Consumers ‘should financially prepare’ for unexpected outgoings

People need to be aware of the fact that they are likely to face certain unexpected outgoings over the course of a year, an expert has noted.

According to David Rodger, the Debt Advice Foundation’s managing director, things like white goods, MOTs and birthdays are all potential costs which consumers will need to financially prepare themselves for.

"It’s a good idea to save up for these in advance," Mr Rodger said.

In more general terms, the commentator also addressed the issue of budgeting, noting: "You have to know what you have coming in and what you have going out to pay the bills and the mortgage."

People will be able to see the amount of spare cash they have available each month once they are fully aware of their income and outgoings, he added.

Meanwhile, Mr Rodger recently suggested that consumers considering the use of credit cards this Christmas may want to assess the affordability of their 2010 festive plans by making shopping lists.

Source: vanquish.co.uk