Obligations towards loved-ones
Usually the financial obligations we have towards loved-ones are ones which we identify ourselves. It never really gets to a stage where they have to explicitly ask for help, because for some reason we seem to be programmed to try and take on all our life’s challenges solo. Nevertheless, these obligations can make for quite a substantial dent in your pocket and they make up the list of unexpected life expenses because of just how UNEXPECTED they are, so it’s really hard to plan for such. And if you’re honest with yourself you know that there’s a possibility you won’t even get the money you pledge back, but it’s just part of life I guess.
I don’t know how much I agree with the notion that we all just have to go through it to learn, that being getting fleeced in some or other way. I mean how about we never need to learn how to always keep our guard up because nobody is planning to fleece you? Nevertheless, that’s just the way it is. It’s the way of the world and getting robbed out of your hard-earned money in some or other way does indeed make for a common life expense which the average person just doesn’t expect.
Losing your primary source of income
If you’re panicking at the thought that you only have one source of income then at least that’s a positive sign. In this day and age a singular source of income just doesn’t cut it anymore, testimony to which is how people struggle when life happens and they somehow lose their primary source of income, or just one of the sources of income they have. There could be a number of possible triggers for this, one of which is indeed getting fired or laid-off for some reason, but the bottom line is that every single day should be spent in part at least making sure to prepare for the possibility of having to work with a reduced income at some point in your life.
Some of the insurance excess you might have to pay for would be to cover expenses which could very well have also been included under the “obligations towards loved-ones” pointer. These normally encompass either direct insurance excess to have to pay, by way of some portions of your medical bills your insurance simply doesn’t cover, or it could be made up of what are usually medical bills of family members who have somehow fallen out of the scope of what traditional insurance covers.
Nobody really ever plans to one day have to make use of walking aids for example, and while medical insurers are increasingly making provision for such requirements, generally this would have to be subsidised by the “insured” in some or other way. If you don’t even have insurance then you’d naturally have to carry the full costs.
Fortunately though these don’t really make for some financially-crippling expenses. If you just go about your business of putting some money away for a rainy day properly then you’ll generally have nothing major to worry about.