How to Prepare For Financial Emergencies

How to Prepare For Financial Emergencies

Money is a constant topic in our conversations, and it’s important to know how to prepare for emergencies. The economy has been in the news a lot lately, and everyone is concerned about what they will do if they lose their jobs or get injured and can’t work for an extended period. If you’re not financially stable, this is a scary thought.

Even if you do have some savings, there are still many other things that can happen to wreak havoc on your finances. Fires, floods, car accidents – these are just a few possible emergencies that could leave you without money. It’s important to be prepared by having enough money set aside to cover any emergency expenses that could come up. Here are some ways to start preparing for financial emergencies today.

1. Make sure you are in good financial health

The first thing you should do is make sure you are in good financial health. This means making sure your finances are in order and that you have enough money to cover any unexpected expenses. If not, it’s essential to start taking steps now so that you can work on getting back on the right track.

The first step of being financially stable is figuring out your income each month, then subtracting the fixed monthly costs, like rent or mortgage payments. You need to know how much money you have leftover each month to determine if any monthly financial obligations need to be paid off.

2.  start an emergency savings fund

An emergency fund is an essential part of your financial preparedness. It should be set up as an account that you can access quickly, with enough money to cover the expenses that come up in an emergency. To calculate how much you’ll need for your emergency fund, think about what you spend each month on expenses like rent, food, and transportation. You should also include any costs that could come up in an emergency, like replacing a lost or broken phone or paying for home repairs after a fire.

Once you know how much money you need to save every month, start putting away small amounts into this fund each payday. This way, your savings will accumulate over time and eventually meet the goal amount necessary for your emergency fund.

3.  have a sinking funds for more considerable expenses

One way to be prepared for financial emergencies is to have a sinking fund. This is a savings account that you should only use for emergency expenses. If you start this fund today, it will give you a few months’ worth of living expenses in the event of any financial crisis.

For example, let’s say your monthly expenses are $3,000. You could set aside about $600 each month into your sinking fund account and then have about $7,200 saved up within the year unless you need to use it before then.

Another option is to save up to three to nine months’ worth of living expenses as a sinking fund. This would mean saving around $10,000-$30,000 for emergencies before anything happens. You can also use your home equity or retirement accounts as a form of a sinking fund if those aren’t already being used to cover living expenses.

4.  consider insurance policies for your income and lifestyle

If you have particular vulnerabilities that put you at risk for financial emergencies, it’s essential to have the appropriate insurance coverage. For example, if you have a home loan, your lender may require purchasing homeowners insurance. This type of insurance pays for damages to your home caused by fires or floods. If you have a car loan, your lender may also require car insurance so they can cover any damages in case your car is wrecked in an accident.

There are many types of policies that could help provide financial protection for you and your family in the event of an emergency. These policies will vary depending on what protects them – whether it’s their income or their lifestyle. For instance, life insurance provides coverage for funeral expenses and lost income if someone dies. Disability insurance would provide coverage for lost income if they became disabled and couldn’t work anymore. You can get life and disability insurance to cover you against all unexpected issues.

If you haven’t taken the time to consider different types of insurance policies yet, consider doing so now! It’s better to know what options are available than not be prepared when something happens that requires financial protection.

best,

– a contributed post

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How To Move House More Stress Free

How To Move House More Stress Free

 Moving house can be one of the most stressful times in life. There’s so much to do, and moving everything you own to a whole new place can feel overwhelming and quite daunting. But there are lots of reasons and lots of times in life where you need to move house. It may be that you’re expecting a baby and need more space to accommodate the extra person, it may be that you want to relocate due to work and you need to move to a different city or simply you’ve outgrown where you live and you need a new place to call your own. There are a few ways that you can make moving house less stressful and help yourself in the long term. Here are some handy tips and tricks to get you ready for moving house. Sometimes it can come round so quickly and you think I want to sell my house fast for cash, before you know it you’ve exchanged contracts and you’re getting ready to move in. So follow these handy tips and tricks to reduce stress when moving house.

1. Contact Everyone Beforehand With The Move Date

When you move house if you don’t think to contact them beforehand and inform them of the move you may worry about letters being sent to your old house and not receiving them. When you move house there are so many people you need to tell it can be easy to forget a few. The important ones are the ones that will want money from you so places like the electric and gas companies, any subscriptions or signed up to, any government agencies that you are in contact with as well as people like repairmen or gardeners you have. Then there are places like work, schools for the children, your friends and family as well as health care providers like your doctors and dentist.

2.  color code for packing

When you’re packing it can be a bit of a mess and a scramble, you want to pack up everything you own and move it to a new house. When you get to the new house you don’t want to be surrounded by boxes that all look the same that are hard to differentiate. Running around frantically looking in boxes for a hairbrush or saucepan is going to cause more stress than needed. A good way to avoid this is the colour code of the rooms. So you could have read for the living room, green for the bedroom and blue for the bathroom. It’s completely up to you, color coding the boxes and making sure that you put the correct boxes in the correct rooms will save you a lot of hassle and if you hire a delivery company will make it simple for them.

