What if Something bad happens?

What if Something were to happen? Disaster were to strike. Are you prepared for the worst...
You still have to keep yourself and your loved ones happy. And the same can only be done if your finances are in order, so here are a few suggestions for disaster management...

1. Plan for your monthly spending : We should all create a budget and stick to it. And when you plan for your budget always keep a little money in it for extra spending or impulse buying.

2. Always set up a Contingency fund equivalent to atleast three months of living expenses : What if something were to happen, you may lose your job or maybe fall sick? Prepare for it and get a fund ready to handle these kinds of expenditures. I have already written about how to do this, you can read it here...

3. Create a trust / a will : This is one of the most important things you can do to take care of your loved ones needs in case of an emergency. A will usually avoids a lot of legal hassles.

4. Nomination in your Accounts : Don't forget to fill the nomination columns of the forms used to open your term deposits, bank accounts, PF accounts and Insurance. These are very important to take care of the needs of your loved ones.

5. Open Joint accounts : Keep some of your accounts in th e joint names of your spouse, this way in case of an emergency they can atleast operate your account.

Related Articles

Contingency Fund

Surplus Money

Life's Goals

No comments: