Budgeting For Rainy Days

In this difficult climate at the moment, financial instability is something we are all facing. The loss of jobs and the loss of earnings due to Covid 19, so now more than ever it’s important for us to look at what we can do to budget for the rainy days. Get to grips with how to get free gift cards too! Our boilers will still break down. Our car will still need repairing and we may or may not need to put in an insurance claim for something. Life goes on, despite the pandemic. So let’s look at ways to save the pennies during these difficult times.


1. Lifestyle Costs


It may be good to be more than prepared for situations in your life in the future, and start to save now. Saving up as much as you possibly can is a good way to start without oversaving. Don’t take money away from your essentials. Even an extra $10 a week into a pot can add up over time. Here are some areas that you may have failed to take into account when budgeting:


  • Pensions – you may be already paying into a private pension fund each month or maybe you want to start. It’s responsible and sensible, especially if you have children so these can be anything from $40-$100+ a month. 
  • Life insurance – life insurance is important to take care of funeral costs and to pass on money to your relatives. Many companies offer cheap plans but again these will start at around $12 a month at the lowest. 
  • Home insurance – this is an important thing to consider if you have a home and do not have insurance. This will cover you for any type of theft, damage or destruction, so if you have a fire, if you are burgled or if anything is damaged by other people, you can claim. You may want to hire a public adjuster for assistance also. 


2. Home Breakdown Costs 


Our homes are usually in good working order however, we may notice that our systems or appliances are no longer working and this can result in a huge bill. Getting regular checks on your appliances could save you a lot of money. If you do not have insurance or product warranties then you may find yourself having to pay out a hefty bill, so be sure that you are budgeting for some of the following things:  


  • Boiler breakdown – if your boiler breaks down, you will need to have it fixed and this is usually charged by the hour because of labor costs, and can cost upwards of $100 depending on the job. Having back up systems, such as electric heaters, hot water bottles can help in the meantime will help if you have kids.
  • Fridge breakdown – if your fridge breaks down and it’s not under warranty, it can be hard to fix and in addition to this you could lose all your food inside. It’s important to have the funds to fix this. 
  • Washer/Dryer problems – If you have children, you will understand the importance of a good working system in the house. Be sure that you budget for any types of breakdowns, which again could cost around the $75+ mark per hour.  


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