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You know, in an economics course, students are told about many economic laws, and it would be worth adding a few more - the so-called “Murphy's Law.” For example, the eighth law, which says: “If everything seems to be going well, you have obviously overlooked something.” It’s incredible how many bad things could have been avoided if people had listened to these laws...

But today we’re not going to talk about that entirely. Even if our financial condition looks great today, in fact, no one can guarantee us that this will continue for a long time. And in human life, there are many expenses, both regular and unexpected, that can punch a big hole in even the most powerful family budget. You can read about everything related in this selection of ours, based on this viral thread in the AskReddit community.

More info: Reddit

#1

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Almost all the random expenses that come with home ownership. New hvac. New roof. Sewer line repair. List goes on

Didntlikedefaultname , Brett Jordan Report

#2

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Anything teeth related

popntop363 , Anna Shvets Report

#3

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Having a baby with absolutely any health problems.

Folks are starting to understand just having a kid is expensive (birth, day care, cost of the car seat, etc.), but having a diabetic toddler or a child who needs heart surgery is just off the charts.

My friends from college had a baby with vision and hearing impairments. It's absolutely upended them financially. It changes who can babysit, who can/will go to doctors visits, and pretty much every part of their house has had to change. She's not even school aged yet.

Clever_Mercury , CDC Report

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Donald
Community Member
3 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

My sister has OI and my family live in the US so my parents had the option to stick her in a wheelchair and just have that be her life or spend tons of money on "non essential" therapies and surgeries so she could at least walk like other kids in her school. The financial stress was almost insurmountable even with decent insurance but the emotional toll can't be put into a monetary amount. My heart goes out to anyone raising a child with any disability. If that is you just know people who lived through it see you and I don't speak for everyone but most of us are here to help if you need it.

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The art of managing personal finances in the turbulent contemporary world is not an easy task. It’s not for nothing that today you can find literally hundreds and thousands of master classes on this issue - and hardly a few percent of them will be truly wholesome and effective. In fact, it is unrealistic to calculate what unexpected problems may affect our financial condition, but it is quite possible to minimize their negative effect.

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#4

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Getting old, your body doesn't work like it used to. Ageism in the work place. Medical cost

Icy_Entrepreneur2380 , Pixabay Report

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Peter H
Community Member
3 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Especially if you’re aging while paying to take care of elderly parents and/or college-aged children. People assume boomers are all rich and carefree, but that’s not even close to being true. (Now here come the people saying “OK boomer”.)

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#5

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Vet bills. My dog has had 3 surgeries in the past 3 years.

Edit: no pet insurance. All cash unfortunately.
But that’s what money is for and you plan ahead for these things. If my dog wasn’t on his last few years I might do Insurance. I don’t know much about it.

Edit: pet insurance it is. 👏

idk_man_sheesh , Tima Miroshnichenko Report

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Rtblast66
Community Member
3 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Unconditional. Spent $10k (AUD) on our dog last year, bowel cancer. Still with us :)

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#6

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur They’ve done economic surveys; most Americans couldn’t afford an unexpected $1000 expense.

So… just about friggin’ anything.

bonos_bovine_muse , Karolina Grabowska Report

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Austin L
Community Member
2 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I wish it was a $1000 problem. I have to save ahead of time to go to the doctor because on top of the co-pay we get these surprise bills months later because the insurance "only" paid part of the bill from the doctor and they send you the remainder...this is from a typical office visit at a "primary care" facility.

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“Economics is actually a pretty simple science - especially when we talk about personal finance,” says Olga Kopylova, Ph.D., associate professor of economics at Odessa National Maritime University, with whom Bored Panda got in touch for a comment here. "By and large, we are talking here about the ability to balance income and expenses, as well as proper timing for some really big expenses."

“You know, this kind of monetary logistics is to understand at what point you can afford to go into the red and when not. The ability to connect cash flows in space and time. And, of course, a clear understanding of what expenses we can afford, and which ones we can't. True, this will require not only certain knowledge, but also rational thinking, not overestimating one’s strengths and capabilities - but this is not always achievable, unfortunately," Olga summarizes.

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#7

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Extremely low wages for “entry level” positions that require a degree and ten years of experience.

sidneyzapke , Fox Report

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Steve Hall
Community Member
2 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Hey, I remember saying the same thing in the 1970s, the more things change, the more they stay the same.

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#8

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Job loss.

Near instant doom spiral.

BORG_US_BORG , Jakob Owens Report

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Alexandra
Community Member
2 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Granted, losing your job sucks, but if you have worked for four years straight, you at least get 2 year's worth of unemployment benefits, which is about 80% of your wages. You are required to find a job in the meantime, of course, but at least you have some sort of income. If you have worked less than 4 year's straight, you are eligible for social benefits, which is lower than unemployment, but it can be supplemented

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#9

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur One I saw too often was when the husband dies, the pension stopped. It sucked helping older women find jobs, especially when they had no experience in any job. We had to provide training in soft skills, too, like showing up at an exact time.

cwsjr2323 , Andrea Piacquadio Report

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Papa
Community Member
2 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

. . . which is why when I retire in a few years I will likely choose the option with lower monthly checks, but it continues if I die before my wife (or make sure I have enough life insurance that she will be okay).

