Keeping Your Finances Safe During Stressful Times In Life
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Stressful times in life can strike at any time. You might lose your job, you might lose someone you love, you might need to move due to a natural disaster – anything can happen and often we’re not prepared for it. As a result we often spend a lot of money, and it’s hard to recover financially from something that turns your life over in one night.
Which is why it’s key to have some prevention strategies in place. Failing that, you need to know how to recover when your finances crash; stress can make us do a lot of things, and knowing how to handle your cash is a big part of keeping you and your family safe. With that in mind, here’s what you need to keep in mind about keeping your bank account in the green when you get overwhelmed with stress.
Rearrange the Budget
The first thing to do right now is think about your budget. You’re going to need as much money on your side as possible during a stressful time in your life, and stress can make you spend a lot more than you usually would. Some people use it as a coping mechanism, for others it’s just necessary to pump up the outgoings, but it’s not sustainable and needs thinking about in the long term.
To rearrange your budget you may need to cut off a few services you use in the short term, such as streaming or magazine subscriptions. You may also need to save less each month, as that money is needed elsewhere right now. Just think about what comes in and out and what’s necessary and what isn’t – this won’t be forever, and you can always go back to normal.
Put Down the Credit Card
Your credit card is often used to pay for small and quick things; it’s easier to load a few takeaways or a TV purchase onto your credit loan and then pay it back later on. However, right now it’s best to put down the credit card and ensure no more debt is on your plate. You may already be dealing with a lot, and it’s never a good idea to drag out your repayment schedule.
It’s also worth it to look into other credit card plans. Are there any out there with a lower interest rate? Are there any with rewards that would be beneficial to you? Look into taking a card like this out and using it instead of your usual provider.
Seek Out Compensation
You may also have the chance to put in a claim during a stressful time in your life. Whether your house has been broken into, or you’ve had a lot of medical expenses to deal with, or you’ve been injured and have had to take a lot of time off, there’s a strong chance you’re owed money to help you deal with it. For the latter alone there’s a whole host of personal injury lawyers at your service who you can rely on, and you just need to get in touch to get the ball rolling.
Of course, it might be quite stressful to go through a compensation case, but there’s an end in sight and the stress you’re dealing with now will be more than provided for by your settlement. You just need a bit of time and energy to arrange a consultation, and you’re fully within your rights to take someone along for moral support.
Double Check Your Insurance
Finally, it’s best to get your insurance policy documents out and see what they cover. Double checking whether you can claim for something like a break in or theft, or a medical expense that you can’t pay yourself, is always an essential part of keeping your finances safe. Sure, the premium will go up in the future, but that’s something you can think about later on.
Making a claim on your insurance policy isn’t as complicated as some people make it out to be either. As long as you’re within the time limit, have passed the excess, and you’ve parsed through the small print at the bottom of the page, you can submit your claim with no worries.
Your finances don’t have to plunge into trouble when you’re under stress. Make sure you’re focusing your energy to keep them balanced right now, and ensure you’re reaching out to see if some expenses can be covered for you. You’re not alone at a time like this!
*This article is based on personal suggestions and/or experiences and is for informational purposes only. This should not be used as professional advice. Please consult a professional where applicable.