3.  declutter before you start packing

Over the years we collect a lot of stuff, we have piles of clothes and piles of books and to put it simply, we don’t need it all. Before you start packing up boxes, a great task to do with all the family is to declutter the whole house. If you don’t do this you’ll end up packing more items, spending time doing that, spending more time packing items and then finding a home for it in the new house when you simply don’t need it anymore. So spend a day or so with the family going for everything, put it into three sections one that you can give to friends and family, one pile that could be given to charity and one pile where is probably no good and can simply go in the bin.

4.  help the kids move without added stress

For children and toddlers moving house can be quite a stressful situation and cause a lot of anxiety. Children struggle with change and moving house and even if you move to a different city it can be very hard for them. Especially if they’re moving schools and everything is going to be different. A way to help them move more stress free without anxieties in the background is by showing them the house a few times beforehand, by letting them pick up the bedroom we can help them get a bit more excited about moving house. You can have conversations with them about how the room will look, go shopping with them and let them choose some paint or wallpaper to go on the walls. By letting them be included in the process they will feel more secure and less anxious about the whole thing. 

best,

– a contributed post

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Financial Effects of Addiction

Financial Effects of Addiction

When a substance addiction is undiagnosed or untreated, it has far-reaching implications that affect most or all facets of your life. Ultimately, it can ruin relationships, cause personal health issues, lead to unmet ambitions, a lack of purpose, and other unpleasant consequences. 

Additionally, You may find yourself dealing with a host of social problems that you did not anticipate when you started taking those drugs. However, the most overlooked aspect of an addiction is the financial implications it brings with it. The first step to recovery is critically exploring how addiction might lead to financial difficulties.

Here are four financial implications of addiction that frequently afflict people battling drug addiction.

1. The drugs are expensive

Most of these highly addictive drugs, such as heroin, cocaine, and cannabis, are expensive. As a result, you find yourself spending all your hard-earned buying the drugs, and this could drain your savings quickly.

You also often find yourself diverting funds meant for other activities to feed your addiction. More often than not, you find yourself borrowing now and then to get money for the next high. Soon enough, you may find yourself being pursued by debt collectors such as cannabis collection agency who are pretty effective at what they do; debt recovery. Worse still, you may find yourself being auctioned.

2. Causing Neglect and Misplaced Priorities

It’s simple to recognize the immediate expenses of substance use, but there are many other ways addiction may drain your account. As an addict, you may find it hard to get the drive to do different things you previously enjoyed. This lack of enthusiasm is due to how addiction sabotages the brain’s reward system. 

Your brain fails to generate an internal sense of satisfaction for basic tasks and accomplishing common goals such as dressing up nicely, eating good food, getting and maintaining a good job resulting in self-neglect. Consequently, meeting your financial commitments might fall by the wayside, and fines and other unforeseen charges will frequently catch up with you.

3.  other health issues

 Chronic substance addiction is terrible enough, but long-term use can also cause a slew of additional health issues. If you fail to control your drug habits, you may find yourself making regular trips to the hospital for one ailment or another.

Addiction-related health complications which can be directly or indirectly related can be exceedingly costly. For example, you are susceptible to physical accidents and injuries while intoxicated. Moreover, if you use shared needles to inject yourself, you are putting yourself at risk of bacterial infections that might result in even more severe health issues that may drain your finances further.

 

4. Creation of expensive legal issues

Substance abuse frequently leads to legal problems, leading to more financial difficulties. While the laws surrounding drug use are loosening up on drugs such as cannabis, its use for recreational purposes may still be illegal in your state. Furthermore, reliance on prohibited substances can result in risky, reckless behavior, leading to legal problems. Since court costs and attorney fees are frequently unexpected, they can be a significant financial strain, sinking you further in debt.

5. conclusion

Having known the financial ramifications of your drugs and substance abuse, It is essential that you acknowledge your addiction cycles and know your triggers. It is never too late to turn a new leaf. Make the best decision for yourself and your loved ones; seek professional medical help and begin your journey to recovery and liberation.

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– a contributed post

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How to Get Out of Debt Fast

How to Get Out of Debt Fast

If you find yourself in a lot of debt then the best thing you can do is to try to find ways to get out of it as quickly as possible. That is not always easy and you may find the whole thing extremely overwhelming. 

Being in debt can be stressful and it can make you feel embarrassed and ashamed. However, getting out of debt is possible if you put together a comprehensive plan for doing so. Here are some tips that will help you to get out of debt fast.

1. Track What You Are Spending

One of the first things you need to do is track your spending. You need to know how much money is going out and how much is coming in. 

