Life changes. And when you experience one that rocks your world, you start looking at finances and the future entirely differently. What are the events that change your views so much?
I asked my Twitter and Facebook readers this exact question. They gladly shared, and here are some of the responses:
- Divorce
- Birth of 3rd, 5th child, or twins
- Loss of employment
- Health issues (like cancer)
I was shocked that “marriage” or “buying a new home” was not on the list. What really made people change how they viewed the future was something that changed their income – and not for the better.
And really, looking at the list above, how do you prepare financially for those? Kristi from Saving Dollars and Sense commented on my Facebook post that “A layoff and no emergency fund,” changed her views. The need for an emergency fund is very real, especially in this economy. Another follower on Twitter mentioned how her views were changed after she educated herself about finances. If you are relying on financial advice from other people, make sure they are trustworthy and reputable. You can use services like MarketBeat to get insights from professionals and market analysts with proven track records.
While you cannot ever predict or plan enough for calamities, education and knowledge can help you rebound and rebuild after you experience them. You learn how to live on less. Budgeting becomes not a maybe thing, but how bills are paid. Time and money are no longer in excess, they are in demand.
How have you learned to handle money and plan for the future? What events changed YOUR outlook?
Information provided and supported by Genworth Financial. All opinions are 100% my own.
I was laid off from my full-ish time work from home job in June and started collecting unemployment in July. Now I am back with them, very part time, and my unemployment suppliment is about to run out, so things are about to get a little tight around here.
The moment that opened my eyes was when I graduated collage and started living on my own. All my “student’s” habits were about to change in a nano-second. Also, when the little ones came into my life I the way I looked at material things changed…I no longer needed fancy clothes (I did when I was younger…ah…) because – well, who does when you have 2 little ones that can destruct them in a moment? 🙂
Sad but those would be on the top of my list too. I paid off all our bills except for the cars but then my husband lost his full time job so the car payments took a hit on getting paid on time. UGH now I’m digging myself back out again.
We could def. plan better for future unpredictables.
I have to agree that having children definitely changes things. I took a long hard look at finances when I was pregnant with Graham and wanted to cut back on work.