You may feel like your finances are on track right now, but if life throws you an economic curveball, be it an unexpected home problem, medical bills, or unemployment, be prepared. mosquito?
Here are some ways every woman can be financially prepared for whatever comes their way.
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Be knowledgeable about your current financial situation
If you don’t normally manage your finances, do an audit of your family’s financial accounts.
“Check where all your accounts are stored. synchrony.[Take note of] Account numbers, current balances and payments, and how to access your accounts — passwords, user IDs, website addresses, etc. This includes bank, retirement and insurance accounts. ”
Melting recommends that you keep a record of this information in a safe place.
“This becomes very important when someone else, such as a partner or spouse, is taking care of your financial problems and suddenly trying to figure this out during a difficult time.” I was not prepared to lose my husband who was managing financial matters.It was very difficult to make sense of this after the fact and it added to my grief.”
build an emergency fund
Another important way to prepare for an unexpected life event is to have an emergency fund to help you through the financial impact of the event without going into debt. You need to save 3-6 months of living expenses.
To grow your funds faster, consider putting money in a certificate of deposit. Traditional certificates of deposit incur penalties for withdrawing funds before the CD expires, but Synchrony’s option allows you to access your funds without penalties. This is especially useful if you need funds to cover unexpected expenses.
Another option for emergency funds is a high-yield savings account. This account has no minimum balance or deposit requirements and no monthly fees.
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make a real estate plan
It is important to create a real estate plan to prepare for the unexpected loss of your partner.
“Make a plan, will or estate plan that considers the transfer of wealth and assets,” said Hilary Fiorella, executive director of the American College Center for Women in Financial Services. Make sure she has “a living will, a power of attorney, and a lasting power of attorney for your health care needs.”
Reevaluate your financial goals
After a life-changing event, it’s important to get your finances on track to prepare for the next curveball.
“It’s time to reset our financial goals to reflect our new life,” Melting said.
This is especially true if you have ever lost a partner.
“If you’re the only one saving for retirement right now, are you saving enough for retirement? How does your lifestyle affect potential income loss? Need to adapt?” Melting said. “This is the time to assess your spending, savings, and investments to meet your short-term and long-term goals.”
After a major life change, it may be beneficial to seek professional guidance.
“While you may be comfortable making these decisions on your own, it’s also fine to seek professional help to come up with a plan that’s right for you,” says Melting. It can be a stressful time in your life, but making this investment now will support your future financial success.”
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This article originally appeared on GOBankingRates.com: 4 Ways Women Can Prepare for Unexpected Life-Changing Events
The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.
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