Budgeting Following A Major Setback In Your Life

Feb 10, 2020Lifestyle

Life can often throw curveballs at us when we are not paying attention. Challenging situations in our lives can often occur when we think that we have everything in control. You may have your finances running smoothly and you may be feeling confident and upbeat about life. Then the worst happens. You lose your job, have an accident, or have to contend with a major financial hurdle that you did not imagine coming your way. 

These problems do have the potential to ruin us financially. If they are not managed properly when they occur, you may be dealing with the aftermath of the financial problems that they cause for years to come. 

Here are a few top tips for dealing with the financial issues that spring up around major life problems.

1.  Seek Compensation

First things first, if you have had an accident and it was not your fault, you may be able to claim compensation. Get the ball rolling as soon as possible in order to find out whether you have a claim or not. A personal injury lawyer such as Krzak Rundio will be able to help determine if you have a case.

2. Check Your Insurance

Whatever the cause of your current situation, you may have an insurance policy that covers you for it. For example, if you had an accident playing a sport, and you have a specific sports insurance, then get in touch with the provider.

3. Start Budgeting

Getting your life in order means creating a very strict budget. Go through all of your finances and get things listed down on paper. Stick to the spending limits that you have set yourself. You cannot afford to go over budget in any way. Use these budgeting tools to help.

4. Cancel Unnecessary Direct Debits

If you are paying for memberships to things like gyms, or for subscriptions to anything that you could live without for a while, cancel these. You need to do everything that you can to reduce your outgoings.

5. Avoid Taking Out Credit

You may be inclined to put your spending onto a credit card or take out a loan to help you through this hard time. Avoid doing that because you will ultimately have a debt hanging over you for a long time afterwards.

6. Take A Payment Holiday

If you have any credit cards or loans, you may not be able to afford to make your monthly payments. Defaulting on your repayments could land you with some additional charges and a bad credit rating. Your bank or credit card company may be able to let you take a break from your payments or let you may reduced payments for a period of time. Speak with them and see if there is anything that they can do for you.

If you have any type of insurance attached to the loan or credit card, you may be able to make use of this to cover your payments while you are unable to.


[a contributed post]


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