Everyone’s financial journey has the potential to take unexpected downturns at inconvenient moments. At Hush, one of our goals is to not only encourage and help people avoid preventable financial difficulties, but also to help them find their way out of sticky situations if (and, unfortunately, when) they happen. Whether it’s job loss, medical emergency, or a market downturn, there are many possible circumstances that can arise and derail anyone from their long-term plans. While no one can predict or control how and when these situations occur, here are some things to do to ensure that any negative repercussions are not permanent.
At any given moment, you should have an idea of how long you could survive if you (or anyone whose finances are tied to yours) suddenly stopped making money. Could you make it through the next two months? Three? Longer? This will impact what your options may be if you’re hit with an unexpected financial emergency.
During times of uncertainty, whether in the job market or stock market (or oftentimes both), saving is even more important. While we typically recommend 3-6 months’ worth of expenses saved at any time, bump that up to 6-12 months during volatile moments if possible.
Particularly for medical expenses, you might be surprised at how frequently errors in billing result in patients overpaying for the services they receive. If you or a loved one find yourself in the hospital for emergency care, don’t be afraid to ask for an itemized bill. This might save you hundreds of dollars in unnecessary costs.
The moment you realize that you may have an unexpected expense, or an unexpected loss of income, it’s a good time to go back to the drawing board. Be even more ruthless than usual when categorizing expenses into must-haves, nice-to-haves, and unnecessary. During tight times, any excess expenditures become magnified, so cutting those out is essential.
Changes in financial circumstances mean changes in financial priorities. Goals that have felt so close may be delayed, and that’s okay. If you suddenly find yourself in unexpected debt, that would usually mean that other goals such as going on a vacation or buying a house will take the back burner.
The most important thing is to decide what to do next. Depending on how much financial runway you have, your next step might look different. If you need to find new income quickly, you may have to structure your search to more immediate avenues. How much will you need to regain your financial equilibrium, and what are you willing to do to get there? Don’t be afraid to look in unconventional and unexpected places. It might not be the ideal next step, but it should be the ideal next step given your current circumstances.
With resourcefulness and resilience, major financial setbacks don’t have to last. At Hush, we’re committed to helping people build and rebuild as many times as necessary until they reach the financial lives they want. The journey is never linear, but hopefully with a bit of preparation and a good support system, you’ll be ready to handle any curveball.
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