Nobody thinks about planning for the unexpected, but as a mother, we should most definitely focus on it because you never know what can happen and you want to be prepared. The Balance says, “While not all unexpected events are negative, generally, the big ones will affect your financial future. This means you may need to change the way you think about and handle your money. A little planning (and saving) now will make these emergencies and unexpected events much easier to handle when they come your way. Even the most careful planner may be taken by surprise with news that they had not planned or prepared for.
The best way to handle these events is to prepare for the unexpected in advance. So how can you do this? Have an emergency fund to pay for that unexpected medical bill or house repair. Take out insurance policies on your car, home, and even yourself, in the form of a life insurance policy. Have some easily accessible, liquid cash on hand, just in case. While you certainly can’t plan for everything, it is nice to know you have a contingency plan in place when things go awry. Keep in mind that once you experience an unexpected expense, you may need to reassess your current plan and make changes.”
How to Plan for the Unexpected
*This is a sponsored guest post.
Not only do unexpected events have the potential to affect you financially, but you also need to prepare yourself, your family, and even your mental state for unexpected events, no matter what they are. This is why today I created this post on how to plan for the unexpected. Here are my favorite ways:
Have A Savings
You need to make sure that you have a savings built up, just in case. Not only should you have retirement savings accounts and another (flexible) savings account, but you should also have a solid emergency fund in place. The Balance says that your emergency fund should be relatively liquid and should cover 3-6 months of living expenses.
If you are single, or 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 gap in your earnings.
It is nice to know you have the money there while you are dealing with other issues such as a job loss, illness or anything that might affect your income. And if you don’t think you need an emergency fund, you may want to consider these eight reasons to have an emergency fund. Remember, you do not want to be thrown off by small unexpected expenses.
Build Up Your Business
In order to save for retirement and save for an emergency fund, you need to make sure that your job is stable. If you own your own business, this may mean getting out of your comfort zone. For example, a lot of ‘older’ business owners are very nervous about internet marketing and social media, but they are losing out on a lot of potential business and customers if they do not get out of their comfort zones.
If you are in this same boat, you may want to consider hiring an online marketing agency, such as SEO NJ. NJ SEO is a full-service New Jersey marketing agency that provides and develops effective content strategies for forward-thinking companies. They offer professional SEO services that help websites increase their organic search score, which allows them to compete for the highest rankings, no matter how competitive the keywords are.
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Now, I know that no mother or father wants to think about the worst case scenario, but sometimes you have to. In case of the worst possible scenario, you will want to make sure that your kids are prepared with skills that can help them navigate life. Teach them morals and etiquette, but also teach them basic and useful skills such as cooking, cleaning, basic home, and car improvement, and life skills such as CPR, first aid, and more. They will need these skills to be functioning adults anyway, so teach them starting at a young age to make it easier for them in the long run.
Love A Lot
Life is short and it is easy to get caught up in daily tasks, so try to focus on love and happiness. Loving your family and friends a lot and being in the moment is the best way to live life to the fullest each and every day. If you do this, you should have no regrets because at the end of the day, who looks back and thinks that their best moments were the ones where you were sitting in front of the TV, or playing a game on your phone? The best memories you will make are going to be the ones full of love and happiness with friends and family.