Budget Bootcamp.


 

Day 9: How rainy is your day?

 

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.

Your week 2 snapshot.

Day 6.

Find your credit score.

Day 7.

List and rank your debts.

Day 8.

Getting out of buy now pay later.

Day 9.

Set up for rainy days.

Day 10.

Work out how to grow your money.

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This information has been provided without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness, having regard to your objectives, financial situation and needs.

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