Life has the habit of twisting and turning when you least expect it. One moment you may be financially secure, the next you find yourself struggling to stay afloat. Having a cushion of fall back money can help you when life inevitably throws those surprise curve balls. Holborn Assets looks into 5 possible situations you might unexpectedly find yourself in, and how you can plan ahead:
1. Job Loss: One of the most disruptive financial emergencies is for you to lose your income via a termination of an employment contract. This can be down to a variety of reasons, but it is something you rarely see coming.
Regular Savings Plans are one of Holborn Assets’s key financial product offerings. Get on board with a lucrative savings account to keep you financially disciplined and to set aside a regular contribution as a useful tool in the future.
2. Death: As much as everyone keeps the topic away from discussion, death is unavoidable and unpredictable. Demise of a loved one is catastrophic – not only do you suffer emotionally but very frequently financially too.
A prepared, shariah compliant Will is essential for any British expat with property, assets or a family in the UAE or back in the UK. A Will also allows you to spell out your final wishes, including how you would like to carry out and finance your funeral arrangements.
3. Sudden Illness: A critical illness or an accident is a situation that would put you out of work for weeks, months or even years. When a loved one is in a critical medical condition, worrying about medical costs can make dire circumstances unbearable. Investing in a medical plan is a worthwhile investment. Contact a Holborn Assets specialized advisor to guide through the maze of getting you medical or critical illness insurance.
4. Unexpected Repairs: Car repairs, home repairs or sudden plumbing costs are always unexpected outgoings that affect your financial plan or balance. This is when you need to find the stash of cash (or money) you kept aside as the emergency fund. This is your financial safety net in case of any emergency. You can build this fund with time, setting aside a small contribution from your income. Aim to have at least 3-6 months of your salary set aside and quickly accessible.
5. Natural Disaster: How common are natural disasters in your area? This could range from floods, tornadoes, earthquakes and more. Unpredictable disasters may have you homeless or in dire straits with inadequate basic necessities. The best way to face the impact from a natural disaster is to dip into your emergency fund. Also, while you are on the look-out for shelter, do keep in mind to shelter your finances by insuring them in the first place.
Saving, insuring and most importantly financial planning are your best calls of action in recovering from any financial emergency. Holborn Assets can help weather such financial storms and minimize the damage of an unforeseeable situation it may cause.
Get in touch with Holborn Assets consultants to discuss your financial future today! Holborn Assets is committed to service excellence in professional financial advisory and planning. We have built a wealth of experience over the years in operation and prepared to assist in all financial services.