Life has a funny way of springing things on you out of the blue. These can be good or bad little surprises and are all just part of the excitement of life.
However, a lot of things do require some financial element so whether it’s an unexpected pregnancy, a new job opportunity, the loss of your job, having an accident or getting ill, how can you be prepared?
Are You Prepared
Can you prepare for what could happen, for example, do you live somewhere where it is common to experience flooding, storms, earthquakes, hurricanes or tornadoes?
If you do, then you can plan for natural disasters. We have seen from the media the devastating effects these disasters can be, and they can also arise very suddenly, so insurance for these events is a must.
As well as that, a good emergency kit and five-day supply of food and water are good to have on hand in your home, car or office. It doesn’t have to be anything large or elaborate, but being prepared in this way can make a difficult situation much easier to get through.
Do You Have the Funds
The first and most important thing you can do for yourself is to have a substantial emergency fund in place just in case something should happen. It is recommended that your emergency fund should cover 3-6 months of living expenses.
If you are a single-income family, you may want to consider building an emergency fund of up to a year, which will provide security for you and your family should you lose your job and have a hard time finding another one, or suffer an unexpected illness or accident which leads to a gap in your earnings.
Fortunately, if you’ve had an accident, you might be entitled to compensation which can ease the loss in earnings. It’s worth finding out more about this from a lawyer such as Ketterman Rowland & Westlund as they can advise you of the process and how long it might take to see any compensation, that way you can factor it into your plan.
Peace of Mind
Having savings allows you more peace of mind while you are dealing with other issues such as a job loss, illness or anything that might affect your income but it is also vital that you have adequate life insurance for your family or your spouse if you are married, and especially if you have children.
Depending on your circumstances of course, if your partner doesn’t work or doesn’t earn enough to support the family without you, they will also have to deal with the loss as well as other things, so will need time off work.
You and they need to know that they are cared for and make the whole thing as smooth as possible.
When the unexpected happens, it can be challenging to think clearly and not get caught up in the emotion surrounding the event.
Make sure you take care of yourself as much as possible during these times and find ways to alleviate stress and calm yourself. Whether it’s taking long walks, drawing, or just spending time with family and friends, find the activities that will help you remain calm and centered so you can make the best decisions in difficult situations.
Are your finances in need of help?