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Financial emergencies you need to prepare for

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Are you ready for any issues that will hurt your finances?

You might think that you are but there are some incidents that you won’t see coming and therefore wouldn't think to prepare for.

We all think that these issues won’t happen to us, but once you start to look at the statistics, you might be quite shocked.  These issues are far more common than most people realise and you need to be prepared.

You don’t want to have to deal with an issue that is going to push you into debt.

Let’s take a look at some of these problematic issues and how to prepare for them financially.

Financial emergencies you need to prepare for

Unemployment 

Do you think you have job security?

You could do, but it’s hard to know for sure what’s happening in the company that you work for.

They could be far closer to the brink than you would like to imagine.  There are regular news stories of companies laying off huge chunks of their workforce, so you need to always be prepared.  No job is ever 100% secure.

You might think that if you are self-employed then your financial situation is safer. However, any freelancer will tell you that there are always lulls through the year where you see limited levels of demand and really, any business can fail or go downhill at any point for an infinite number of reasons.

So, how do you prepare for this?

Well, the best option is to make sure that you have more than one income. In doing so, you can ensure that even if one income is impacted you have another to fall back on.  There are many ways to earn extra money even if you work full-time already.

Financial experts agree that regardless of how much you are earning from your primary income, you should have a second that will boost up how much is injected into your account each month. 

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Disability

You might find that a medical issue has left you with a disability. This could be related to your job or it could have occurred during your personal life.

You might assume that there is no way to prepare for this type of issue, however, that’s not quite true. There are options accessible for you.

For instance, if you work as a defence contractor overseas, you can explore DBA insurance. Be aware that your insurance company may not pay-out automatically. Your ally against DBA insurance companies will be a top lawyer. 

Death in the family 

You have a lot to consider if there is a death in your family. The cost is probably the last thing on your mind. However, it’s something that you will need to deal with if they don't have a prepaid funeral plan in place.

Everything from the funeral service to the way the body is handled is going to cost money. If the family member is a dependent or dies with little to no assets, then you may need to cover the cost. 

To prepare for difficult circumstances like this, it’s important to ensure that you have a cushion of cash that you can fall back on.

One report recently revealed that an alarming number of people have less than a thousand in savings. If this is the case, then you won’t have the money you need to handle a difficult issue like this.

You should treat savings like a bill and ensure that it leaves your account automatically each month. 

Final word

Unexpected things can happen at any moment which affects our finances.  It’s so important to be prepared for unexpected financial issues with an emergency fund to provide some security should the worst happen.

 

 

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