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You have probably discovered that your financial picture can change in a negative or positive way at any given moment. Job losses, job promotions, medical emergencies, and unexpected windfalls are a few of the events that affect our money situations. It would make my life so much easier if I knew exactly what our finances would look like in a year - or even a month - from now, but that will never happen.
My husband and I have discovered that the best we can do is make an educated guess about how we should manage our finances. That doesn’t mean that we’ll always be right, but it does mean that we have some sort of direction and are taking steps to meet our goals. We have to constantly remind ourselves that we need to be flexible when it comes to our personal finances, because finances can change more than anything else in our lives can.
It’s almost a necessity to have a Plan B for your finances. There is always the chance that your current plan, no matter how good it is, will not be successful or your current circumstances will force you to tackle your finances differently. A Plan B will help you avoid panicking when something unexpected happens that affects your money.
Your Plan B doesn’t need to be elaborate and detailed, but it does need to point you in the right direction. Think about possible events that could affect your finances. What if you or your spouse suddenly becomes unemployed? What if you or your spouse gets that promotion? You need to plan for both good and bad financial changes because you’ll want to be able to handle a surplus of money as well as you handle a deficit.
You obviously can’t foresee everything that might happen, but you can make a list of events that are possibilities or that others you know have encountered. Being prepared for change is the best way to face it.
My suggestion for you:
Always have a Plan B! It will give you confidence because you’ll know that you’re prepared no matter what happens.
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