Unexpected €5000 expense. What would you do?

mohawk

It would be a big expense and we would have to sacrifice other things like holiday savings to do it

Although I have a rainy day fund for a reason I don’t like ever having to touch it.

Padre_Pio

https://www.boards.ie/discussion/comment/119708261#Comment_119708261

Professional liar

fits

Went part time for a few months and got such an unexpected expense in July. Back full time now and been hit with emergency tax. We could absorb it but it wouldn’t be good if another such expense came along right now.

spurious

€5000 would be about 20% of my annual income.

I would ask my siblings to help out and pay them back over the long term.

Feisar

https://www.boards.ie/discussion/comment/119707093#Comment_119707093

My Dad does his nut in with the way things are built these days to make it impossible to repair them.

The Mighty Quinn

https://www.boards.ie/discussion/comment/119707776#Comment_119707776

My sister earns about 1/3 of what I do, and has at least 5x amount of savings.

Mikefitzs

It would be a dig into the savings but that's what the savings are for. I don't pay for all the silly insurances people get with phones and furniture etc, just save that money, it builds up quiet fast. Every time you buy something you need and have got it at a discount you need to save the difference. This all adds up to make a nice bundle of cash over a short few years. If you don't have the €5k either go the credit union, community welfare officer, Vincents or do without.

L1011

We (couple) would pretty much always have more than that in savings. But a few years ago we absolutely didn't, and it's only being quite careful with regular outgoings that's allowed that to change without massively choking discretionary spending; plus job changes / promotions going ahead of inflation.

Most people aren't going to remove any last shreds of fun from their lofes to save up for an unexpected event. I didn't.

banie01

It would be a shock but it'd be a shock I can afford at this point. TBH I'm in a very lucky/secure situation where the house is owned own right, the savings are adequate and the investments are still (especially now) doing well. If I got hit with a second 5k bill in short order, I'd probably sell a watch or 2 rather than dip further into the savings.

...Ghost...

I had 5k set aside in my emergency fund, but bought a Tesla last month, so I am broke again ☹️

Gonna build it back up, but if I had 5k unexpected expense today, I would have half across my random savings and maybe put the rest on credit card which I keep clean most of the time. It would be an inconvenience, but not a real worry. A year ago....it would have me shafted.

Real Donald Trump

Use it as credit towards energy bills, would give me month or 2 breathing space at least 🤣

Mellor

https://www.boards.ie/discussion/comment/119708254#Comment_119708254

Which part of my post do you think that counters? I was talking about TVs not PCs. Of course PCs are modular. Which is why PC repair (and custom build) exists but TV repair does not.

There are still some easily replaceable parts on washing machines, ovens, etc. But they are increasingly smaller and on the visible due to the economics of dismantling a washing machine.

https://www.boards.ie/discussion/2058266209/unexpected-5000-expense-what-would-you-do

Years ago I started putting money in my local Credit Union. Some weeks it might only be £1, but it was invaluable down the years for the emergencies that crop up from time to time in any household. Whether taking the money out or a loan. The repayments were always reasonable.

Airyfairy12

Id have to sell my car, my laptop, my phone and hand over a full months wages to pay off 5k in one go.

Squeeonline

https://www.boards.ie/discussion/comment/119721047#Comment_119721047

But if you did that, would you still be able to get to your job and do your job? Would kinda be more problematic than taking on some debt than losing your ability to earn.

I Blame Sheeple

die.

Geuze

https://www.boards.ie/discussion/comment/119707475#Comment_119707475

Data from the 2021 SILC

https://www.cso.ie/en/releasesandpublications/ep/p-silc/surveyonincomeandlivingconditionssilc2021/

Median household incomes (I am not using mean, as that is affected by outliers)

Gross = earned income plus welfare benefits = 56,659

Disposable income, after direct taxes = 46471

victor8600

I would have to dip into savings, and spend less for a while until the savings balance is restored.

Geuze

Some CSO data on financial assets, 2020.

Geuze

More data from SILC, also median household incomes.

These are disposable, after social benefits and direct taxes:

noahungry

Gladly, I started saving a long while ago, but cannot say I was putting aside a decent amount each month since then. So, I wouldn't have to sell anything, but for sure no holidays and I would have to wave goodbye to that cool couch that I have my eye on. Plus, I would have to add from my salary to get to that amount, so... Let's just say it would be challenging. 

yourdeadwright

Pay it with savings but there be no coffee's or eating out for at least a month to try make it back ,

Northernlily

I'd have to dip into the mortgage savings account for the €5K. This year I have added nothing to it which is a great pain for me as there was so much travel and social events but locking myself down again next year to get out of this renting shite once and for all!! It would annoy me to go in for €5k.

Good thread though, food for thought. We earn well on a global scale but with the cost of everything many of us are not that far off from ruin if **** really hit the fan.

lawred2

https://www.boards.ie/discussion/comment/119706963#Comment_119706963

5m would do me in alright

Shauna677

You can pick up reasonable priced second hand household appliances in the likes of done deal.or Facebook market place etc. You do not have to fork out a grand for a new fridge freezer if you haven't got the money to pay for it. Buy a second hand one for 100 that will most likely last you a year or 2 and start saving for the new one. There's ways and means, it doesn't always have to be a new item.

Shauna677

https://www.boards.ie/discussion/comment/119992049#Comment_119992049

A month passed by quickly. 😊

Shauna677

https://www.boards.ie/discussion/comment/119707895#Comment_119707895

That's very tough. Can you not avail of the HSE Treatment abroad scheme if the treatmen the child requires is not available in ireland. https://www2.hse.ie/services/schemes-allowances/treatment-abroad/about/#:~:text=About%20the%20scheme,not%20available%20in%20Ireland%2C%20or

Shauna677

https://www.boards.ie/discussion/comment/119708061#Comment_119708061

Plenty of people buy a second hand fridge and often there are just a few years old. People who move home often want to buy their own appliances or they bring their own appliances with them. They sell off what's left in the house or give away for free. Other people sell off stuff due to emigration etc. There's no shame in buying second hand while you save for a new model. We have become such a throw away society over the last 20 years, it's shameful to see perfectly good appliances being dumped and the whole environmental damage created as a result.

Akrasia

https://www.boards.ie/discussion/comment/119992148#Comment_119992148

You're clearly not a part of the elite like I am

Akrasia

Btw. If you want to know where all the money goes. This lad gets it

https://youtu.be/hviZpLtmOUE