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Thanks to fellow S&S reader, Julie, for today’s post. She’s got some great tips for handling unavoidable or unexpected events!

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Unavoidable or Unexpected: Life Events You Might Want To Save For

Life has been anything but smooth sailing for you so far; it seems that you have been dealt some tough cards. Money may be your biggest hurdle, and the struggle is probably not over yet.

Sure, you may have learned a bit about how to handle your finances, and you are no longer wasting money on pointless junk. But what if something unexpected or unavoidable happens to you? How prepared would you be?

It’s never too early to start thinking about some of the big life events that might come your way. Here are some of the common unavoidable and unexpected events and how to prepare for them.

Marriage

One day you might decide to get married. Whether you pop the question or get proposed to, it is going to be a costly affair. If you think you want to get married one day it is a good idea to start saving early. And if you never decide to get married, you can always use those savings for something amazing!

Lay-Offs

Your employer could terminate your position with little to no warning. Although you might get a decent payout under these circumstances you should start looking for another job as soon as possible, to avoid being unemployed for a long period of time. This is where your emergency fund can be a life-saver! Three months’ worth of expenses can help you get from one employer to the next opportunity.

Children

When you have children you will soon realize how expensive they can be! Arguably, there is no ‘correct’ time to have children, but try to make sure you are in a financially comfortable position before making such as huge decision.

Law Suits

No one wants to think that a lawsuit is in their future. But it could happen.

Even if you’re completely innocent, you might need to pursue misconduct defense if you are accused of behaving inappropriately at your place of work. Legal costs mount quickly, so it is best to always be prepared for these types of situation. Just in case.

New Home

One day you will be able to move out of your rental property and buy a new home. This is on most people’s bucket lists, but can’t be achieved overnight. You need to start saving for a deposit on a house years before you actually plan to make your purchase.

The bottom line is, you never know when you might need to pay out a large sum of money for a life event.

These things pop up when we least expect them or when we don’t actually have the funds to pay for all of this stuff. The only way that you can conquer these types of life events is by putting aside money whenever you can, just in case any of these events occur. If you hadn’t already thought things happening to you, now is the time to start thinking and preparing.