Lifelong Wellness

  • Home
  • Fitness
  • Health
  • Lifestyle
  • Food
  • Podcast
  • Academy
    • Workouts
    • Health Bundles
    • 5 Minute Fix
    • 5 Minute Mindfulness
    • EZ Meals 365
    • Special Reports
    • Holiday Cookbooks
    • Invincible Body Workout
    • Wellness Library
    • Cooking with LLW
  • Login
  • About LLWA

5 Ways To Ease Stress by Planning For an Unexpected Expense

RK Team Wellness Academy

What is an unexpected expense?

The fact that we can plan for an unexpected expense might seem odd to you because, if it’s unexpected, then how can you plan for it? Unexpected expenses are those that you can’t really predict but are likely to happen. These can be vet bills, medical bills, car repairs, or house maintenance.

5 Ways To Plan For An Unexpected Expense

1.) Brainstorm everything that has derailed you financially in the past

Look back and brainstorm everything you can think of that might have derailed you financially. Was there a car repair that set you back? Did an unexpected roof repair hit you hard?

2.) Try to estimate your annual costs

Your annual costs are an estimation. For example, think about car maintenance. Look through your bank statements and review your car expenses over the past year. This might include oil changes, tire changeovers, and random repairs throughout the year. By estimating the cost for an unexpected expense, you can do a better job of minimizing the unpredictability of that particular expense in the future.

3.) Set up a separate savings account

This is a great strategy for budgeting. A lot of people set up multiple savings accounts to partition their money. Others might use a cash envelope system, but since everything is digital now, this might be more difficult. Allocating money to a separate account each month, and keeping it separate from your other ‘spending' money provides you with a better sense of how much you’re saving.

4.) Start saving monthly amounts

Allocate a specific amount monthly to put towards your ‘rainy day fund. This helps to minimize the ups and downs of unexpected expenses.

5.) Incorporate categories into your regular budget

Obviously, this tip is for budgeters. Even if you already have some sort of financial system to deal with things like rent or groceries, you can now add different categories to help estimate how much it will cost you to live each month. This is not about perfection. Remember, certain unexpected expenses cannot be accounted for, but are still considered within the realm of possibility.

Kelley Olinger is a Coach, Consultant, and Founder of Reconcile Your Wallet (www.reconcileyourwallet.com), assisting high-achievers to align their personal finances with their personal aspirations. Kelley worked in Residential Real Estate with a focus on pre-construction development for over a decade in Victoria, British Columbia, and recently completed her MBA. In this article, she discusses 5 ways to plan for an unexpected expense.

14-Day Stress Reduction

2020-04-27
Previous Article :

Kristian Reiber – Heal Your Mind Heal Your Body

Next Article :

14-day Eye Health Quick Start Program

Related Articles

Transform your Upper Body with Resistance Band

Transform your Upper Body with Resistance Band

Rick Kaselj 05 Jun 2023
Get Fit and Say Goodbye to Boredom with This Full-Body Blast Workout!

Get Fit and Say Goodbye to Boredom with This Full-Body Blast Workout!

Rick Kaselj 24 Apr 2023
Full Body Dumbbell Workouts

Full Body Dumbbell Workouts

Rick Kaselj 10 Apr 2023

Search

Recent Posts

Four Essential Lower Body Balance Exercises

Four Essential Lower Body Balance Exercises

5 Balance Exercises for Increased Stability

5 Balance Exercises for Increased Stability

Setting a Morning Routine for a Better Day Ahead

Setting a Morning Routine for a Better Day Ahead

6 Simple Exercises for Sleek and Strong Arms

6 Simple Exercises for Sleek and Strong Arms

3 Opposite Movements for a Happy Spine

3 Opposite Movements for a Happy Spine

5 Seated Exercises To Improve Spinal Mobility

5 Seated Exercises To Improve Spinal Mobility

Flexible Hips, Limitless Potential: 5 Stretches For Tight Hips You Can Do In Bed

Flexible Hips, Limitless Potential: 5 Stretches For Tight Hips You Can Do In Bed

  • About LLWA
  • Terms of Service
  • Privacy Policy
  • Cancellation
  • Return Policy
  • Contact
  • Login
© All Rights Reserved. Lifelong Wellness