The Unexpected

Financial Preparation

In life, things always change and unexpected events occur. These events can be either exciting or unwelcome… and they usually create a large expense. It’s important to always have a cushion or safety net of savings available to you in case of the unexpected. Read more about building your savings cushion.

Unexpected Events to Plan For

Don't count on making it through life without running into any high-cost unexpected events. Below is a list of some common things that you may not expect but should definitely plan for:

• Job Loss (read more below)
• Medical Bills (read more below)
• Fines
• Home Repairs
• Car Repairs (or needing a new one)

Job Loss

Unless you are lucky enough to have a contract with your employer, you are in an employment at will state. This means that you can terminate your employment at any time… and so can your employer. (Need some advice on job skills?)

That being said, it is imperative to have savings because this can happen at any time. You never know how long it may take you to find another job and you need to be able to pay all of your bills in the interim.

Medical Bills

Going through a health problem can be a very scary and traumatic situation. To add further burden, sometimes not all of the necessary treatments are covered by your health insurance.

Medical bills are just as important to pay as any other bill. Hospitals and health insurance companies will send you to collections and non-payment will show up on your credit report. (There's nothing like financial stress to help you recover…)