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We can all relate to the frustration of having to dish out our hard earned money for necessary items that leave us feeling like we were taken for a ride.
We know, especially now in these difficult economic times, how important it is to make every penny count.
Yet, there are those pesky items that arise from time to time which defy any sensible logic or bargaining skills, and you just have no choice but break open your wallet.
Nevertheless, sometimes when you hear what others have been through (or perhaps still going through yet) shelling out cash for expensive items can feel a bit less painful than before.
Read on as we talk with 12 people who share their story of one of the most expensive purchases they ever made!
1. Expensive Vacation
We all get offered travel insurance but few take advantage of it because we feel the chances of something happening are slim.
But one person shared how a miss out on a $10,000 vacation.
If that wasn’t bad enough, they now had a huge medical bill on top of it.
2. Tax Audits
When the tax man comes knocking, it’s hard to get him to leave.
The sad truth is the wealthy can afford to pay big bucks to attorneys to settle any case.
But for the average person, you’ll likely be paying late fees, interest, and fines, which could total thousands.
3. Mold Damage
Purchasing a home is expensive, stressful, and often difficult. You should be able to rely on home inspections to alleviate some concerns.
Not everyone is that fortunate. One unlucky homeowner shares, “Mold damage was missed on our home inspection. It cost us about 40-60 thousand by the end, even with us doing much of the work ourselves.”
As someone who must wear glasses, I can attest to the expense. I’ve worn glasses since childhood and can not see clearly without them.
In today’s age, frames and lenses are more affordable than they once were, thanks to establishments like Warby Parker. But it’s still a somewhat expensive necessity that is out of our control and that not everyone has to deal with.
Pets are one of our most cherished joys of life. They bring us endless amounts of happiness and fun and are good for our mental health. But pets can also be very expensive, from food to medical needs. Sometimes these needs are unexpected and very costly, even with pet insurance.
But despite the cost, most would not change a thing. A pet lover laments, “Our first dog had many issues. Over his 11 years, his surgeries, meds, and hospital bills probably cost us $50,000 or more. I would do it again to have him back.” I’m sure most pet owners feel precisely the same.
6. Failed Septic System
Plumbing issues are something that must be addressed and addressed. They always seem to come at the worst time too.
One individual voices, “Our septic system just failed. It will be about 25 thousand when it is all done.” That is quite a sizable price.
7. Car Repairs
Similar to the other responses shared, car troubles come unexpectedly and can cost a pretty penny.
Any issue is a necessary expense, whether your car is damaged from an accident or needs brake or electrical repairs. Ignoring any car problem can be dangerous and cost you even more.
Planning a funeral is never easy, especially when the death is unexpected. Most are probably unaware of how much they cost.
In California, the average cost is $7500 to $9000. The casket is usually the costliest aspect, so some elect for cremation.
9. Quarantined Hotel Stay
Hotels these days range in price, but at least we typically have options and can choose what works best. But sometimes those choices aren’t there. One person shared a miserable experience when they got Covid on the last day of their cruise: “At the time, Canada had a ten-day quarantine. [I spent] an extra $4000 on a hotel in Vancouver.”
There wasn’t a significant number of accommodation choices which is why they had to spend so much. This is not a fun way to end a vacation.
10. Replacing Stolen Items
Having anything stolen is an awful experience. Not only are your possessions gone, but you feel violated. Insurance can help cover the loss. But often, this support is minimal.
Someone claims, “My house was robbed. They stole all my hand tools and my PlayStation 4. The total value was around 2,300 dollars, and my insurance reimbursed me 150.” This poor soul cannot even come close to replacing the items with that amount.
11. Medical Bills
Medical bills are the most common response. The reasons run the gambit from ER visits and necessary surgeries to cancer treatments and dental work. Unless you want to ignore pain or illness completely, you can’t let these things go and hope they get better.
But tending to your medical needs often comes with hefty payments, particularly when insurance only covers so much. These issues remain one of the most severe and frustrating expenses today.
12. Home Repairs from Accidental Damages
Any kind of surprising home repair can be expensive. But many responders discuss the damages caused by storms or accidents as the most costly.
A tree falling into your home or the effects of a hurricane can damage a house’s roof, windows, or entire structure. One has to simply find the best deal without sacrificing quality.
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This thread inspired this article.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.