How to Ensure You Are Prepared for the Unexpected
Everything seems so precarious these days, and it is an incredibly overwhelming time for many of us. There’s a global pandemic that no one is sure when exactly will end, and it has managed to upend the economy, as well as change everyone’s plans – be they educational, professional or personal. It seems as though the world has changed overnight, and no one is really sure on what direction to take. However, it is worth remembering that it has been like this many times in our history, and that this too shall pass.
The best thing for you to do now is to focus on different ways of establishing a sense of security, and do your best to prepare for the unexpected. When it comes right down to it, having a sense of financial safety and a roof over your head is all you and your family ultimately need. The extravagant stuff can be done within your means, and you primarily need to set yourself on survival mode.
The following are a few ways to help ensure that you feel prepared for the next time life throws you a curveball.
Build a Rainy Day Fund
Few things eat away at your monthly gross earnings or savings account more than small expenses that don’t seem like much at first, but throw you into debt over time. A rainy day fund is a modest amount of money you set aside to help pay for one-time expenses that you didn’t necessarily budget for during that specific month. This could mean anything from having to take your bike to be fixed at the local shop, repairing a leaky faucet, and a few other short-term costs that should be paid off right away but not turned into a pile of debt languishing on your credit card bill. Setting aside money for a rainy day helps you to cover these annoying but inevitable bills without chewing away at your cherished and hard-earned savings.
Keep a Lawyer at the Ready
This one might seem a bit “out there,” but life’s most unexpected events usually entail getting hit by a car, injured on the job, and other accidents that put your physical body in danger. Knowing of a good accident lawyer who practices in your city and keeping their number handy is the best thing you can do to ensure that you are not left out to dry in case something happens to you or a loved one. As the legal experts at www.stewartlawoffices.net remind us, an accident can leave you struggling for months, if not years, so don’t underestimate the power of having a talented legal team behind you to help secure your rights. A lawyer is the one person all of us will need at some point on the road, so don’t waste any chance you get to acquire a quality contact.
Get an Emergency Fund Going
Building off of the first point, and even our second point about unexpected accidents, an emergency fund is important to have access to during uncertain times. An emergency fund is completely different from a rainy day fund in that it is essentially meant to cover your basics for a minimum of three to six months. This includes rent, groceries, student loan payments, auto insurance, and anything else that may qualify as a necessary fee that you need to pay off straight away.
So, calculate your monthly expenses – if they amount to, say, two thousand five hundred a month, then multiply that by three. That’s the minimum amount you should put aside for an emergency fund for you to access in case an emergency comes up, such as losing your job, dealing with a near-fatal injury that has impacted your ability to work, and so on.
Invest in Insurance
Insurance is another thing meant to protect you in the event that you face a major crisis. Be it job loss, losing money in a stock market crash, getting into a car accident, losing your home in a fire, pay for cancer treatments, and so on. For a relatively affordable amount paid every month, you can protect you and your loved ones as best as you can in case of an emergency. Depending on your circumstances, you can invest in homeowners insurance, life insurance, car or health insurance, etc.
Research your options and speak with different insurance brokers to find out more. But generally speaking, it is an excellent way to protect yourself from a major event that could potentially set you back years without proper planning.
Get Proper Food Supplies
You don’t have to build a bomb shelter in the basement of your home like so many people do when they decide to go the extra mile. But, building a proper food supply – essentially an extra pantry – is a good idea. Don’t prepare for the apocalypse; no need to panic buy at all. But, just stock up on a few essentials in case a snowstorm or wildfire hits.
You can invest in non-perishable dry goods such as pastas, rice, canned beans, soups, and so on. These can last forever in your cupboards. You can also put together a list of groceries and just buy fresh goods for another week in advance, as opposed to buying groceries every week. And, while this isn’t food, make sure that you always have bandaids, alcohol, hand sanitizer, and other items that make up a first aid kit on hand.
Backup Important Documents
Always keep copies of vital documents such as your social security card, birth and marriage certificates, the deed on the house, and so on, on hand in case of emergency. Make sure to back it up in your iCloud account, and also keep hard copies somewhere safe and secure. Your papers need to be organized and always within reach.
We can’t always prepare for the unexpected – there’s always going to be one particular event that blindsides us. However, you can make things a bit easier on yourself by following the notes mentioned above. These are the basic tips you can follow to be prepared in case something happens, and anyone would do well to follow these guidelines.