In life, you can’t always predict what’s going to happen, but you can make sure you’re prepared. By planning for unexpected life events, it can give you great peace of mind.
Being financially ready for anything which might crop up can also help you to get back on course much quicker if something were to happen. So, how can you prepare financially and what types of life events should you plan ahead for? Here, you’ll discover the best ways to financially prepare for unexpected life events.
Moving home
While usually you’ll make the decision to move home, there may be occasions where you’re forced to move unexpectedly. It could be that you’re renting, and the landlord decides to sell. Or, the price of your mortgage could shoot up, forcing you to move into a smaller property. Whatever the reason, being forced to move quickly can be extremely stressful, not to mention expensive.
Planning ahead and saving money towards an emergency fund can really help if you do need to move quickly.
Health emergencies
While UK residents are generally lucky in the fact that they can receive free healthcare on the NHS, unfortunately this doesn’t always go to plan. Things can and sometimes do go wrong, forcing patients to make a claim against the health service.
If you need to make a hospital negligence claim, it can become quite costly. Although the majority of cases don’t go to court, you’ll still need to pay legal fees during the claim procedure. As well as saving an emergency fund, you should also look out for legal firms who work on a “no win no fee” basis.
Pregnancy
Unexpected pregnancies can be a joyous, yet stressful event. According to a report from Citizen’s Advice, the majority of people’s finances are extremely vulnerable to changes. Having a baby can be expensive, particularly if you don’t already own any baby equipment and accessories. So, having an emergency fund that can be used if an unexpected pregnancy were to occur can greatly help to ease the stress.
Getting married
Finally, getting married can also be a wonderful yet expensive occasion. When you suddenly have a wedding to plan for, you’ll quickly discover how expensive it can become. While you can save a lot of money getting married out of peak wedding season, you’ll still want to have an emergency fund put together that you can dip into if required.
These are just some of the unexpected life events you could end up facing. By making sure you’re financially prepared, you’ll be able to ease the stress and adjust to the changes much quicker.