COLUMN - Money Matters with Amanda Heath at Melton & District Money Advice Centre
Your washing machine breaks? A new dentist bill? Repairs needed on your car?
Income shocks, as they can officially be called, can come to any of us at any time.
Leaking taps, the boiler breaks – something you did not plan for suddenly happens and it was not in your financial plan for the year.
You wanted to go in one direction and now you are heading in another, and it hurts!
So what can you do?
REASSESS – if this is now urgent, other things will have to wait.
A revisit to the budget needs to happen.
Needs and wants, we are always making these choices as none of us would say we have enough money for everything we desire or need.
LET GO – you may feel a bit bitter about having to pay out again in areas you did not want to but must.
The boring things: repairs, bills, mending things.
When you wanted to save for a holiday or treat yourself to something nice.
The grieving process should not be underestimated as you adjust to a swerve in the path you wanted to head along financially.
BUILD AGAIN – you come to terms with the fact that the holiday now looks different, or the new school uniform may have to be second hand again.
You make a commitment to cut back on food shopping for the next three months to get back onto an even keel.
CELEBRATE YOUR WINS – you’ve found a way to move forward, re-looked at your priorities and came out fighting.
Sometimes we win, sometimes we lose but celebrate your plan of attack, even if it meant that it will take you another six months to repay debts, have more money spare for leisure or food bills.
A LESSON LEARNED – as I always say to my children ‘lesson learned!’.
If something you go through can help you in the future or empower and support others, well then, it is a lesson learned that can be used in the future.
**Melton & District Money Advice Centre has helped thousands of local people deal with debt problems and those who need help with budgeting.
Go to www.madmacmoney.co.uk to find out more.