. Different products and shops offer different lengths of guarantee so you might be covered under your warranty.
- Sell unwanted items to cover the cost of replacing an appliance or unexpected bill. You could sell your items on Facebook, Gumtree, Ebay or have a car boot sale to make some extra money to cover the cost.
- Extend your overdraft. Ask the bank if you can increase your overdraft to cover the cost of your unexpected bill.
- If you receive an unexpected bill speak to the company in question and ask if you can set up a payment plan and repay the extra in small monthly payments.