It would be ideal if you could use an app or a financial planner to keep track of this. If you do this you’ll be more organized and this will help you to take control of your finances a lot faster.

2.  Go Beyond minimum payments

When you owe money there are always minimum payments that you are required to make. However, these minimum payments are not set in stone. This means that you can pay more if you are able to.

Going beyond the minimum payment is one of the easiest ways to ensure that you pay off your debt very quickly. Every chance that you take to make an extra payment will bring you closer to your goal of being debt-free.

3.  Consolidate your debt

A great way to become debt-free is to consolidate debt. Consolidation allows you to eliminate having to pay several payments per month. 

All your debt will be consolidated in one place and you will just have one payment to make. This can help you to focus on your finances more and reduce interest rates.

4. Start a side hustle

Starting a side hustle is a good way to earn more money and get out of debt faster. However, before you start a side hustle you need to ensure that it is one that will succeed. You need to take a careful look at your talents and your skills and find a way to monetize them so that you can earn extra money. 

If you have an idea that you are sure will make you money then you can get a small loan from Cash Train to start even if you have bad credit. Getting a new loan can be a bit risky but if you have recently had your loans consolidated then getting another small loan to start a business and earn extra cash may be a good choice.

5. get out of debt

Getting out of debt is very possible but you have to ensure that you have a strategic plan to do so. You need to take a look at your present financial state and then decide how you want to proceed. 

Make sure that you take the opportunity to pay down or consolidate whenever you have the chance. You can also try starting a small business to help you get out of debt if possible.

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– a contributed post

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The 4 Principles Of ‘Getting It Together’

The 4 Principles Of ‘Getting It Together’

When we refer to someone as ‘having it together,’ what do we mean? Do we mean to imply that said person has figured out all aspects of their life to the point that no additional work is needed? Of course not, almost no one can ‘perfect themselves’ in this way. Does it mean that said person is wealthy or even rich, having won the game and moved to a higher level? Not at all, some of the most ‘put together’ people spend their time running charities or other voluntary efforts despite the lack of income this provides them.

What then? Well, to our mind, ‘having it together’ should always refer to people who do their best from day to day, who focus on organizing their tasks, and are working towards a worthwhile future without expecting anyone else to do that for them. That’s a pretty healthy outlook, and it applies to people no matter where they are on the property ladder, or how costly the clothes they wear are, or if they conform to a beauty standard.

So – if you wish to ‘get it together,’ how do you begin? What kind of principles should you follow? In this post, we’ll discuss all that and more:

1. Curating A Budget & Financial Organization

Financial literacy is an essential component of making sure you have your life together and properly measured. This permits you to live within your means, invest in the future, build your credit, and make sure debts are resolved. Sometimes, the usual advice may run counter to good financial management in your case. For instance, taking out a credit card for a starter with limited credit may be a good idea, as you can then purchase your groceries using that each week, immediately pay off the bill, and build your credit that way.

Part of financial management can also come via valuing your assets. This involves any property you own, your vehicle, and other belongings. This way, you can keep in mind the value of your investments and how to grow them. A solid budget can guide your life more than almost anything else, so make sure it’s held in good condition.

2.  Investing in your vehicle 

Investing in your vehicle is an important means of taking pride in something expensive you own, while also ensuring that in the long run, this asset which stands as a costly utility to maintain works for your budget and not against it.

Simply keeping the car clean is an essential component that many can benefit from. But it’s also important to learn a few additional techniques for its best practice. For instance, OEM Toyota repair manuals can be a great means by which a home hobbyist can repair their vehicle, as well as understand the proper diagnostic processes involved with identifying an issue.

Many people see their vehicle as a simple utility they use to get from place to place, but understanding how it operates, how to change its tires, fix its oil, check its water levels, and adjust its tire pressure is key. It can stand as a worthwhile maintenance task that defines your output everywhere else, too.

3.  Setting your life priorities

In life, there are two important questions to ask. The first is “where am I going?” The second is “who is coming with me?” Answering these questions can help you assign priorities in life, which allows you to chart your path, schedule your time, and properly work towards something you find appealing.

Of course, this might be tough depending on how much free time you have in the day, the responsibilities you already hold, and more. But at least charting your path with these additional considerations as prerequisites to consider can help you feel more direct in your approach as if you’re working with the flow of life rather than being thrown around by it. This way, no matter your financial circumstances, you’ll have a foothold you can stand proudly in.

4.  Making a daily schedule

Our lives are made or broken by how we choose to spend our days, but of course, we cannot expect to chart every single path anew without immense mental effort.

A proper schedule and routine are essential then if we’re to follow our path forward with care. Be that waking up at a certain time, giving ourselves thirty minutes to journal each week, and ensuring a competent approach towards how we divide our time between work and personal care can make all the difference, allowing us to achieve without scuppering our mental health in the process.

With that advice, then, ‘getting it together’ is sure to be more than possible.

best,

– a contributed post

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