3 common unexpected expenses that people encounter daily
posted on Sep 12, 2019 | 304 likes
Have you ever been in any of these emergency situations? Here's your way out
There's nothing more exciting than the feeling you get when you just moved into your new apartment or you finally finished paying for your dream car and you get to drive it home today.
It’s a joyous moment for you and all your well-wishers, because, for many individuals, the decision to purchase a home, car, or move to a new rented apartment in a better developed area signifies a major financial and personal milestone.
However, instead of taking into consideration the full cost of running the property (apartment or car), people focus more on the letting/purchase price alone.
While this information is certainly important to know, it can easily blind you into ignoring the financial reality of what your dream property may actually end up costing.
Here are the 3 most common unexpected expenses that people encounter and you should watch out too
1. Utility & Security Bills – for new apartment
Moving into a new apartment especially in a new neighborhood is fascinating. You are setup for a whole new level of experience, it’s like you’ve just moved a step higher in the ladder of success.
Before you move in, you would have probably made some enquires to know whether there is constant electricity in the new area. Some people even choose where they would like to relocate to considering the amenities available in that area.
This is completely rational; people want to improve their standard of living, so every activity – including relocation, is inspired by this quest for a better life.
But the shock comes when it’s time to pay some bills in your new area and the numbers just don’t look familiar.
Bill payments and other security charges constitute a large chunk of hidden charges which people face in their new area.
Sometimes people inherit unpaid electricity bills running into hundreds of thousands, and they will be required to clear it off in some cases, or continue to face harassment or disconnection.
Some areas, especially in estates, also have their local security team which provide security to lives and properties living in the area.
This an interesting addon to have in your estate, especially with the increasing level of crimes in our society. However, on the flip side of it, who will pay the security personnel? The residents of course.
The bill comes back to the resident at the end of the month and this, if not taken into consideration from the beginning can begin to take tolls on your monthly income versus expenditure.
It is wise to make thorough enquiries about the place you are moving into, ask for other bills aside the rent, if possible, demand the electricity and security bills from existing tenants so you can put your budget into perspective before you commit.
2. Major Car Repair
If you drive in big cities like Lagos and Abuja, then you know that the longevity of your car does not depend on your meticulousness alone.
Your car’s safety also depends on how other people use the road, and since you cannot control how other people behave, accidents are bound to happen.
Maybe you are lucky, every body avoids you on the road, and no Danfo driver is trying to get inside your bonnet – which is rare.
But one day you were in a hurry so you forgot to check the water and oil level of your car and then you get stuck in traffic jam, the engine overheats and then knocks.
This situation is not one that anybody gets out of smiling, it takes some strong financial power to get your car fixed to perfection when it gets some serious damage.
If you have an insurance that covers the cost of the damage, then they might take care of it, otherwise, you will have to bear the full cost by yourself.
This kind of incidence is another common unexpected expense that invades homes.
You might want to ignore the reality that your car is packed at the mechanic workshop, but it’s only a matter of time before you begin to reminisce on the good old days when you used to cruise around town on your own terms.
One way to minimize the effect of the financial blow that comes with car repairs is to ask questions about the cost of the spare parts and its availability – even before you purchase that particular model.
Imagine if your car’s water pump has to be shipped in from Australia, there are definitely going to be huge costs to be attracted when trying to buy and import it.
You could save yourself from this dilemma by buying a model whose parts are readily available and affordable – and not just a model that you love the design.
3. Acquiring/Replacing Major Appliances
It always seems to happen at the most inconvenient time for you and your budget; one of your major appliances just stops working.
A majority of common home appliances have an average lifespan.
Knowing this, you may find yourself replacing one or more of the key players in your home more frequently than anticipated.
The chances of replacement are even higher if you've purchased second hand items.
Getting a new appliance doesn’t come cheap, especially with the increasing demand for perfection every day.
If you’re not financially stable when these things happen, you could see yourself going months without a TV, fridge or a chair in your living room.
Need help with unexpected home expenses?
With all the added costs of being an independent person, it can be easy to feel financially overwhelmed.
If you find yourself dealing with an unexpected home expense, consider a personal loan from Page Financials. Our application process takes just minutes to complete. When you submit all the requirements and you get approved, you can get the funds released in less than 3 hours.
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