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  • January 30, 2020

Adult Life in the Lens: What Expenses Did You Not Know About?

Becoming an adult is something we all have to do one day, and even when we are adults we don’t often feel like we are able to control our lives. There are many different responsibilities we have to balance as adults and one of those is our finances.

Managing finance can be incredibly difficult for us, and life can throw a lot of extra costs at us that we never even realised would be there. Today we are taking a look at some of those costs and payments that you might not have considered this year.

Stamp Duty

When you purchase a home for the first time there are a lot of costs to take into account on top of the deposit. You’ll need to buy furniture, pay for the solicitors and much more. But one hidden cost we often take for granted is stamp duty. Stamp duty is a payment we make on a new home as tax for the land. Stamp duty is often fairly minimal in price but when you have so many things to buy already it can come as a bit of a shock.

TV License

If you live in the UK, you may already know that you have to have a TV license in order to enjoy your favourite programmes. When moving into a new house, you must remember to sign up and pay for this right away because otherwise it can really become an issue for you.

Divorce

We all like to believe that life will be stress free, we will get married and live happily ever after. The problem is is isn’t always the case. Divorce is something you never want to go through, and a family lawyer like Tully Rinckey will cost you money to hire and use during this process. Hopefully you will never need to use this, but if you do it is worth knowing the costs involved.

Car Maintenance

If you have a car, the costs you need to fork out will be more than just fuel. Maintaining your car is about washing it regularly, changing the oil and topping up fluids, and even taking it for tyre changes and MOT. You need to think about the real cost of owning a car and decide whether you really need it or not.

Insurance

Business insurance, home insurance, life insurance… there are countless types of insurance you can take out during life and they will all contribute to your finances. Insurance can be useful for a number of things so be sure to see which ones you need, and which ones you could get something useful from.

Tax

The most dreaded 3 letter word. Tax is a nightmare and it can be something you really struggle with as an adult. If you are self employed tax can be a complex thing to deal with and you must really knuckle down and take your time when filling in the return. Make sure when you earn an income to always hold some back in a savings account ready for your tax bill later in the year.

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