At the moment, my family and I are financially secure. However, in the past, we have had some major expenses that have thrown off our budget and caused us to use our credit card. Water damage to our home and my dog's cancer treatment were two emergencies that cost us close to $20,000. Although we are able to pay our bills and even have some money in our savings account, I know something expensive could be lurking around the corner. Here are three potential expenses that could throw off my family's budget.
We have two cars. Both are paid off. My husband's car has close to 125,000 miles while my car will soon break 100,000 miles. My last car started having major issues around 100,000 miles. After replacing the transmission, my air conditioning went out. It was then that I decided to sell the car for $700 before the repairs got too expensive. We hope this won't happen to my current vehicle. My car is the only vehicle that fits all four of my family members. Thus, if my car goes, we will have to get a new or (new) used vehicle.
Animal Health Issues
We have four animals. Our animals have been responsible for some of our biggest expenditures. In fact, one of our dogs needed surgery that cost over $3000.00. That was back when we had two incomes and it wasn't as much of a strain on our finances. As of now, a $3000.00 surgery would not be feasible for us. As a result, we would have to finance it. Luckily, we seem to have remedied the majority of my animals' problems.
In the past few years, we have needed a new refrigerator and washing machine. Unfortunately, our dishwasher is close to 30 years old and our dryer is 10 years old. Luckily, we have a home warranty which extends the life of our old appliances. In fact, in the past year, we had our dryer and dishwasher fixed for about $120. Still, when an appliance stops functioning well or keeps having to be fixed, this means it's time for a replacement. For us, the average cost for a new appliance is $500.
It seems that every year, we are hit with expensive repairs or need to replace an essential item like a refrigerator. As of now, we are making enough to provide for our family while putting some away for emergencies and major expenses. Hopefully, we will have a little more time before the next disaster hits.
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