Start your ‘miscellaneous’ money fund

Bola Sol is a finance expert and author of How To Save It Recently, I made the out-ofcharacter decision to leave my house, despite the bad weather, spending the weekend at backto-back events with friends. What was the outcome? Well, as is my luck, I got sick. When illness struck, financial conservatism went out of the window: lack of energy meant resorting to takeaways ordered via an app, and unforeseen expenses for medicine. Not to mention, I missed financial opportunities as a result of prioritising my health and taking a few days off.

But as aches and pains, sniffles and coughs left my body, I started to consider it another financial lesson: we must start advocating for the inclusion of a miscellaneous fund in our monthly budgets. Life is unpredictable. This fund isn’t just for emergencies; it’s for those unexpected moments when you find yourself needing a little extra – whether it’s for last-minute social events, home repairs or even a spontaneous treat to brighten a dreary month.

Having this financial cushion can make all the difference, allowing you to navigate life’s surprises without derailing your financial goals. It’s about preparing for the unexpected and managing your money in a way that brings peace of mind, no matter how your day-to-day choices impact your financial wellbeing. With a miscellaneous fund, my week of flu didn’t make half the dent it could have if I had been living closer to the bone. So, with the new season coming – and a new tax year at that – let’s prepare our budgets for the change as well.