Anxiety after large expense?

[Anonymous]

We recently had to make an expensive and unexpected home repair. Of course I’m thankful we had the cash to make the repair effortlessly, but now I’m panicked every time I remember how depleted our emergency savings is. I’m ruminating over the “what if’s”, like, what if now our AC decides to quit working, then of some other expensive emergency occurred, all right after the expensive home repair.

A few years ago we were one more medical bill away from, perhaps, bankruptcy, or at least major CC debt, after a major medical event. I think it sort of traumatized me and now I’m hyper focused on an arbitrary number that feels “safe”, and now we are a little under it and it’s like all I can focus on.

Anyone have any advice? Podcasts to listen to or good articles to read? Or, just any words of wisdom you can share?

[Anonymous]

I've been there. Just come up with a solid plan to replenish the emergency fund, even if it's slowly but surely with a defined $ amount directly from each paycheck, or temporarily redirecting $ from some other non-necessity expense for a finite amount of time. Make sure the emergency fund $ you do have is in high yield savings bc the interest rates are high and it feels good to see that extra $ go into the account each month. If another emergency comes along, it will suck and be stressful, but if you are not at 0 but just something a little below where you are comfortable, hopefully you can pull through!

[Anonymous]

Been there. This is what credit cards are for. Just keep saving and living below your means and things will work out.

[Anonymous]

Anonymous wrote:We recently had to make an expensive and unexpected home repair. Of course I’m thankful we had the cash to make the repair effortlessly, but now I’m panicked every time I remember how depleted our emergency savings is. I’m ruminating over the “what if’s”, like, what if now our AC decides to quit working, then of some other expensive emergency occurred, all right after the expensive home repair.

A few years ago we were one more medical bill away from, perhaps, bankruptcy, or at least major CC debt, after a major medical event. I think it sort of traumatized me and now I’m hyper focused on an arbitrary number that feels “safe”, and now we are a little under it and it’s like all I can focus on.

Anyone have any advice? Podcasts to listen to or good articles to read? Or, just any words of wisdom you can share?

I think it's ok to feel anxious when your emergency funds are depleted. Maybe think about stocking up your emergency fund going forward. There are studies that show that folks routinely underestimate "unforeseen" expenses. And while every expense in itself may be unforeseen, these types of expenses do occur with some regularity and one should budget for them. But I have been there as well. Where I felt like I could not get a break. There was one expense after another. And I felt very anxious. Luckily, it all worked out, it was just a timing and a cashflow management issue. Good luck with everything!

[Anonymous]

Understand and empathize OP.

I grew up extremely poor. And while I am no longer in that situation. Very time something big happens I have major anxiety.

I agree with PP keep saving and living below your means and it will work out.

[Anonymous]

I got a credit card with a $50k limit that I don’t se once a year for minor expenses to keep it open. It’s peace of mind.

[Anonymous]

My husband has financial anxiety about every big purchase. Mostly it's because of the way he was raised. His father was a CPA and hounded him about saving for a rainy day. So sometimes I have to push him to quit counting pennies and just do what needs to be done. Then he relaxes.
Once you get your money coming back in the first sting will go away.

[Anonymous]

$20k-$30k? What amount? Try to invest certain amount of money once the emergency account is full. No hysa keeps up with all the money printing but s and p 500 etf might over couple of years. It takes 2-3 days to get the money out from an investment account.
I have been poor and homeless; I have zero anxiety about money. I can live on very little - lots of experience. And now I don't even have to losers around me who would ask for money which is a plus.
I can get a low paying job in 5 minutes - even more experience.
I invested myself into financial freedom and investing money taught me a lot. Don't just save, learn to invest.
For example, your older car can easily pay for your new car. Not sure why people talk about saving up for a new car and paying cash. Not even 'investing up' for a car or maybe new roof in your case.