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Unexpected Life Events That Will Shape Your Financial Future

Unless you have the ability to travel through time or have recently been visited by the Ghost of Christmas Future, you may not be able to predict every life event that will befall you over the coming months and years. We will look at some of those events here, and will give you a few tips on how to deal with them should they arise.

You get arrested

To begin with, let’s get one thing clear. If you are engaging in criminal activity, you will run the risk of getting arrested. Stop whatever you are doing now before it’s too late! However, not everybody who gets arrested is guilty, and there are times when you may be blamed for something you haven’t done, or even commit an offence accidentally, leaving you with personal and financial costs.

Tip: Guilty or not, you are going to incur court costs and lawyer fees. However, if you are on a low income, you may be eligible for financial help towards proceedings. You should take advantage of free consultations with law firms, and ask them for advice in this matter. When you finally hire somebody, look for an affordable criminal defense attorney to alleviate some of the financial burdens you will be facing.

You become single

Running a house becomes easier when there are two people working together, as there will likely be more than one income coming in to provide for the usual household costs. Sadly, not all relationships last a lifetime, and if you find yourself single, you may find yourself struggling on a reduced income.

Tip: When in a relationship, don’t rely on a joint bank account. Have your own bank account, so you at least have some money to fall back on. If you have to manage your home alone, seek some budgeting advice from a debt organisation, and check out the money management advice here. Life will be difficult both emotionally and financially for a time, but eventually, you will adapt to single life again eventually

You lose your job

Losing a job is traumatic, be it through firing, redundancy, or you are forced to retire early. You can’t guarantee a job straight away, so you will have difficult days ahead financially.

Tip: Make sure you know your rights. If you lose your job unfairly, you may be entitled to compensation. Seek legal advice to help you. If you are already close to retiring age, you may also be able to draw out your pension early to help you manage your living costs. While still in a job, you could also increase your monthly contributions in the event the unexpected happens. In any case, it’s important to take stock of your life. Register for unemployment as soon as possible, as there can sometimes be a waiting time before payments are processed. Then re-budget your finances and cut down your expenses where possible.

Final thought

In life, you should always take steps to help you avoid a financial crisis. Whether you are hit by expected or unexpected life events, you do need to manage your money for any eventuality. However, don’t suffer alone if you find yourself in hardship. There are organisations set up to help you deal with financial and personal losses, so be sure to take advantage of the helpful advice they can give you.