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PlymouthMaid wrote: »An unexpected emergency is basically a nightmare when a person has no income left after essentials are dealt with.
A boiler won't pack up, a tyre won't blow, a battery won't run out, a prescription won't be free just because somebody exhausted their overdraft or because they lost their wallet with all the debit/credit cards or because they ran out of money for some other reason.
All sorts of unexpected things might never happen to any of us, hopefully, but could happen to anyone of us at any point in time. Not having any insurance, from third party or from your own money, for unexpected things should not be an option any of us choose voluntarily. We all have the choice to insure, or to decide not to insure. Bottom line is that if you don't run your private or 3rd party insurance, you are just running an extremely high risk. Most people would find it a totally unnecessary risk to run.PlymouthMaid wrote: »Luckily i still have some savings from when times were better but when they are gone then I am screwed as I cannot increase my income very much.
Everybody should be putting some money into their emergency cash fund each month, or each week if they are paid weekly. The emergency fund should/must come before what the OP calls "'fun' spending (clothes, socialising, treats etc...)".
There are some great interest paying current accounts for those who wish to put a little nest egg to one side for unexpected emergencies.0 -
Thanks for your 'advice' - my budget is pretty much cut to the bone as it is and is continually reviewed. The only possible 'saving' would be to get rid of the internet and that is a lifeline for work and leisure since we never go out. Sometimes wages are just too low to save anything since prices have been going up continuously for years now and wages have not. I agree about the emergency fund coming before the fun stuff but I do not do ANY fun stuff which costs money."'Cause it's a bittersweet symphony, this life
Try to make ends meet
You're a slave to money then you die"0
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