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Being Prepared for the Unexpected

There's nothing harder to plan for than unexpected events that impact your life – and finances. Yet the loss of a job, the death of a loved one, illness or other unexpected occurrences happen at one point or another in everyone's lives.


The key to successfully surviving these life-changing events from a financial perspective is to anticipate the challenges before they arise. By preparing yourself before you are hit with an unexpected expense, you are more likely to be covered in the event something happens.

The Importance of an Emergency Fund
It's recommended that everyone build an emergency fund with three to six months' worth of living expenses. The key to building an emergency fund is to set aside money every month, even if it is a small amount. Emergency funds should be kept fairly liquid where you can easily access them – in a savings or money market account.

A New Financial Picture
Once the immediate financial matters are taken care of after an unexpected life event, you will need to take stock of your new financial situation and revise your plan as you move forward. Whether you have faced job loss, divorce, illness, or another event, your new budget should reflect your new situation. You should also rebuild your emergency fund as needed.

For advice on developing a budget, please visit our Library article on Building a Budget.


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Achieving Financial Independence

Financial independence can mean different things to different people. For you, financial independence may mean living debt-free, paying your bills today while still saving enough to retire comfortably, making ends meet on your own without help, or some combination of those things.




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