Budgeting for Uncertain Events
Here’s a list of reasons why we save. A lot of things can go wrong.
- Age to die
- Need for extraordinary health care
- Close relative needs money
- Loss of uninsured items
- Replace items that wear out
- -Roof replacement
- -Water heater, furnace, washer/dryer
- -Painting inside and out
I especially like the “Etc.” You can add to the list your own uncertainties. Taken altogether, the list of uncertainties is why it’s so hard to know how much to save for today and for tomorrow.
The list comes from a recent paper by Bud Hebeler. You can look at on his website here. I’d recommend taking a look at it.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.