In the event of an emergency, it is important that you have a plan for how to handle your finances in order to prevent serious debt. While it may seem hard to prepare for unexpected catastrophes, having a contingency plan can save you and your family from a financial crisis.
When Would I Ever Need One of Those...
Well, contingency plans can, and have, saved thousands of people from financial strain and subsequent stress. If you or someone you love gets injured unexpectedly, having a plan for how to manage your finances can seriously save you from becoming delinquent on your bills, defaulting on loans, and spiraling uncontrollably into debt. A contingency plan would come in handy in the event of:
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o A car accident
o Unexpected health complications, such as heart attack, stroke, cancer
o Sudden unemployment
o Death of a spouse or family member
o Natural disaster
Recommendations for a Contingency Plan
In order to protect you and your family, here is a list of recommendations that experts have suggested for implementing a personal contingency plan:
o Have at least three months worth of savings to cover bills, mortgages, and other regularly required payments.
o Write a living will in case you or your significant other become seriously injured or die and unable to make financial decisions
o Diversify your portfolios to ensure that your assets are protected against unexpected loss
What Happens Without a Plan?
Well, if a life-altering event occurs and you do not have a contingency plan, a number of undesirable things could happen. For example, if your significant other suddenly becomes ill and is hospitalized long-term, you not only have to worry about their health, you also must consider:
o Wage loss due to their incapacitation
o Medical expenses
o Pre-existing payments which must be made regularly
If you do not have a plan in place, these things can take a toll on your health both physically and mentally. Compounded stresses can dramatically impact one's lifestyle and happiness.
Experts recommend speaking with a financial advisor who will analyze your current finances and discuss your desires in the event of an emergency. These meetings can be a crucial part of helping you and your family recover from an unexpected crisis.
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