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And, of course, we always need to take into account the possibility of so-called “black swans” - events that always come unexpectedly, have significant consequences, and then, in retrospect, rational explanations can be found for each - but only in hindsight. The concept, introduced by the writer and financier Nassim Taleb, of course, relates mainly to the macroeconomic level - of states and large corporations, but it can be extrapolated to the personal level as well.

For example, a sudden illness that will require long-term and expensive treatment also occurs suddenly, has really serious consequences, and then we'll definitely provide quite a logical basis for it - for example, “I should have quit smoking earlier!” Thus, the impact of “black swans” on our personal finances cannot be calculated, but it is possible to create a certain financial “safety cushion” to avoid the main consequences.

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#10

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Car insurance. Don't get a ticket.

mistergrape , Oli Woodman Report

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Alexandra
Community Member
2 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Where I'm from, insurance has nothing to do with tickets. A ticket you pay yourself: insurance is for when you cause an accident or are a victim of one and the guilty party doesn't have insurance. It's illegal to drive without insurance, by the way. The longer you drive without making use of this insurance, the lower your insurance rate will be.

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#11

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Family members with poor financial management who have emergencies and no one else to go to.

Gloomy-Chipmunk6612 , Annie Spratt Report

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Ima Manimal
Community Member
3 months ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

No response IS a response. You were not their last resort… You were there most convenient…

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We sincerely hope that you, our dear readers, will not find yourself in an unpleasant situation when your personal budget is leaking and there are no additional funds to replenish it. And if this collection of thoughts and opinions ever saves you from an unpleasant financial case - well, then our efforts were not in vain!

#13

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Hospital bill.

I've been to the hospital twice in the last 5 years. The first time was a long weekend in the ICU. The second was checking myself into the ER.

Bill for the former? $40,0000. The latter? $17,000.

Fortunately I had "good" insurance and only paid (checks notes) about 5 grand for both.

Most people don't have "good" insurance or 5 grand they can drop when the guano hits the air conditioner, and I got off light.

gogojack , Pixabay Report

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James016
Community Member
3 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

My son was rushed to hospital on Friday. Cost to us on the day was £0. Please sort this one out America. You deserve better.

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#14

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Long Term Care costs.

If you can't take care of yourself, you should budget about $50K-$100K a year. So many planned inheritances go up in smoke because the money they wanted to give their kids goes to their long term care.

Long term care insurance is important folks. Make sure your parents have it.

SomeGuyInSanJoseCa , Matthias Zomer Report

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Mobey Drunk
Community Member
3 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I don't even make $50K a year. How in the hell am I supposed to budget that or more if I don't even have that to live on before something like that happens?

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#15

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur When you have zero family and friends you see that s**t hits the fan all the time. And it’s costly. You don’t realize just how often until you’re 100% on your own.

Even worse when you live paycheck to paycheck. It’s nearly impossible to prepare for these kinds of things. And don’t even try to rely on anyone, it just adds bumps in the road.

All you can do is save save save. Every penny counts.

Dangerous-Ocelot948 , Luis Fernandes Report

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Donald
Community Member
3 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Most of us are a paycheck away from the s**t missing the fan and hitting the ceiling. I'm so lucky to have a decent safety net saved up from when I lived at home.

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#16

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Social Security overpayments. Hello! This is the SSA, and we overpaid you $20,000 over the course of your disability. Please, pay it back in full in 30 days.

SurplusZ , Karolina Grabowska Report

#17

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Needing a heart stent in their 40s even though they are a runner in very good shape.....and their insurance has a 10K max out of pocket.

Completely hypothetical and happening on Monday.

thestereo300 , Antoni Shkraba Report

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Forrest Hobbs
Community Member
3 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Most developed nations don't have problems like that. Even Cuba does this better than the US.

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#19

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Not planning for retirement.

Social security isn't as much money as you think, and if you don't have IRA or 401k you're planning for poverty

McFeely_Smackup , MART PRODUCTION Report

#20

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Unexpected car repair.

SoMuchEpic95 , cottonbro studio Report

#21

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Getting sick.

GratuitousSadism , cottonbro studio Report

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Lavern Defazio
Community Member
2 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

This. I have been sick too many times to count. High volume retail can kill you.

#22

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Living too long. It runs out.

Tall_Mickey , zhang kaiyv Report

#23

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Family funeral.

dumbfuck , cottonbro studio Report

#24

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur The difference in registration and insurance when you get rid of the Buick your parents bought you in high school and the new SUV you just bought.

NeverDidLearn , dave_7 Report

#25

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Family member committing a serious crime.

dumbfuck , RDNE Stock project Report

#26

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Mortgage renewal interest rates

Thebeardedchampion , Karolina Grabowska Report

#27

People Don't Usually Save Up For These 27 Things And Face Financial Shock When They Occur Escrow shortage.

palkdog , Karolina Grabowska Report

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A girl
Community Member
3 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Geez. Not going to name names but WF is notorious for this. We stash a little away every month in anticipation of their annual miscalculation.

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