We operate in auto-pilot most of our days, and that usually works fine. But if you have a major change coming up in your life (moving, surgery, changing jobs) it's time to focus! Here are some tips to consider when reviewing your accounts:
Monthly Bills: With your upcoming event, can you still pay your monthly bills? Are there costs like subscriptions or upgrades that have creeped in and really aren't necessary? Eliminating charges here and there will help to maintain some money at the end of the month.
Insurance Coverage: If you are planning a medical event (surgery, birth, treatments), is your current insurance policy the best one for your needs? Are you able to contact a professional to guarantee coverage and estimate total costs for the upcoming year? If there is time before the event try to get the best idea on total costs from the doctor's office and insurance plan. Figure out how bills will be sent (paper, email, online account). This preparation will save headaches later.
Emergency Funds: The emergency fund helps buffer the unexpected costs that occur within the main event. (The moving van costs more than expected. There is a medical specialist charge that won't be covered. The new job commute is longer and more expensive.) The emergency fund is another way to help balance out the bottom line.
Income: This is a hard one. It's easy to read about asking for a raise or picking up a side job, but more difficult to do in real life. You may deserve a raise, but management isn't handing them out this year. A side job might not work with your schedule or balancing life with kids and loved ones. At a minimum, keep track of your income (especially if tips or commission are involved) so you aren't caught off guard.
Good luck with your upcoming life changing event! Hopefully it's a good one, but if not, at least you are prepared the best that you can be to face the future.
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