If you struggle to meet unexpected expenses, what are you doing leasing an X5 and driving a collectible Porsche 911? Sorry dude, but you have choices. And not being able to afford home contents insurance because your contents are too valuable is the most screwed up logic I've ever heard. I could easily afford a BMW. I drive a used Honda Civic however (which I sought for six months because I was not prepared to pay more than a certain price, and which was carefully selected for having a depreciation lower than the rate at which it was paid off, so that if I suddenly needed to ditch it for financial reasons, I'd still come out on top. I even have a 'plan B vehicle choice': if I need money I can sell the Honda and buy a used Mk.1 Skoda Fabia TDI instead, for a fifth of the price), because I want to keep some financial room for manoeuvre in case of unexpected expenses. We live in a modest house in a modest neighbourhood. I recently spoke to someone who is going crazy with worry because their jobs are at risk and they have a mortgage 2.5 times as much as ours (they live in a snazzier part of town), whilst their combined income is less than ours. My wife's job is at risk too, but thanks to some prudent financial planning, if she does lose it we will hardly feel the impact. I mean, you have to live within your means. If owning two flash cars and expensive stuff gets you financially unstuck at the first crisis, you are not living within your means.
I never said we couldn't afford it as we were not the ones paying for it and we don;t own the house. As I said it is complicated. Anyways as far as the money issue, we got money, but as I said some REALLY expensive stuff came up really quick. We had money laid aside just in case. Lets list some stuff here: Interior weeper put in (we needed this, trust me. 3 inches of rain we had water in our basement) - 4000 New waterheater - 3500 - we had asbestos that had to be removed so... yeah that inflated the cost here. Originally cost something like 2k or something My medical bills - 1500 (I paid this off but my parents needed to help. I paid them back). My mom got sick and although we have Cigna, it only covers so much - 4500 This all happened in a 3 month span. Yeah.... sorry man but we had a lot of room to wiggle, but this sucked it dry REALLY quick 13.5k out the door in 3 months and that is just the tip of the iceberg... The expenses were things we pretty much didn't have a choice. Yeah we could have avoided the weeper system, but the last time it rained we had 4 inches of water in our basemetn and the brook wasn't even flooded. With it there, we didn't have any water Plus it helped drain the basement when it got flooded so another plus there. We were just starting to get our wiggle room back when this crap hit. Also I would like to see you get prepared for your house to be flooded. Until recently we were unaware we didn't have content insurance. BTW, the cars are covered so they are fine. I won't go into details but things are complicated and are not easily explained and I feel I shouldn't have to explain them. If we had known that there was no content insurance (again complicated home situation here), we would have paid for it, trust me on that one.
Don't tell me that Nanna said she'll pay for the insurance, but never bothered to mention that there was no contents cover? Maybe now she's thinking "that'll teach them brats to not move out already " but maybe I misjudge, and Nanna isn't an epic troll, and she simply didn't think this would happen
You don't have to explain or justify your expenses. It sounds like you have had a spectacularly sucky time. I'm just saying that you have options. You can ditch the X5 and sell the Porsche. Sucks, but you can. You are not really poor when you can lease/own two prestige cars.
It is a lot more complex that that. My grandmother is bedridden and has a bad heart. we offered to move in with her to help take care of her. She said she would pay for the insurance, morgage, and taxes. etc on the house while we took care of everything else. Well when the time comes around we learn that there is no content insurance as she never thought it was important. BTW my grandma is not a very pleasent person.... It really is messed up in every which way and is much more complex. that is just the simple version.
Hey, that is a really sucky thing to happen and I feel for you. I had a friend who lived in the middle of town which was, for some reason, classed as a high flood risk area. His rate at the time was around 70 a week for a basement flat, to get home contents insurance was going to cost him around 250 a month so he didn't bother as he couldn't afford it. he got flooded big time, with the worst of it coming back up through the sewage so brown water. I spent a long time helping them sort that mess out. I know things are always more complicated than they seem, and having dealt with flood damage I have a lot of sympathy for you. I hope you can salvage what you can. Good luck for the immediate future, I really hope you have a good circle of friends you can rely on to help.
