My car’s had it’s service and it turns out there are a couple of additional things needing done to it.  So, it’ll be back in the garage on Thursday.

Fortunately, it doesn’t need a lot.  However, the bill (including the service and fixing the window from last week) will come to £431.  Not an insubstantial figure! 

If you got a bill like that, which you weren’t expecting a couple of days ago, what would you do? 

Reach for the credit card?

Well, not me.

Because I don’t have one.  (I’ll save credit cards for another post later on)

Car repairs, as opposed to routine maintenance/servicing costs, are a good example of the type of situation that can crop up out of nowhere.  Like the washing machine breaking down or your television going on the blink.  And, isn’t it when you least expect it?  

This is where it is really good to have an ‘OOF’ Account.

A what?

An ‘OOF’ (Ordinary Occurrence Fund) Account.  This is for events or situations that do not happen every month.  Or at any specific time of year, for that matter.  But for which you have made an allowance in your budget each month (until the account is fully funded).

It’s like having an ’emergency fund’ but I don’t like to think in terms of emergencies.  For me, an emergency conjurs up an image of a crisis with some tension, distress and difficulty. 

Instead of unnecessarily dramatising the event (which the Ego loves to do) you could look at the situation instead, as it is:

“My car needs fixing.  And it’s going to cost!”. 

There’s really no emergency in that, is there?

And, having the benefit of an ‘OOF Account’ means that you don’t have to suffer unnecessary mental anguish, or stress yourself out, over how to pay the bill.

Now, how much you have lying in the fund is entirely up to you.  It might be as little as £100.  Although, I would suggest, anywhere between £500 and £1,000 is a fairly nice cushion to aim for.  Such an amount can certainly help you feel a little more comfortable and relaxed.   

Just reflect for a moment.

Isn’t that what you’d prefer, to be more comfortable and relaxed?

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