Life can throw you unexpected challenges, from job loss to family emergencies, illnesses, or accidents. While you can’t predict everything, taking proactive steps can help you preserve your financial stability and be prepared for the unexpected.
1. Build an Emergency Fund: Set aside a fixed amount each week or month. Learn more about starting an Emergency Fund here.
2. Create a Financial Plan: Prioritize your expenses and identify areas where you can cut back if necessary. Read more about establishing healthy financial habits here.
3. Manage Credit Responsibly: Pay at least the minimum on credit cards to maintain your credit history and keep credit available for emergencies.
4. Utilize Credit Safely: Consider options like a Home Equity Line of Credit (HELOC) or credit card for unforeseen expenses.
5. Communicate with Creditors: If you face financial difficulties, contact your bank and creditors early to discuss payment options and potential accommodations.
6. Understand Your Financial Obligations: Review the terms of your loans and financial agreements to avoid penalties for late or missed payments.
7. Organize Important Documents: Keep essential documents, passwords, and financial contacts in a secure place. Inform trusted family members where to find them. Find our helpful Personal Document Locator here.
8. Secure Life Insurance: Ensure your loved ones are financially protected with a life insurance policy. Share details with your attorney or family members. If you don’t have life insurance, get a quote online or contact an insurance professional at First Mid Insurance Group for personalized advice and assistance.
9. Plan Your Estate: Create a will, trust, or estate plan to safeguard your assets and ensure your family’s financial security. Speak with your financial advisor to review your options for managing assets, developing investment strategies, and making charitable investments. For trust and estate planning, meet with a trust representative at First Mid Wealth Management.
Life’s uncertainties underline the importance of taking these proactive measures to secure your financial health. It may take some time and effort now, but you’ll be giving yourself and your loved ones peace of mind knowing you’re prepared for the unexpected.
Home Equity Loans and HELOCs are limited to owner-occupied residences and subject to credit approval. Property insurance is required. Fair market value is based upon an acceptable current valuation report.
| Products and services offered through First Mid Insurance Group and First Mid Wealth Management | |||
| Are Not FDIC Insured | Are Not Bank Deposits | Are Not Guaranteed | May Lose Value |
