Some of you might be saving for some financial goals, retirement or maybe a trip. But the fact is no matter how much you plan, budget or save, there will be a number of expenses that will just pop out of the blue to pour a big bucket of water on all your pre-decided plans. Adarsh Credit Co-operative Society is here with a list of seven surprise expenses that will come whooshing towards you.
1. Car Expenses
Well, cars or any vehicles can invite any expenses at any point in time. Whether your car just breaks down or meets with an accident, you will have to pay the cost. Over and above that you have to pay car insurance premiums too. So, you need a backup investment scheme that will bear the expenses of your car.
2. Medical Expenses
When anything happens to you or your loved one’s health then these expenses are to be addressed immediately and they cannot be postponed or ignored. This situation or these kinds of expenses are sure to occur and demands an emergency fund even if you have health insurance covered.
As the time passes, there will be advancements in technology and who does not love to walk hand in hand with the latest gadgets and technologies? So, in order to meet our need for buying all the latest gadgets and electronics you need an altogether different budget.
4. Home Repair Costs
Yes, there can be any sudden situation in your house that will need an immediate fix and you will have to spend on that too. And so in this case also you will need funds if the expense is too high. Of course, you might be investing in various investment schemes but then those were saved for a pre-decided expense right?
5. Surprise Gifts
Birthdays! How can you forget them? Whether it is of your beloved, friend, child or any family member, you have to buy a gift and obviously, you won’t have secured a special investment scheme for birthday gifts. If you are planning a gift for months then there are chances you might have everything secured. Otherwise, you have to secure an emergency fund for this too.
This one is for the parents, who are aware of the tuition, schools and college fees that are soaring higher day by day. And most of the parents have secured funds or have investment schemes availed for these fees. But the fact that is overlooked by most parents are the little things such as a computer, laptop, extra-curricular activity supplies, hobby classes, school tours, and picnics, etc.
7. Social or Family Functions
You are already nodding your head when you read this line right? It is but obvious that all the family functions or social events add to your list of expenses, whether it is your own or you are attending someone else’s. Wedding, housewarming, get-togethers or baby shower, you have to spend a fortune.
In order to shield yourself from the above-mentioned surprise expenses, you need to keep a separate emergency fund by investing in highly beneficial investment schemes. The choice of these schemes should be such that you can get high returns which can be used in case of emergency. Adarsh Credit Co-operative Society has a few schemes that can prove to be of great help when such expenses arise.
Get all the information about these investment schemes and other financial products provided by Adarsh Credit Co-operative Society to start your investments today. You can even visit the nearest branch of Adarsh Credit to gain knowledge about various financial products.