There are times in life when you may need a professional service of some kind. That could mean a lawyer, a financial advisor or a tax professional. 

Of course, each of those costs money and potentially lots of it. Budgeting for those costs is easier for a financial advisor or a tax professional because usually those fees are easily determined. 

Budgeting for a lawyer

Budgeting for a lawyer can be trickier because sometimes that need pops up unexpectedly. Maybe you have been in an accident and you need to sue or you’re being sued. In that case, you’d hire a personal injury attorney. 

Or, you need a defense attorney after being charged with driving under the influence. You also will need a lawyer to file bankruptcy.

Hiring a lawyer can be pricey. But when you need one, you need one. The average billable rate in the U.S. is about $260 per hour. 

If you’ve been operating on a budget, then your savings account or emergency fund that you’ve built up will go a long way toward covering the unexpected expense. Which you choose to use is up to you. You may need both.  

But if you’re strapped for cash, there are ways of paying the fee. You could convince the lawyer to work on contingency if the case involves recovering money. You also could take out a personal loan or use a credit card. Another option is working out a payment plan with the lawyer. The last three means taking on debt, of course. You may be able to find a lawyer who will work pro bono. 

For some legal situations, though, you can budget for the expense. Lawyers create wills and trusts, for example. They also can help you with whatever you need to establish a business. In those scenarios, you can research and get an idea of the cost and begin saving. 

Budgeting for a financial advisor

If you’ve reached a point where you want help managing your investments and money, you likely will consider engaging a financial advisor. A financial advisor is broadly defined. They may help with debt management, guide you in controlling spending and help you invest your money. Financial planners, estate planners, money managers and stockbrokers all fall into this category. 

Decide on what you need and then do a lot of research. Start with asking friends to get word of mouth recommendations. 

But don’t just jump in with the first advisor you meet. You need to make sure that you are 100-percent comfortable with the person and that they are competent. After all, you will be paying this person to help you with your hard-earned money. 

As part of the research, you will need to understand the fees the advisor charges. Some charge 1-2 percent of the assets they manage. Others charge by the hour, or they charge a flat fee annually. 

One of the challenges may be that the advisors have a prescribed minimum of assets they will manage and you fall below that limit. For solely investment advice, you could use a robo-advisor which is less costly than interacting with a person and usually doesn’t require a minimum level of assets. But you lose the personal interaction and advice. 

If you still feel like the fees are too much for your comfort, there are low- or no-cost resources that you can seek out. Your bank, for example, may be able to help you out, particularly with budgeting and planning tools. And those won’t bust a tight budget. 

Budgeting for a tax pro

With tax returns seemingly becoming more complicated each year, you may be throwing up your hands with doing your taxes yourself and looking to have someone else do them. The average cost of a hiring someone to prepare your taxes is about $176 for a Form 1040 with no itemized deductions. Add a Schedule A and a state return and the average price increases to $273. The price rises more as the tax return becomes more complicated. 

Beyond the tax return, though, perhaps you’re looking for tax planning advice, which could fall under the category of the financial advisor. Good tax planning, for example, could help reduce college costs down the road. 

Tax planning can help reduce your taxable income through a variety of methods. You will need to do your research and talk to different tax professionals to find the person that best fits your needs. 

Whether a tax professional or a financial advisor, you will have to make sure that the fees either charges fit within your budget. The same is true if you know you will need to hire a lawyer for expected situations. But for the unexpected, hopefully, you’ve built up savings or an emergency fund to cover unplanned legal expenses should they arise.