6 Inconveniences Of Life You Should Have Savings For So You Can Stay Financially Stable

6 Inconveniences Of Life You Should Have Savings For So You Can Stay Financially Stable
  • Opening Intro -

    Life comes with a lot of unexpected turns, and a lot of those can end up costing you quite a bit, especially if you don't have some sort of savings set away for such an occasion.

    There are numerous reasons why any responsible adult would want to have a nest egg of savings earmarked for a rainy day, and a lot of them are often overlooked when budgeting is concerned.

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Savings can help in any situation where a large sum of cash is needed in an emergency. Without savings, one of these emergencies might force you into financial ruin in the wake of debt and building interest payments. It’s best to avoid those things at all costs. Below are six things on which you might have to suddenly spend a large sum of money.

Replacing Large Appliances

Even if your home is brand new, there is a chance that some of the large appliances in it might malfunction or break down at some point. Most large appliances, like refrigerators, ovens, washers, driers, and dishwashers, are quite expensive, sometimes ranging over one thousand dollars for premium products. If one of your appliances goes out, you’re going to want to replace it with one of equal quality, especially if it is part of an existing set in your kitchen.

Car Accidents & Maintenance

Even with car insurance, certain things are going to have to come out of your pocket when it comes to caring for your car. If you get into an accident, you may not have enough coverage to completely cover the damage to your vehicle, or you may have to pay a deductible of several hundred dollars for the coverage to kick in. To save money, work with professionals that are experienced so you don’t have to pay more to keep fixing the problem. Check out CascadeCollision.com so you don’t have to worry about cost or the quality of your repairs. There are also car problems that aren’t covered by insurance, like issues with the engine or even standard maintenance. Cars often don’t have coverage for flood damage either, which means any water damage repair will come out of pocket.

Unexpected Medical Bills

Medical bills can be a huge burden, so saving for unexpected medical expenses is a good idea. Health insurance often requires either a copayment or a deductible, so you’ll need some savings for the most basic medical services. Some things may not be covered by insurance, which would mean the entire cost would have to be paid out of pocket. You also have to consider the cost of any ongoing prescriptions or treatments that may not be covered by insurance, and the cost of missing work. Many people fail to consider these extraneous medical costs and therefore don’t prepare for them, but they can be a huge financial drain if overlooked.

Home Damage

Your home insurance will only cover so much, and most of what happens to your home won’t be covered. General maintenance of the structural components of your home can be quite costly, especially if there is excessive damage caused by something unexpected like a falling tree, lightning strike, flood, or anything else that could damage your home.

Replacing Furniture

Furniture goes through normal wear-and-tear just like any other heavily used item, and those old pieces won’t last forever. Replacing a piece of furniture can take time if you don’t have savings for such an occasion. You could put new furniture on credit, but then you’ll pay exorbitant interest prices that could be avoided by simply saving beforehand.

Job Loss

Losing your primary source of income can be quite hindering, and without some savings to fall back on it can be life-altering. You may end up going without pay for months, and your daily living expenses will start to add up. A padded savings account can give you peace of mind in the event of a job loss.

Without some proper savings, these events might cause you to lose financial stability. Put aside ten percent of your income for emergencies, and consider it invisible unless absolutely essential. That way, when something essential comes along, you’ll be completely prepared.

Financing Management reference:

why refinance your home

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