Why Planning Can Stop Money Problems Turning Into Money Nightmares


Don’t you just hate it when things go wrong? I have to confess that my blood starts to boil when the PC breaks down or the car refuses to start.

These are some of the little annoyances that we need to try and deal with in life but what about the financial implications? Do problems of this sort leave you living a financial nightmare all too easily? If they do then maybe it is time to work out what kind of planning could stop this being such a pain in the future.

Sort Out Your Insurance

As someone who spent a lot time working in the insurance industry I know that a many people attempt to take out the absolute minimum amount of insurance they can get away with. Sure, it’s not the most interesting thing in the world you could spend money on but it is something that is worthy of your attention. The best way to think about your insurance policies is that they are designed to help protect you in the event of things going wrong. This means your car being stolen, a member of your family getting really sick or a giant flying turnip hitting your house and knocking down a wall. Now, some of these things are more likely to happen than others but you don’t know exactly what will go wrong and when. It could be that you pay the premium for years without ever claiming on it. In this case, you can be thankful that your family is healthy, you haven’t suffered the trauma of a car accident and that you haven’t been attacked by airborne vegetables. However, if something goes wrong and you aren’t insured for it then it can be very bad news indeed.

Work Out Who Your Best Local Emergency Tradesmen Are

At this point I have to confess that I have twice locked myself out of my home. The first time happened when I had just moved into a flat in London. As I stepped out for an evening of capital- based frivolity I watched in horror as the door swung shut behind me with my keys in it. The second time I was living in Spain and got back to my flat about midnight, soaking wet and ready for bed. Now where did I put those keys when I went out? That’s right; in a completely different pair of blooming trousers to the one I was wearing. In both cases I was left to hand over a large chunk of money to emergency locksmiths while wincing noticeably. It is a good idea to work out what emergency services you might need to use at some point and have the numbers of the best value ones handy. An even better idea is to not do silly things like lock yourself out.

Have Some Savings You Can Call On

I hate to add a note of pathos to the story but when I paid for the Spanish locksmith I had to hand over what was literally every single Euro I had. I had stored away a couple of hundred of Euros for a trip home and was absolutely gutted to hand it over to a guy who had spent about 10 seconds levering open my stupid door. Of course, it could have been worse. Some emergencies can force you to get into serious debt to pay them off. This is why it is such a good idea to have an emergency fund you can call on if need be. Even having a few hundred pounds tucked away somewhere safe can make you feel a lot more comfortable about facing up to the possible problems that life can bring.

Do Things Yourself

My tale of woe with doors has, thankfully, entered a quiet spell. However, I have recently run into problems with the old car I drive. It has started to cause me problems in a number of ways and my local mechanic now has pound signs on his eyes whenever he sees me trundling in with the emergency lights flashing. Because of this, I decided to learn a few bits of basic mechanical repair myself. I can’t claim to be an expert yet but I have managed to get the old thing moving again on my own a couple of times, once through fiddling with the fuses and once through sheer bloody-minded stubbornness it would seem. The more you can fix on your own the less it will cost you to do so.

Has planning ever saved you from financial problems?

6 Responses to Why Planning Can Stop Money Problems Turning Into Money Nightmares

  1. My blood boils too for all the little things in life that seem to constantly go wrong. I have actually gotten to wonder lately if I am cursed. Having a good emergency fund seems to be the only way to deal with the problems, although I always thought that the emergency fund was supposed to be for the big things. Oh well.

    • Robert Bell says:

      I’ve been through a few phases of thinking I’m cursed too Brad. I guess we all do. A big emergency fund would be nice but I was just meaning that having something tucked away could stop a problem becoming a more serious financial issue through borrowing.

  2. Solid advice on the emergency fund, that can save you in many ways AND help you sleep better at night!!

  3. I’m a big Do It Yourself kind of guy too….if there’s even a chance that I could fix something myself, I’ll search the internet or ask others I know to try to develop the skill to do something new. If you have to do it once, you’ll likely have to do it again in the future!

    • Robert Bell says:

      That’s great to hear Brock. The more we can do ourselves the less we need to pay for other people to help us out

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