Financial Planning For Life's Unexpected Events
Posted on 3rd November 2023 at 11:44
Life's Unexpected Events
How prepared are you for life’s unexpected?
Our lives are spent busily moving from one day to the next but what happens when life throws us the unexpected?
At the age of 33 this isn’t something I had really considered however, knowing what others have been through in their lives, it really can’t hurt us to be prepared.
As we age, it becomes increasingly important to prepare for the unexpected such as:
Unexpected job loss
The loss of a loved one
Experiencing any of these events can often leave us with uncertainty alongside a range of emotions. Any unplanned event is a part of life and it is how we respond that truly matters.
Your body is your home - you need to look after it!
Should you find yourself now or in the future in this situation then the emphasis on prioritising your physical and mental health is crucial as this will help you to better manage the challenges which may lie ahead.
The subject of looking after ourselves is huge and I could write about that forever, however, the key is to take care of yourself, this may mean:
Taking time off work.
Reaching out to family, friends & work colleagues for support.
Seeking professional help if needed.
Remain open to new possibilities whilst being willing to adjust your plans and expectations as needed.
We can’t simply bury our heads in the sand and ignore these potential events, so it pays to be prepared, at least as much as possible!
This will not only mean you’re financially ready for the unexpected, it also allows for peace of mind and confidence that unexpected events won’t knock you off course. You could also make life considerably easier for your loved ones if you’ve got your financial affairs in order.
How can you ensure that you’re prepared for an uncertain future?
Firstly, it’s probably no surprise that you need to consider creating an emergency fund – essentially this is a pot of cash that you put money into every month.
Ideally, this should be enough to cover your living costs for about three to six months and this is what we recommend to all our clients at New Vision.
Over time, that will build up into a valuable safety net.
You should make sure this is factored into your wider financial strategy; so you can put money in your emergency fund without compromising other areas, such as building up your savings and pension pot.
New Vision Lifestyle Financial Planners can help!
We’ll provide a holistic look at your finances and offer recommendations that meet your circumstances and objectives using financial planning and cash flow modelling.
As part of this we may also look at your protection plans and recommend policies where necessary.
A couple of other ways to be ready for the unexpected:
Get your wishes in writing – in other words make a legally binding Will.
Setting up a trust.
Lasting powers of attorney.
If you want reassurance that you and your family are ready for the unexpected, we’re here to help and we can look at your situation and offer guidance that suits you, your circumstances and your wishes, so you can feel confident and prepared.
Finally, it is important to remember that unexpected events can also bring new opportunities and growth. Whilst it may be difficult to see this in the moment, try to stay open to the potential for positive change that may arise from this experience.
This could be:
Exploring new career paths.
Connecting with new people.
Discovering new passions and interests.
Tagged as: Cheshire, Family Finance, Financial Advice, Financial Planners Cheshire, Financial Planning, Independent Financial Adviser, Inheritance Planning, Peace Of Mind, Retirement, Unexpected Events
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