How To Manage Your Finances When The Worst Happens

There are a lot of things in life that we don’t want to think about preparing for, but the truth is that we need to be financially prepared as much as we can. Here are some tips on how to manage your finances through some of the most difficult situations of your life.

Caring For Elderly Parents

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Becoming a carer is something that over 94% of people say greatly affects your life, and with an ageing population you might have found yourself in that position. Caring for elderly parents is something that can be bad for you psychologically as well as financially – it’s a big burden and it might also be happening when you have a lot to contend with in the rest of your life, like teenage children and pressures at work. Remember that you can get respite care and that you can start checking out local retirement communities where your parents can be well looked after. Financially, it’s important to talk to your parents about how prepared they are for the future so you can best help them when the time for change comes.

Redundancy

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Being made redundant is often something that’s impossible to predict, especially in this unstable financial climate. If it happens to you or to your partner then you might find yourselves in a state of shock, and it can also have a bad effect on your mental health. The best way to get back on your feet is to start looking for another job immediately – continue to get up early every morning, and treat jobhunting as your actual job. Cut down on non essentials in your everyday life.

Divorce

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When you get married, you generally assume that part of your life is done – you no longer have to think about dating, about falling in love, about finding that person, which means that you very rarely make plans for a life away from your marriage. But not all marriages last forever, unfortunately, and it’s always a good idea to make sure that you maintain your independence and that you have your own money, in case things fall apart in a way that you weren’t anticipating. If you do find yourself in the middle of a split, try to go for a divorce mediator who will help you ensure that you don’t have to go to court to settle your finances – this is something that can get very costly so it’s a good idea to get as much done out of court as possible.

Bereavement

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There’s nothing that’s quite as debilitating as grief. If you’ve lost someone who’s close to you, you might find it difficult to go to work afterwards and to perform at your usual high standards. Make sure that you’ve talked to your boss about what’s happened and see whether you can work more flexibly until you feel able to resume your normal position. Bereavement and grief can often make you look at the rest of your life in a different way – now is the time to seize the future. If you are unhappy with your life, start saving and planning for the next step, but make sure you don’t quit your job or make any huge changes until at least six months have passed after your bereavement as you may still be in shock.