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How To Prevent A Sudden Life Change From Destroying Your Savings

Updated: Apr 30

A sudden life change can decimate a bank account. Whether you were expecting something to happen or not, when you have little time to prepare for a change in circumstances your savings can completely disappear, and sometimes overnight. It’s not something any of us want to have to prepare for, but safeguarding actions can make all the difference between losing everything and only losing something. Check out a few of the most important down below. 

How To Prevent A Sudden Life Change From Destroying Your Savings

Always Double Check Who You’re Talking and Sending to

You don’t ever want to just send money to someone - always double check they are who they say they are first. Even when you think you know the person, it could be someone pretending to be them. Remember, scammers will go far to try and trick their target and aren’t afraid to make you emotionally vulnerable in the process. 

If you’re not in regular contact, make sure their bank details match up. Most banking apps do this for you these days, so it won’t be hard to get the facts on this. And if the person in question is urging you to send the money as soon as possible, and is even sending threatening messages about it, stop and think about what’s going on. 

Get a Financial Planner Involved

A financial planner can help you see the other side when a sudden life change occurs. From in depth divorce planning to being made redundant, working with a professional highlights the core elements of your financial wealth and how they can be preserved for the future. If you can’t see the way out right now thanks to some muddy thoughts and a lot of confusing brain fog, this is the service to reach out to. 

After all, if you’ve got a large savings pot, they’ll be able to advise you on what to do with it, where to put it, and how you can build it back up over the next 6 to 12 months. Don’t just sit on your nest egg; let it do some work for you while you get back on your feet. 

Investigate Compensation Chances

If you’ve been in an accident, it’s always worth consulting with a lawyer. It doesn't matter how long ago the accident occurred, or how minor it seemed; if you lost income as a result of it, get in touch with someone who can get you compensation. Doing so could be the one thing that stops your savings account from being wiped out. 

Deciding if you have a case cannot be done alone. You’ll need to talk to a legal professional who can deliver the facts for you. Most consultations are either half price or free, so don’t be afraid to reach out for this kind of help.

You might not be able to prevent a sudden life change, but you can stop it from ruining your financial health. Try out some expert tips like these if you’re in an anxious financial situation right now. 

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