Savings are part of the monthly budget, so you can easily manage income and expenses and in case choose to change the budget for a month if there are pressing needs to be met. In such cases, here are some practical tips on how to deal with the unexpected.
It is good to know that.
..cope with unexpected difficulties. Unexpected events involving unforeseen expenses may suddenly appear in the course of life. It is advisable, therefore, to prepare in time to face them calmly. The first step is to ask yourself questions to focus on your needs for peace of mind and develop answers consistent with what you actually have available.
It must be consideredase that.
Some unexpected events, such as the loss of a job, an injury, a traffic accident, or home renovation as a result of unforeseen events, can have a major impact on life. First of all. you need to become more aware of the risks you are exposed to, decide which ones you are willing to take, and establish a scale of priorities.
Meanwhile, it is important tosave as a precautionary measure in order to have the necessary resources to deal with the possible unexpected event; setting aside an amount that is easy to draw on in case of need is a prudent choice.
And if the event catches you off guard instead, you may have to resort to a financing; there are various forms of it, differing in features, cost and purpose. Get help from a trained counselor and take some time to make all the necessary considerations regarding the future commitment of the monthly installment.
Source: quellocheconta.gov
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We deal with over-indebtedness prevention related to usury risk every day throughlistening, counseling and support. We are approached by employees and retirees who are in a situation of imbalance between income and expenses and cannot pay their debts.
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Learn about other financial best practices
Good financial advice #06 Dedicate 30% of income for personal expenses
Plenty of people suggest using no more than 30 percent of monthly earnings for personal expenses, i.e., travel, dinners out, birthday gifts or subscriptions to gyms, newspapers and more.
Good financial advice #05 Devote 20% of income in savings
A good way to save is to follow the 50-30-20 rule that suggests using 50 percent of income for necessary expenses, 30 percent for personal expenses, and 20 percent for savings.
Good financial advice #04 Spend one minute of money a day
To be always sure of one’s financial and, therefore, economic situation, one only needs to devote 60 seconds each day to money management. How? Checking on investment trends, news, and important news.
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