Sadly, at some point in all our lives, the excreta is going to hit the cooling device.
It could be job loss or illness, the passing of a family member or a messy breakup.
Or maybe a 2020 special like bushfires or the Covid-19 virus.
Whatever your “rainy day” is, you need to have your umbrella unfurled and ready.
So how do you do that?
- Give yourself some financial security. Set up a savings account and contribute to it fortnightly - try putting aside 3-6 months of rent and living expenses. This will help prevent you sliding into debt
- Have a backup plan. Talk to friends and family – can they help if you need a place to stay or a new job?
- Invest in assets you might be able to sell
- Take out insurance.
By taking these measures, you ensure that, when a rainy day does come along, you’ll be able to stay afloat financially.