Unexpected €5000 expense. What would you do?

Scotty #

https://www.boards.ie/discussion/comment/119993532#Comment_119993532

He really doesn't. 12 minute rant about the british economy declining and not one mention of brexit, it's all covid's fault.

Take the money off the rich and give every adult in the UK £12k.... utter shite talk.

c.p.w.g.w

Genuinely wouldn't be an issue, which i find mad, considering the history of work & pay but I'm a good saver and still have clothes in my wardrobe from 10 days ago

Akrasia

https://www.boards.ie/discussion/comment/119999072#Comment_119999072

He wasn't talking about the British economy declining, it was about the transfer of wealth from the poorest to the richest.

There is plenty of wealth in the British 'economy' but it is not circulating because the rich pay almost zero tax on their wealth, and don't cicrulate that money in a way that benefits the economy.

Gregor Samsa

https://www.boards.ie/discussion/comment/119999143#Comment_119999143

still have clothes in my wardrobe from 10 days ago

I'd say if you make it to the two week mark, the entire fast fashion industry will collapse.

Sunrise_Sunset

Would pay it out of my emergency fund. It'd take me a while to build it back up again though. But luckily I wouldn't need to go into debt over it.

Xidu

https://www.boards.ie/discussion/comment/119709132#Comment_119709132

Maybe not. Like Apple/Google/Amazon director would definitely have that much income. Dentist maybe also.

BrianD3

5000 or a lot more than that would be no issue. I don't need to worry about money because....I worry about money. I've always lived a modest frugal life - as did my parents.

Stating the obvious here but many people are idiots when it comes to money. Earning a decent salary and spend, spend, spend, living paycheque to paycheque with no headroom for emergencies. BMW SUV on the drive and can't afford to put tyres on it when needed so drive around on bald tyres and then scrape something together when the NCT comes up.. Little financial independence, Dependent on employers, banks, the state and other people. Fall out with their own family over money and inheritances, result is handing over money to solicitors who love nothing more than a family row over money.

The upside of being bad with money is, if you have splurged on crap and have no savings as a result it is a huge help for passing various social welfare means tests. Someone might not be be able to pay 5 grand to a plumber when their boiler bursts but then again, their house may barely need heating due to them having received tens of thousands worth of free upgrades and insulation under the warmer homes scheme. If you have more than 40k in savings the means test for social welfare is penal - means from capital will be assessed as 4 euro per WEEK per 1000 euro which corresponds to an an annual interest rate of over 20%. Try getting that rate from savings and investments.

maninasia

8 years ago yes. Now it would annoy me a lot but not a hardship.

I make it a semi-regular habit to withdraw 180 or so in cash every month and just chuck it in a drawer at home. Probably got 6 or 7k now. Don't miss it from my account and handy to have if needs be.

AndrewJRenko

https://www.boards.ie/discussion/comment/120054763#Comment_120054763

You’re so considerate to think about your local burglars.

Jim_Hodge

https://www.boards.ie/discussion/comment/120054763#Comment_120054763

I do the same but as a transfer to a savings account that's a lot safer.

Ah yeah, it's just sorta free money that I don't really consider part of savings. Its just there.

anewme

It’s a right pain ! Last year I had a 2300 bill as the boiler went. This year the fridge /freezer went so 600. Pain in the hole but was able to pay.. As someone else said, after about 15 years everything starts going in a house. Reckon the dishwasher is this years bill.

cnocbui

The number of people who could actually afford such an expense is shocking. The government needs to increase taxes across the board as it seems far too many people are able to hang on to some of what they earn, Clearly DIRT isn't doing the job it was designed to. With interest rates going to zero the tax lost it's mojo, so the government should re-jig DIRT so it's not on interest, but 20% of the principal pa. That should sort out all these smart arses who save money.

iniscealtra

I have an emergency fund in the credit union for unforeseen expenses. It would be fine as I have planned for it.

satguy

5K , Not a chance..

Maybe 1K with some cutbacks,, But a 5K hit would be a killer..