Tuesday, April 16, 2024

Make Your Money Matter.

August 11, 2019 by  
Filed under Money/Business, Tech/Internet, Weekly Columns

(Akiit.com) Money isn’t a laughing matter. And less so in the current economic climate. What you have now, what you can save and what you leave behind will make a difference in more ways than you can imagine. 

safety net


noun: safety net; plural noun: safety nets

a net placed to catch an acrobat or similar performer in case of a fall.

a safeguard against possible hardship or adversity.

“a safety net for workers who lose their jobs”

So what happens when you are faced with a financial emergency – do you have enough money to deal with it? What about those unexpected expenses that occur every once in a while? Do you have the cash spare to deal with those? If you don’t, then honestly, it’s really time that you start thinking about saving. For you now, and for your family’s future. Of course, most people work very hard, but all of that hard work won’t amount to much if you haven’t put the right protection in place.

It is important that you create a financial safety net. There are a few key points to a safety net, it is about the what-if. What if you got in an accident, would you know what to do next? What if you lost your job? How would you cope? 

What if you had cash in the bank to deal with it, and had time to get back on your feet? 

Here are a few areas that you could look into:

Life Insurance

If you are currently making payments on the mortgage, and part of the reason you got a house was for security – what would happen if you were no longer here? Would your partner, or children be able to handle those payments, as well as any others that had accumulated? Chances are, not likely. 

So you take out life insurance, and you make sure that your policy covers all eventualities, and in fact, make it one of the first things that you pay out on a monthly basis. It is worthwhile to check up on whole life, term and other types of life insurance before you make a commitment. 

Emergency Savings

They say that everyone should have at least 6 months worth of savings to live on if anything happens. That would be the amount that could not only cover the bills that you need to pay, but if say, your car broke down, and you needed a new one for work – it wouldn’t be eating out of your usual income. It’s not easy to amass that it will take some time and dedication to get there. What matters is that you are making strides towards it. You can use automatic saving apps, skimming or the old fashioned putting money aside as soon as you get paid. Whatever you do, just try to get it started asap. It will benefit you and your family should you need it, and no one knows just when that rainy day might come.

Staff Writer; Fred Moore

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