13 Ways To Prevent Those "Oh Nooo" Moments When It Comes To Your Money

Never let those surprise bills sneak up on you again.

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Life has a bad habit of sneaking up on us when we least expect it. Sometimes it's an annoying overdraft fee because our expenses got just a *little* out of control this month. Other times, it's a massive plumbing issue that's going to take some serious $$$ to fix.

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But the good news is that we can sometimes take steps to prevent those expenses from feeling unmanageable (even if we can't always prevent them from happening all together). Here are some tips that'll help you do just that:

Just always remember that financial advice is not one-size-fits-all. You should consider your own personal circumstances before following advice and consult with a financial adviser when in doubt.

1. First off, create a budget so you know exactly what's coming in and exactly how much is going out.

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We know the B-word can seem a little...intimidating, confusing, or even annoying. But a good budget can help you avoid spending more than you have. In fact, when you know how much you make versus how much you spend, you have the power to decide how much you're really able to save each month. So instead of just guessing how much money you can save, you'll already have a defined amount that you expect to save (and saving money means preparing for future goals and expenses!).

Your budget doesn't have to be complicated! You can actually make your budgeting process as easy as possible with a money management app like Simplifi (especially if making spreadsheets just isn't your jam). You can connect your bank accounts to the app, and it'll help you stay updated on your account balances, investments, and debts. Plus, the pie chart feature just gives you a really nice, visual way to see where your money is going!

Regardless of how you go about creating a budget, the most important thing to remember is that you need to be *honest* when tracking your spending. Don't work in purchases you already made so you can pretend you budgeted for them. Budgeting works best when you're fully honest with yourself about your needs and wants.

2. And once you get that budget going, cut down on regular expenses that start to feel a little unnecessary — you'll have a little more room to save or spend on things that matter more to you.

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You might be spending money on things that you can really easily live without. Think about those monthly subscriptions that just keep arriving at your doorstep, even though you couldn't possibly fit more stuff in your home, or all those streaming services that you just can't use all at once. Cancelling those expenses (or even finding cheaper alternatives for them) can help you save more money than you might think. And when you do free up that extra cash, you can transfer it into a savings or investment account to give your money goals a little extra boost for rainy days. It all really adds up!

3. Get into the habit of glancing at your checking account balance before you make purchases. This way, you won't accidentally spend more than you have.

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Just knowing how much you have available in your checking account can help you avoid overspending. We've all had one of those little "oopsies" where we thought we had enough money to cover a purchase but then a few days later, you find a pesky overdraft charge. Annoying! Simply taking a look at your account balance before purchases (especially large ones) can help you avoid this.

4. Also try to keep a bit of a cushion in your checking account so that you don't have to worry about overdraft fees.

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Another way to avoid an overdraft is by building up a cushion in your account that you aren't allowed to spend. Try to keep a minimum of $100 in your account, so if your balance is getting dangerously close to $100, that's your cue to avoid additional spending so you don't eat up your cushion. Having a cushion can also come in handy if your account has a required minimum balance that you can't fall below — a required minimum makes things tougher, but once again, the cushion will help you avoid getting charged for going below your minimum.

5. Comb through your credit card statements thoroughly. It'll help you catch unfamiliar charges sooner rather than later.

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Sometimes, you might think you paid for something just once, but you don't realize that you accidentally added two of the same thing to your cart. Or, you might've accidentally signed up to subscribe to getting a product monthly, so you just keep getting charged for it. Catching these accidental charges sooner can help you avoid paying for them for months and months and months. Plus, it'll keep your credit card balance available for the expenses you actually need.

And if the unfamiliar charge you noticed turns out to be a fraudulent one, make sure you contact your credit card provider right away to take action so that you won't be held responsible for the charge.

6. Start building an emergency fund, so you have cash to draw on when unexpected expenses pop up.

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An emergency fund is a safety net of money that you can use for unexpected expenses or unforeseen circumstances. Think medical emergencies, surprise home repairs, or an unexpected car expense. Having this fund will help you avoid going into debt when life's little ~surprises~ happen, and it might give you some peace of mind too.

Ideally, a sufficient emergency fund would be able to cover closer to six months' worth of expenses to really be on the safe side. So if you spend $3,000 per month on essentials, a fund of $18,000 should be able to keep you afloat for six months. But if you're just starting out, getting your emergency fund to just $500–$1,000 is an impactful goal that could really come in handy if any expenses creep up on you. Here are some handy emergency fund-building tips that can help get you on your way!

