Ask Away...: Financial Emergencies You Should Be Prepared For (And What To Do If You're Not)

Thursday, October 13, 2016

Financial Emergencies You Should Be Prepared For (And What To Do If You're Not)

It's safe to say that no one expects to be in a personal financial crisis. We all expect economic downturn at some point, and this can affect us greatly. But for the most part, we like to think that we are in control of our own, personal finances. Many of us have our own unique ways in which we keep a track record of where our money is going. This could be regular meetings with a financial advisor, or maybe you have a spreadsheet that you use to keep a hand on your spending. However, sometimes life can throw us a curveball and you may have an unexpected cost to account for. In these situations, how prepared you are can literally make or break your finances - so read on to find out what the most common financial disasters are.

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Divorce is not only incredibly emotionally painful - it can also put a huge strain on your wallet. With everything else that goes on during a divorce money should be the last thing on your mind, but usually, it is closely linked. As well as splitting your money and assets how you both see fit, you may also have to shell out for legal fees so that the divorce can actually take place. You may choose to sort out the divorce or dissolution yourselves if it is fairly straightforward. But, if there are more complex matters are hand - such as potential custody of children - you may require a solicitor. If you are really struggling to pay court fees, speak to your lawyer to see if you qualify for legal aid.

Medical emergency

Unfortunately, we can't guarantee our good health at all times. Underlying medical conditions and accidents are the main causes of trips to the emergency room, and some of them can cost you dearly. For example, what you may consider routine chest pain could actually be the first signs of a heart attack. In this kind of situations medical professionals are keen to keep you in for at least a few days, and if your condition worsens it could be longer. This means you could be leaving hospital with a substantial medical fee - plus, there is no guarantee that you will be able to go straight back to work once you are discharged. If you are stuck at home unable to work after your accident this can complicate things further. Click this link to find out how you could make some extra money online, if you need some more to tide you over whilst you're off work.

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Losing a job

Most of us will experience being made redundant at least once in our lives. After an economic crash, multiple redundancies are commonplace in a lot of large companies. If you sense this may happen to you, you can never be too prepared. Make sure you pay off as much of your debts as you can, as having debts hanging over your head when you're out of work is a nightmare. Also, consider easy ways in which you could cut back. Many of us spend a lot of money on branded goods  when really they are no better than store-branded products. Make a list of where you think you could make some cuts and you'll be surprised at how much you could save.

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