Ask Away Blog: Six Financial Pitfalls Caused By Life-Changeing Events: Revealed

Friday, February 16, 2018

Six Financial Pitfalls Caused By Life-Changeing Events: Revealed

It happens, we can all find ourselves in situations that feel quite life changing. They may happen when we least expect it, it might be that we plan for something and something else happens. We will all be in some sort of situation like this at some stage in our lives and it can be very overwhelming. Mostly because that often these events can really impact us financially. While money doesn't make you happy, having enough to live the life you want or are happy with indeed makes you happy, doesn't it not?

Some of the most common issues we can all face are listed below, not all of them are negative, and actually when you think about it most of them can be turned into some sort of positive. After all, when one door closes another one opens. I thought I would share with you six financial pitfalls that can be caused by life changing events, I hope that discussing them here helps you in the future if you find yourself faced with any of these situations or circumstances.

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Being involved in a car accident

One minute you could be driving along, minding your own business, the next, involved in a car accident. It happens very often, and at some stage you may even experience it yourself. It isn’t pleasant, but knowing what to do in this situation is vital. Gathering evidence in pictures, taking notes of details of witnesses, informing the authorities and your insurance company, and even looking into auto accident attorneys to help with any claim or legal action you need to take. The experience isn’t going to be nice, and you may also feel like your confidence takes a knock. What this can do is give you the sense of slowing down and also being more aware of things on the road. Everyone can get complacent at times, so if anything, this could even make you a better driver.

Suffering with an injury in work

You don’t expect to become hurt or struggle with an accident in the workplace, do you? You head there and work each day, whether in an office or out in the field, and you expect to stay within good health. But just like the road, accidents can happen when you least expect it, and in some cases, this can leave you unable to attend work. In some cases, injuries can be severe, which means not only do you need to handle loss of earnings and take time to recover, but your lifestyle may need to change or be adapted in some way. Employers have insurance policies for things like this, so don’t be afraid to pursue a claim to ensure that any bills and loss of earnings you have had are returned to you. Again, this may seem like a really bad point in your life. For a while you may be asking yourself why has it happened to you? Why, why why? But, all you can do in life is take on the cards that you are dealt, and actually turn them into something good and positive. This could again present an opportunity for you, what that might be, who knows?

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A marriage ending in divorce

I don’t think anyone enters into a marriage thinking that it will end in divorce, but this may happen for some couples, and sadly it is happening more often as the rates of divorce are rising. This can cause you financial pain without you even realising as you begin to divide assets and finances. It most certainly is not one of the most pleasant things to experience. There are many reasons why this may happen. For starters, couples can fall out of love with one another. Sure you may not expect it to happen, but as life goes on people can change, your lifestyle can change and so can your priorities. Maybe you love each other but you just don’t get on anymore. Many couples could work through their problems and often counselling is a good option. But of course, it can often end up with the same result. But it isn’t necessarily a bad thing. It can often mean that you become a better person, and if there are children involved, creating a better atmosphere for them as a separated couple may just be the right answer all round. Money can be made once more, and assets can be built upon once you are back on your feet. This sort of life hurdle can be a seen as temporary, while you build you life back up once again, and who knows what could be in store for you in the future. Some may say they might be put off by marriage after a divorce, but some move on to find love and happiness once more.

Getting into debt

Debt can be seen as part and parcel of life at the moment. Most people have some form of debt in the form of a mortgage, but they may also find that they have credit or store cards. This isn’t a bad thing if you can afford to keep up with the repayments, but debt can mount up because of interest charges if you are only paying the minimum back. A great tip is to not feel so helpless when it comes to debt, and instead tackle the problem. I have plenty of articles about how you can do it, and the feeling of becoming debt free is fantastic. It might feel like a challenge, but with clever budgeting you can do it.

Losing your job or your career ending suddenly

At some point, you may find that you're in a position where your career is coming to an end or you are losing your job. It can be a scary time and a period of uncertainty as you wonder what your next career move might be. Whether it was your fault you lost your job or something happening internally within the business, the only thing you can do is pick yourself up again and start again.

I hope that this gives you some hope that even the hardest of times could provide you with fresh opportunity.
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