Financial Planning Tips: "Life Emergencies"

Preparation and a solid plan may provide a financial safety net at a time when it’s most needed. 

Unemployment. Having a rainy day fund can be an enormous help in warding off financial disaster. Your goal should be to save 6-12 months of expenses or take-home pay. Also, take full advantage of everything your company, the government and your community offer.got work

Divorce. Whether or not you hire counsel, you should consider the following issues:

Disasters. Disasters can take many faces: health crises, fire, flood, earthquake, death of a spouse. Whatever the disaster, there are some common financial strategies that will help you weather the crisis: get advice from professionals such as insurance agents, financial advisors and/or lawyers, locate important documents and financial records, evaluate short-term income and expenses, and avoid making any hasty decisions.

Sandwich Generation. That’s the term coined for those caught in the middle between raising and educating their kids and tending to the needs of aging parents. First, you need to identify priorities: setting aside funds for retirement, paying for your kid’s schooling, and helping you parents with the cost of long-term care. Also, it’s vital to learn about your parent’s ailments so you can make a realistic budgeting assessment. Elder care experts can be especially helpful.

See also:

Financial Tips for Marriage and Parenthood

Financial Tips for Home Ownership

Financial Tips for Financing Your Child's College Education

Financial Tips as You Begin Your Career

Financial Tips for Life

Financial Tips for Saving Money

Financial Tips for Mergers and Acquisitions

Copper Leaf Financials’ team of CPAs and experienced financial planners have worked with clients for more than 15 years to help them achieve their short and long-term financial objectives – mindful of the need to adjust strategies as life circumstances evolve.