Do you find yourself dipping into your savings accounts more than you'd like to, to cover expenses that you didn't plan for? If so then don't worry, you're certainly not the only one.
In fact, the average UK family faced £1,800 of unforeseen payments in the past year alone, in relation to our children, home, car and personal finances.
The most common expense, which all of us will have experienced at one time or another, was found to be an unexpected car repair bill - with over half of us admitting to having to pay this over the past 12 months at an average cost of £268.
Research from M&S Money also revealed that the most costly expense faced by Britons during the course of last year was getting an invite to a wedding abroad. In such circumstances people find it hard to say they won't attend, and six per cent of households had to pay an average £950 for this unplanned cost.
Just dipping in?
Of the 2,000 UK adults that were surveyed, 28% stated they had to use their savings to cover the cost of solicitor's fees at an average cost of £894 - which itself is £2 more than the average monthly household surplus.
However, while families are able to draw upon their monthly surplus income for smaller unplanned costs, such as children's hobbies and car insurance excess, it does mean they are less able to save to build up a contingency fund to pay for the larger items when they occur.
The thing about unexpected expenses is that they tend to be, well, unexpected. That is why having a savings account is a near crucial idea. Those who don't have one still have to pay for unforeseen outlays, but they are forced to do so by entering the red.
Money that is put aside is not just there for a rainy day, it is there as your insurance. That way if something unforeseen occurs you have the funds to pay for it.
Choosing the right savings account for you
When it comes to choosing a savings account there are plenty of options out there. Remember to do your research and see what different banks and account types offer.
And If you already have a savings account, then click the link to scroll through this sound advice on how to protect your money.