Life often throws us some moments that impact finances and challenge our emotional strength. However, you can always come out the other side of the tunnel as a stronger person when you know how to deal with specific events in life, such as job loss and unexpected expenses.
Losing Your Job or Switching Career
No one is impervious to emotional life events, and everyone has ups and downs. Even something that should be joyous, like switching careers, can cause financial issues, and job loss can be devastating. Fortunately, commercial and contract lawyers can help you navigate some of the more complex issues. It’s also a good idea to consult a professional counsellor if you have problems dealing with the emotional stress and anxiety that can come with employment.
A Major Illness or Injury
One of the most devastating life events is sustaining a life-changing injury or illness. In most cases, dealing with these means you are unable to work, and this directly results in reduced finances. There can also be high costs associated with medical bills, even if you have insurance. Should your situation change, there is also a financial burden from long-term personal care, and you may also need to make modifications to your home to accommodate a disability.
Relationship Moments that Impact Finances
A difficult event in life is breaking up with a long-term partner. There is a huge emotional burden from divorce or separation and, of course, a financial problem, too. Data from Legal & General Research Group found that a woman’s income can fall by up to 41% on average in the first year following a divorce and a man’s by 21%. Of course, navigating divorce with grace is one of the keys to reducing the impact, but there will be legal costs, asset division and child support costs.
Photo by Alena Darmel
Unexpected Home or Car Expenses
You never know when something will happen with a home or vehicle. Of course, there are warning signs that you can spot and act upon early. Yet, most problems can be sudden. If you don’t have an emergency fund in place, even something like a car problem can cause a massive financial burden, made even worse by expensive public transport. Housing issues are also costly, and most require a loan to fix, which leads to even more debt and money woes.
The Death of a Partner
Most families rely on a breadwinner who earns the most money to cover bills, food and other costs of living. When the main earner, or even an equal earner, passes away it can be devastating emotionally and financially. The sudden loss of income means big changes are necessary if you have a mortgage or must pay rent. All of this is made even harder if there are bank account access problems, so it is recommended to share bank accounts or access details.
Summary
Losing your job is among the messiest life moments that impact finances and emotions. Of course, divorce is also one of the most impactful when it comes to both wellbeing and money. However, losing a partner is perhaps one of the most challenging times in life, both emotionally and financially. Any of these life events can impact you financially so being prepared is one of the best financial strategies you can invest in.
Life often throws us some moments that impact finances and challenge our emotional strength. However, you can always come out the other side of the tunnel as a stronger person when you know how to deal with specific events in life, such as job loss and unexpected expenses.
Losing Your Job or Switching Career
No one is impervious to emotional life events, and everyone has ups and downs. Even something that should be joyous, like switching careers, can cause financial issues, and job loss can be devastating. Fortunately, commercial and contract lawyers can help you navigate some of the more complex issues. It’s also a good idea to consult a professional counsellor if you have problems dealing with the emotional stress and anxiety that can come with employment.
A Major Illness or Injury
One of the most devastating life events is sustaining a life-changing injury or illness. In most cases, dealing with these means you are unable to work, and this directly results in reduced finances. There can also be high costs associated with medical bills, even if you have insurance. Should your situation change, there is also a financial burden from long-term personal care, and you may also need to make modifications to your home to accommodate a disability.
Relationship Moments that Impact Finances
A difficult event in life is breaking up with a long-term partner. There is a huge emotional burden from divorce or separation and, of course, a financial problem, too. Data from Legal & General Research Group found that a woman’s income can fall by up to 41% on average in the first year following a divorce and a man’s by 21%. Of course, navigating divorce with grace is one of the keys to reducing the impact, but there will be legal costs, asset division and child support costs.
Unexpected Home or Car Expenses
You never know when something will happen with a home or vehicle. Of course, there are warning signs that you can spot and act upon early. Yet, most problems can be sudden. If you don’t have an emergency fund in place, even something like a car problem can cause a massive financial burden, made even worse by expensive public transport. Housing issues are also costly, and most require a loan to fix, which leads to even more debt and money woes.
The Death of a Partner
Most families rely on a breadwinner who earns the most money to cover bills, food and other costs of living. When the main earner, or even an equal earner, passes away it can be devastating emotionally and financially. The sudden loss of income means big changes are necessary if you have a mortgage or must pay rent. All of this is made even harder if there are bank account access problems, so it is recommended to share bank accounts or access details.
Summary
Losing your job is among the messiest life moments that impact finances and emotions. Of course, divorce is also one of the most impactful when it comes to both wellbeing and money. However, losing a partner is perhaps one of the most challenging times in life, both emotionally and financially. Any of these life events can impact you financially so being prepared is one of the best financial strategies you can invest in.
Share this:
Like this: