Without wasting a moment now is the time to take a cautious look at your earnings and plan financially.
Our day begins with wishes for a bright future and safe, secure family. We leave for work and other odd jobs, uninformed about what may come ahead. Several personal and social circumstances may impact our families, but few terrible fiscal conditions can badly influence us and our families. And so well designed funds are quite helpful for us survive in such rough times, although not every person is ready for such situations. Thus, it is a good idea to do rain check constantly. Check whether you are ready for the below mentioned situations?
1) In case of death
Let us start with the most frightening and a definite happening, i.e. death. Are you financially strong enough to take care of future needs and requirements of the family? Are you sufficiently covered? Is your family aware of the information of your monetary, legal and job connected records? Have you left behind a will? These are few of the many points to think about.
As a bread earner your accountability does not finish just at earning wealth in fact it begins with it. It’s not just your duty to take care of your family while you are alive but even after your death. A good record of well premeditated funds and keeping your family members aware of all your transactions will make sure that your family lives contentedly long after you are gone.
2) Job loss
In existing economic situation, persistent fear of job loss looms large on many. A loss of job not just leaves an individual unemployed, unproductive till you find another work, but also throws life fully out of gear.
Some questions whose answers need to be looked for are- How will your family sustain the blow? Do you have financial provision to take care of children’s schooling, medical needs and daily household needs? Are you monetarily equipped to endure few months without salary? What other options are available with you to produce revenues when your fixed source of earnings is lost? Are your savings ample to reduce the burden of job loss? Have you gained any added skills or qualities that will assist you in finding a new job?
3) Unexpected monetary needs
You must have heard of monetary advices to uphold a reserve of three months of family expenditures in savings account, fixed deposit, and liquid funds, or any way that makes the amount available when required. Though every one of us manages to save a certain sum in their accounts; but how about gaining a few lakhs in the shortest achievable time to deal with an economic crisis?
It may be easy to save Rs. 1 lakh, but saving Rs. 5-6 lakh swiftly requires proper planning and vigilant thinking process. One needs to have liquid funds in addition to a good network of friends and relatives who can lend cash at slightest probable delay. You can even start from today as it is never too late to prepare for such a possibility.
Similar to death, hospitalisation appears to be inevitability in today’s hard times. According to several surveys and reports, blood pressure, diabetes, heart ailments and cancers of various types are affecting people with lower age group every passing year. Such hospitalisation is not just life threatening, but expensive in terms of money.
The frequently thought over questions and plans should be- Are you ready for such a possibility? Do you have sufficient medical insurance? Is your family attentive of the same? Have you charted out your money to provide for such an eventuality? Are your family members aware which hospital, which doctor, which insurer to contact to? Is your family aware of your monetary dealings?
The above listed situations are true and can affect anybody anytime. A well planned monetary plan is the best way to come out of these situations and survive emotionally and financially well.
-A well planned out monetary plan will weigh up your economic worth to your family and recommends you to take necessary life cover.
-The financial plan will assist you in making a will.
-The financial plan will help your family and relatives to realise the financial status and manage it from where you left
-The financial plan will help you with the right sum of health cover you and your family requires, so that you don’t have to pay from your pocket for your hospitalisation expenses.
-The financial plan will help you in stocking the essential amount of crisis reserve so that it eases your liquidity when there is an emergency.
So without wasting a moment now is the time to take a cautious look at your earnings and fill gaps if any. Prepare for the above mentioned circumstances with financial experts, who can come up with best possible solutions for you.