The financial climate of the future is uncertain, but it’s one that you need to be prepared to face. Ensuring that you are financially in a better position to face this uncertainty can be done by your own means, or by working with an advisor to help manage your money.

A handy tip for ensuring that you are prepared for any eventuality is that you may be able to establish an emergency savings account with your bank. By depositing some money regularly into a high-interest savings account you can prepare for any eventuality.

You could implement the 50/20/30 budget rule into your daily life, whereby 50% of what you earn is spent on needs (ie. rent, bills, groceries, car/transport), 30% is spent on wants (ie. clothes, games, etc) and 20% to be saved or put towards debt repayment. In this case, you could dedicate some of the 20% towards your “for emergencies” fund to assist you with unexpected expenses.

If you find yourself in a situation where your emergency funds just won’t stretch to cover the amount you require, you can also apply for a “payday loan”, but this should be done with caution. Often they are riddled with terms and conditions that may make it difficult to pay back, and you should investigate and compare payday loans to find what might be suitable for you. You may also need to consider whether it is financially feasible for you to pay back the amount you require.

If you are looking for more money management tips, you can speak with us for advice on your budget and your tax planning for the future. It’s never too early to start a conversation – and in some instances, the sooner you do, the better!