How to Plan for Unforeseen Expenses

Life is full of uncertainties, and while it may seem impossible to plan for unexpected expenses, your financial boat could sink if you are not prepared.

• Start by identifying your unexpected expenses. Make a list of seasonal expenses, like car insurance, sports fees, dental bills etc.

• Build up a solid emergency fund to pay for unexpected expenses. Have some easily accessible cash on hand just in case you need it in a hurry.

• Put non-essential spending on hold like if you have been saving up for a high-priced item but suddenly need funds, you can tap into that money.

• Have adequate life insurance to provide for your family. When your family depends primarily on your income to pay debts, life insurance is especially important.