News | Personal Finance
25 Jan 2020 22:39
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Days of Xmas
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business > Features > Personal Finance

    Ways to prepare for the unexpected

    Life is full of events we plan for and look forward to, like leaving home, starting work or getting married. But sometimes events happen that can’t be predicted and may not be so welcome – like changes to your health, wealth or working conditions.


    It’s important to take some time to plan, so if the unexpected does occur, you and your family will be looked after.

    Think about what you need to protect and the level of risk you’re willing to take. A sensible first step is to consider what is important to you and do a stock-take of your most valuable assets. These might be your home, family, health or career, or for many, it’s a combination of these things.

    The next step is to think about how you can protect these things. Insurance is one option and there are some types of insurance you are required to have, like house insurance if you have a mortgage. And if you own a car, it’s wise to have at least third party car insurance so you’re covered if you damage someone else’s car.

    There are other ways to manage the risk that you may wish to consider – especially if other insurances are beyond your budget. Having access to an emergency fund is a good start. For some, that might mean setting aside three months of income to draw on if the unexpected happens. It might take time to build up – but it’s a good goal to have. For others an emergency fund may be having access to credit, equity in their home or an arrangement with family to support them.

    If you have insurance it’s important to check it’s up-to-date and takes into account any changes to your circumstances. You may no longer need certain insurances or you may decide that what’s important to you has changed.

    Buy insurance that protects what’s important to you and only buy what you need – it’s easy to buy too much insurance but it’s just as easy to buy too little.

    Even though it’s not pleasant to think about what might happen, the more prepared you are the better off you’ll be.

    © 2020 sorted.org.nz, NZCity


     Other Personal Finance News
     10 Sep: Spring clean your finances
     13 Aug: Plan ahead to give yourself a debt-free Christmas!
     10 Jul: Wise up to clear credit card debt
     30 Mar: Time for a financial progress check
     10 Feb: Studying up on NZ Super
     10 Jan: Managing the back-to-school bills
     10 Dec: Stay in charge of your Christmas spending
     Top Stories

    RUGBY RUGBY
    A first half blitz from Michaela Blyde has propelled the Black Ferns sevens to a compelling 40-7 victory over England in their second pool match at the Hamilton world series event More...


    BUSINESS BUSINESS
    The Opposition's laying blame for the increasing rent prices across the country, squarely on the government More...



     Today's News

    Auckland:
    Auckland's North-Western Motorway near Massey is open again after being blocked earlier by a two-car collision 22:27

    Entertainment:
    Kim Kardashian West says a law career has been “in [her] soul for years” 21:30

    Law and Order:
    One person has serious injuries from an assault the Auckland suburb of Sandringham this evening 21:17

    Entertainment:
    Lupita Nyong’o feels “privileged” to have people who “look up” to her 21:00

    Basketball:
    Breakers forward Finn Delany believes they have a more than manageable task on their hands in the Australian basketball league tonight 20:37

    Entertainment:
    Kerry Katona has had several “dirty rotten teeth taken out” 20:30

    Entertainment:
    Kelly Clarkson has shown her support for Pink after the singer admitted she feels “weird” about ageing 20:00

    Entertainment:
    Courtney Stodden is “officially divorced” from Doug Hutchison 19:30

    Entertainment:
    Dax Shepard went on a "spectacular date" with Brad Pitt 19:00

    Dunedin:
    The search for a teenager missing off Dunedin's St Clair Beach has been suspended 18:57


     News Search






    Power Search


    © 2020 New Zealand City Ltd