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Unlikely expenses you should plan for
Here are the charges that can spring up unexpectedly, leaving you grappling with a financial crisis. Find out which ones to account for in your budget.
1 Auto repairs
When it comes to cars, unexpected expenses are pretty much a given. Your auto insurance is bound to cover certain repairs, but it will depend on the type of cover you buy. Some repairs, such as those involving mechanical or electrical breakdowns, are not covered by auto insurance. This means that your car bill could easily run into a few thousand rupees. According to the J D Power Asia Pacific 2013India Vehicle Dependability Study, the number of unexpected repairs rose in 2013, an increase of 4 from 2012.
According to the study, 43% of the Indian respondents had to undergo unexpected car repairs. So, make sure to keep aside some money over and above the comprehensive auto insurance cover. Also ensure that you service your car regularly.
2 Medical expenses
Today, most people have medical insurance provided by their employers, while some also have their own health covers. However, many ailments are not covered by these policies, with most plans excluding the dentist's bill, OPD visits and home care expenses. The policies also come with a waiting period during which you cannot make a claim. With medical inflation almost in double digits, even minor treatments and diagnostic tests could cost a few thousand rupees. For instance, a simple case of influenza that your child suffers from for barely a week, could punch a small hole in your wallet. Hence, it makes sense to keep aside funds for your family's medical needs.
3 Helping relatives
If a close relative asks for monetary help, it's virtually impossible to refuse. Such favours can send your financial planning into a tizzy, so it's important to factor in these expenses in your monthly budget. These could figure as part of miscellaneous expenses. However, make sure that this money is for a genuine need and not for a `want' expense. Research shows that we tend to remember the loans we give, but forget the loans we take. So, maintain a log. Keep aside funds to help your relatives, but don't do so at the cost of depleting your own emergency corpus.
4 Home repairs
A short circuit or plumbing leak can lead to big expenses at home. Even planned expenses, such as whitewashing and painting, are ignored by individuals while planning their finances. However, remember that even a basic whitewash job costs around `4 per sq ft, while an average paint job could cost you around `30 per sq ft. If you use luxury emulsion paint, the cost could go up to `80 per sq ft. This is just the material cost, and you will also have to pay for labour. Therefore, the thumb rule for calculating the cost of renovating a home is to divide the value of the house by the number of rooms. The other factor to consider while planning home repairs is that it will cost a little more than your original estimate. So, budget for home repairs or renovations at least once in two years.
5 Damage to gadgets, appliances
When it comes to unlikely expenses, home appliances pretty much top the list. With our homes stocked with more and more gadgets and appliances-television, fridge, juicer, air conditioners, laptops, tablets-this expense cannot be overlooked. While replacing a toaster may not cost much, but if your AC, fridge or washing machine develop a snag, you might end up spending a big sum. If the damage is due to a problem in the household circuit, other appliances on the circuit could also get damaged. For example, if an AC, washing machine and a fan are damaged due to a power surge, it could easily slim your wallet by `15,000 on an average.
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