7. Also consider starting a family emergency fund. It'll give you a way to help your family (parents, siblings, cousin, etc.) cover a surprise expense without eating up your personal emergency fund.

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According to Latina money expert Jannese Torres-Rodriguez, having two emergency funds — one for herself and one for unexpected expenses that creep up on her family members — can help her give her parents a financial assist without depleting her own emergency money. She mentions that it is very common for children in communities of color to provide financial support to their parents, siblings, cousins, and other family members — and as a WOC, all I can say to that is yeah, 100% true.

Having an emergency fund that's just meant for you to help your family cover a surprise expense can take some of the stress out of worrying about what happens if your family's emergency depletes your personal fund. Even a fund of just $1,000 can make a difference and give you a little more peace of mind. But before you start building an emergency fund for your family, make sure you have one for yourself! And if the idea of building another emergency fund from scratch feels overwhelming, get your family onboard to contribute a little here and there.

8. Don't invest money you'll need in the next few years.

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Investing has its perks: It can help you grow a nest egg for your future, or, when done strategically, could even help you gain wealth and improve your living conditions. It can also be a source of income, especially for those who are able and willing to put more money at risk for a larger return down the line. But it's always important to remember that you should never invest money that you're going to need soon. The reason for this is because the market has its ups and downs, and if you invest next month's rent money today, there's no guarantee you'll have more money than you started with — you might lose some of that money if the security you invested in dips when you're ready to sell.

Instead, it's usually a lot less risky to approach investing from a long-term perspective. Plan to not sell your investments for at least 10 years after putting your money in. And, use your handy, dandy budget to divvy up your expenses, pay your debts, save some money, and then invest a little bit of what's leftover.

9. When you're hanging out with friends, be honest about what you can or can't afford.

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Look, no one wants to be in a position where they go out with friends, begrudgingly agree to drink after drink (because FOMO), and wake up the next day to a negative account balance. Honest conversations about money can be hard, but when you're out with friends, you don't need to explain your decisions. Simply saying, "I can't afford that," or "I'll have one drink but that's it for me," should be enough. Plus, you might be surprised by how liberating it can feel to stop pretending like you're not secretly freaking out on the inside when the bill comes around and you have to add your credit card to the pile to split a lofty total.

10. Plan your meals before going grocery shopping — it'll help prevent over-shopping (and overspending) on things you don't actually need.

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You might've found that you tend to spend more when you go to the grocery store without a shopping list. That's because everything looks like a good idea, so you pick up things you think you need (and oftentimes that might end up just being mostly junk food).

When you shop with a list, you know exactly what you're going in for, and you'll reduce the likelihood that you'll overspend. This way, the money you save can go toward another necessary expense, or even to your savings.

11. Save up some extra money for home renovations before you close on a house. Unexpected breaks do happen!!!

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One huge mistake home buyers often make is forgetting to save up some money for any fixes when they buy a home. You'd be surprised by how many things just magically break or need replacing as soon as you close on the home! Having some cash stashed away specifically for those expenses can help you avoid digging yourself deeper into debt to take care of those costs.

12. Exhaust all other options before you decide to withdraw money from your retirement account early.

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Withdrawing money early from a 401(k) or Roth IRA can get tricky if you aren't aware of the consequences. With a 401(k), you will pay a 10% penalty for making early withdrawals, plus you'll owe taxes on the amount you withdraw. But with a Roth IRA, you can make a tax-free withdrawal on your contributions, but if you withdraw money earned from those contributions, you'll pay a 10% penalty. Basically, you could pay a price for early withdrawals.

Having an emergency fund is a great alternative for covering unexpected expenses. You may even consider borrowing the money from a family member, if possible, before resorting to taking money out of your retirement account.

13. Lastly, see if the college that accepted you has any scholarships and grants that you can apply for before you go all in on student loans.

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Student loan debt can be a real weight on your shoulders. Sure, it seems like you have a worry-free way to pay for college at the time, but after you graduate, you'll need to pay them back. And the interest rates on student loans can leave you making payments for decades. This, of course, eats into the amount of money you have available to save or invest.

Once you've been accepted into the college of your choice, ask about the scholarship and grants they offer. You can either check the college's website or contact their admissions department directly. They might be able to give you some tips or tell you more about the scholarships you might qualify for.

Sometimes schools offer scholarships if you belong to a certain group or have special academic or athletic achievements. There are usually grants available for students of color, first-generation college students, and students with high GPAs.

Some schools even dole out money if you're interested in a certain career or program at their institution.

What's a money tip that you really think more people should know about? Let us know in the comments below!

And while you're at it, check out some of our other personal finance posts.