Moving out of the parent’s house for the first time can be stressful and a bit disheveling for a young adult who is not fully prepared for the full time venture of living on their own. There are a plethora of expenses to account for when planning out a monthly budget, but there are even more things that could unexpectedly cost cash.
The best way to prepare for sustaining a household is to devote plenty of time to research. Check out this short synopsis of a few of the most common, yet unexpected, expenses young adults tend to overlook when formulating their monthly budget.
The most common unexpected expense
The most common budget buster for young and old people is a trip to the emergency room. All it takes is one slip of the hand or one missed step to warrant a trip to the ER. Chopping veggies in the kitchen could lead to a deep cut that needs stitching.
A slip in the shower could cause a concerning bump or bruise. Whatever the case may be, there are plenty of reasons to plan for the unexpected hospital visit. With the rising cost of health care, a hearty savings account is helpful when unexpected injuries arise.
Owning pets is a financial gamble
Young people tend to underestimate the expense of owning an animal. There are plenty of obvious expenses that go along with keeping a pet around the house, but there are just as many hidden costs that should be acknowledged.
Pet injury is not cheap to fix. The average veterinarian visit will cost a minimum of a hundred bucks. Cats and dogs also get sick and need antibiotics. Though these are easy to manage, they are not the most inexpensive challenges to conquer.
Most of us enjoy a well-functioning vehicle
The first aspect of owning a vehicle young adults seem to overlook is just how much money it takes to maintain a car. An oil change costs around $50 and should be done every 3,000 miles.
Tires cost several hundred dollars to replace, and there are several different reasons why a car might need new tires unexpectedly. The main point to remember is that paying for gas is only the beginning of the list of expenses accrued when owning and maintaining a vehicle.
The rarity of missing work does happen
We all know that no one ever calls out of work unless there is good reason, but sometimes we do miss work. When the budget is set on a fixed amount of hours, missing work can throw a person’s financial plans for a loop. It is important to expect the unexpected sick day.
If something urgent occurs that keeps a person out of work for several days, there should be some backup funding to replace the missing income. Sick days are just another reason to keep a rainy day fund.