Financial Emergencies to Watch Out

Life doesn't move in straight line. Some days you would feel good and some days extremely bad. And that means you need to prepare yourself for the bad times.

What are some of the things to watch out for? You have many things to go for in life when it comes to financial safety and management of your bad days.

So today I wish to complete some of the basics of what are some things you can plan for and make yourself ready for the emergencies. You should check that out.

If you happen to have diferent opinion or have any specific ideas on how to manage such times, do let me know in the comments.

Income Loss

Recession is here some of us may lose jobs. Some of us may get less salary. And things would move very slow from that point onwards. And that is where the income loss would be experienced.

When you go through this loss a lot of future gets manipulated. Your savings deplte and also the investment in general reduce. so make sure to plan for this type of the income loss.

Salary Cut or Income Reduction

Like said previously this too falls under the income loss. Now here you can see that salary cut would lead to the choice of moving to another option where you have to find the option which gives you a good salary or learn skill for the same.

If you have more skills, the income reduction eventually gets over and you move to much better side of the income generation. So you have to think of skill upgrade to get ahead through this.

Natural Accidents (flood, etc)

Most of the nations suffer from the flood every 2nd or 4th year. Atleast that is what data says. Some nations near the sea experience this without fail. And that is a point where you can see the loss is likely to be norm.

So you have to prepare for this with insurance and also various means through which it can help you rebuild the life. It gets better if the life is planned and thought about as well. It's not easy but should be done that way.

Medical Issues

Say you have gained weight since pandemic. You are going to be experiencing the health issue like thyroid, diabetes and other health issues of weight. Even blood pressure. All of that would add up in health issue.

I hope that gives you an idea on thinking about the health and plan for it. Be it through healthy lifestye or through exericse and medicine. Make sure to plan for the same and build your life around the same.

Are you prepared for some of such emergencies?

I am kind of half of this. Like I do have insurance health related and that too because I am now driving for some company. And so I have to think of such situations and work on them.

What is your approach?