The cost of foolish mistakes
We all make expensive mistakes from time-to-time. Some new research from MSN Money has revealed the true extent of these across the UK.
They have called these, rather harshly, ‘idiot taxes’; this describes forgetful and stupid acts that cost people money they would rather not have to spend.
Top of the list is the loss or breakage of mobile phones.
A quarter of those asked by the survey admitted to having to pay to replace a lost or broken mobile phone. It is something that costs the nation up to £2.4 billion annually.
Other ‘popular’ expensive foolish mistakes include forgetting to return a DVD or library book, mistakenly putting diesel in a petrol car and forgetting to pay the London Congestion Charge.
The total cost of these mistakes across the UK is estimated to be £4.4 billion each year.
Unfortunately, there is little we can do to avoid making these mistakes occasionally. They do highlight the importance of having appropriate insurance in place and making sure you have an ’emergency fund’ of accessible cash savings, to ensure you can meet these costs when they arise without having to take on expensive debt.