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Avoid a financial crisis
Even the smartest budgeters sometimes come face-to-face with an abrupt,
unexpected financial challenge. Often, these issues come hand-in-hand with a
major life event losing a job, splitting from a spouse, or even receiving an
inheritance. The emotion surrounding these events can make for murky-minded
financial thinking.
One way to make sure you don t fall victim to brash, emotional money decisions:
plan in advance for the unexpected. We ve compiled a list of intelligent steps
you can put in place now to help you handle the major life events that can
throw you into a financial tailspin.
Protect your money during a divorce
You re in love so why plan for your romance to go awry? Should your
relationship go sour, chances are you ll be much more caught up in immediate
concerns than taking a long view of smart financial moves. And that doesn t
even factor in the cost of the divorce itself a financial burden which
experts say can vary by a factor of a thousand .
Save yourself the added pain and suffering of financial woes by taking these
simple, cautionary steps while you re still married. They won t hurt your
overall finances and you may, someday, be grateful that you did.
Plan for a disaster
Very few people plan adequately for a natural disaster like a typhoon,
hurricane or earthquake to strike, and with good reason: if we are lucky,
such an event may never happen at all. But nevertheless, it is relatively easy,
and incredibly useful, to have a financial and personal plan in place to help
you anticipate the unthinkable.
With a little bit of organisation and shopping, both for good insurance and a
disaster kit, you can have some peace of mind that you have what it takes to
get through a catastrophe. Here s what should always be in your supply kit
and what you should discuss with your family to ensure everyone is on the same
page.
Don't let a windfall sink you
It s the kind of problem many of us dream of having: either by way of an
unexpected inheritance, a huge bonus, or even winning the lotto, you ve
suddenly come into a huge chunk of money. But for many, a windfall like this
can be rife with financial issues.
Before you start spending and handing out cash like a human ATM machine
take a deep breath, and read this guide to ensure you make the most of your
newfound good fortune.
Make it work on a single salary
As a couple, you ve promised to be with each other through richer or poorer
but what happens when a two-income household suddenly only has one? Sure, it s
a little easier if one of you has planned to quit your job in advance, but the
financial implications of losing an income stream can have an immediate and
painful effect on your family finances.
You can navigate the loss of one income if you know what it will take and
where you can cut your budget. See how you can prepare for living on a
one-paycheque budget and even save some money in the process.
Go on the trip of your dreams
Have you been saving for a dream vacation? The trip of a lifetime can easily
run in the thousands. That doesn t mean you shouldn t go but it does mean you
should plan carefully, and ensure that your globe-trotting aspirations don t
negatively impact other financial aspects of your life.
Before you book that ticket, learn the common mistakes travellers make when
planning a vacation and discover a few online tools designed to help you save
big.