Looking ahead to think about the future is always worth your time. While you shouldn’t worry about the future constantly, being able to plan effectively for what might happen will save your future self a whole lot of stress. It’s particularly important to plan for major life changes – the moments in life where it seems like everything is turned upside down. Here’s how.
Look Ahead: What Major Life Events Are You Expecting?
First, look ahead to the major life events you are actually expecting. There are many milestones and moments in life that are huge, but that you also see coming. Some are positive, others are negative. Here are major life events to consider:
- Weddings
- The death of loved ones
- Giving birth
- Buying a home
- Children leaving home
What Major Life Events Are You Not Expecting?
Next, consider the major life events that most people don’t expect. These are not easy to think about, and, hopefully, many of them will never happen. However, planning for these can be a saviour. Here are some major life events you might not expect:
- The death of a partner
- A natural disaster
- A major illness
- Becoming disabled
- Bankruptcy
- An unwanted, sudden, and unexpected house move
Focus on the Money
There’s no denying the importance of money in any scenario. All of the situations listed above can be helped with money. For example, having enough funds for a wedding means you get more choices in planning. Then, of course, there are the costs associated with funerals, moving home, and needing to take time off work if you become ill.
Saving money: Building an emergency fund is always a good idea. Everyone’s ideal emergency fund amount will look slightly different, as it depends on your expenses. Generally, it’s best to be able to cover about 6 months of living without any new income.
Life insurance: Think about your family when you pass. A major life event is your death, after all. While you won’t be around to see it, you want to know your loved ones are able to financially manage. You can do this by seeking out the best life insurance in UK. Compare a variety of providers to find a plan that works for your unique situation, whether you are under or over 50, a high earner, or have many dependents.
Develop Action Plans
Of course, not everything gets fixed by throwing money at it. You need action plans. You’ll need a specific action plan for every scenario, so take the time to develop one. Break it down into steps, focusing in particular on what you can control. For example, if planning for the death of a loved one, consider things like arranging a burial or cremation, handling the estate, and, of course, giving yourself space and time to grieve.
Build a Strong Support Network
Whatever you go through, it’s always easier when you have people around to help you manage. That might involve having a friend with a van who can help reduce the costs of moving, or a neighbour who brings you some food when you are grieving the loss of a family member. Communities thrive when people look out for one another, so aim to cultivate a strong support network where people can rely on you, and you can rely on them. It will truly make a difference during the harder times in life.