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We all want to save money. When you have a family, it can sometimes seem as though there isn’t enough of it go round. So, it’s no wonder we want to make the most of what we get. We go to extremes to save. From selling unwanted items, to scouring the internet for vouchers and coupons. But, the odd saving won’t do any good when disaster strikes. And, in one form of another, it hits us all sometimes. Unexpected costs can be enough to send you overboard when your boat is already rocking.
The best way to avoid unexpected costs used to be keeping a rainy day fund under your mattress. For obvious reasons, that’s no longer advisable. Savings accounts have long since trumped that idea. They’re safer, and offer interest! Putting money into savings will leave you shorter each month, but it’s a commitment worth making. Work out how much you can afford to save. Be realistic; you don’t need to push yourself. You can put in as much or little as you want. Even so, having a set monthly amount is the best way to ensure you keep up with payments. Even $10 a month will add up.
That said, it’s possible that savings accounts are going the same way as money under the mattress. No matter how much you save, one blow stands to empty your account. That’s why it makes more sense to familiarize yourself with payment plans. These aren’t practical for covering every eventuality. It may still help to have a savings pot behind you. But, for a lot of things, a payment plan is your best bet. Start on the right footing by insuring your home and belongings. That way, you’ll be able to claim back should anything break or get stolen. Leak in your home? No problem. You’ll be able to turn to your insurance company without worry.
It’s also worth covering yourself against illness and injury. The majority of us know the importance of health insurance to avoid medical bills. But, have you considered researching the best dental insurance plans? If not, it’s time to start looking. A toothache is bad enough, let alone when you have to worry about the cost, too! The problem is even worse when you can’t afford the treatment you need. You either have to scrape together money you don’t have or suffer the pain.
Of course, paying money out in this way has its problems. You’ll need to know what money is going out, when and where from. Else, you’re at risk of running yourself into debt. Keep on top of things by writing payment dates in your diary. You could even set up an account for the purpose. Done right, though, plans like these could be lifesavers. They’ll save you having to worry when something happens. They also stand to give you a return. You only have to pay in a small amount each month, but you could see a large payout because of it!
