Are You Prepared for a Humpty Dumpty Moments?

Monday, September 05, 2016

Are You Prepared for a Humpty Dumpty Moment?

In the nursery rhyme Humpty Dumpty, the egg sat on a wall and had a great fall…. It was a sad moment for the egg as none of the king’s horses and men could put him back together again! In your life, you’ll want to think ahead – unlike Humpty Dumpty – and prepare for those moments when you experience an unexpected financial fall.

Plan Ahead for Hard Times

While you never quite know when the hard times will happen, you should know that they happen to virtually everyone at some point in their lives. It’s an unfortunate reality for most of us in this journey called life.

From unexpected bills to tragedies like losing your job, these are not occurrences that we want to think about because they are scary and depressing to dwell on again and again. However, be realistic that things may not always be sunny financially and prepare for when you fall on tough times.

How to Prepare Financially

The main goal is to have your emergency cash and insurances in place so that if you have a Humpty Dumpty moment, then you will not fall apart like Humpty Dumpty. Instead, you will survive as the strong woman you are!

To build your reserve for emergencies, reserve one category in your budget for “emergencies.” Every month, devote a certain amount toward this cause, with the intention to use it only for the hard times, like if your teeth start to hurt, or your car breaks down. Putting aside 3-6 months worth of living expenses is a good measure.  Having this money stashed away will allow you to make more measured decision too, because you don' t have to panic.  You can weigh up your options with more calm, which in turn allows you to make better choices about what is right for you given where you are. 

Learn from Humpty Dumpty and put yourself together again after you fall by having an emergency fund in place. Stay up to date on your insurances too. They are a vital part of your emergency plan and will ensure that you will have the proper care available to you when you need it the most. 


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