Life is full of emergencies, big and small. Emergency funds are meant to protect us financially in these events, but we don't always have enough to cover them or perhaps we didn't foresee a money-draining event happening to us. What event surprised you that cost you a lot?
Photo by Dan Moyle.
Neal Gabler writes in The Atlantic how, despite being a successful writer with a middle-class income, he's living paycheck to paycheck. Gabler shares that, for him, much of this was due to his choices (choosing to live in New York, for example, and having children), but other things, such as getting sued by a publisher and losing a job, were less about choice. "But the problem with finances is that life doesn't cooperate," Gabler writes.
Unexpected expenses, by their very nature, are hard to plan for. Maybe it's finding out that your health insurance wouldn't cover 100% of a necessary procedure or maybe it's a divorce you didn't see coming. What event threw you (and your bank account) by surprise?
The Secret Shame of Middle-Class Americans [The Atlantic]