*Catherine Alford is a sponsored partner compensated by OneMain.
Surprise! You’re in need of money. Whether it’s a reason to celebrate like a wedding or an unfortunate accident, stay calm and read sponsored partner and financial expert Catherine Alford’s tips on managing costly surprises.
See video transcript...
When I went to my first ultrasound appointment after finding out I was pregnant, the tech asked me a question I'll never forget: "So, do twins run in your family?"
At that moment, my husband and I looked at the screen and we saw them. Two, unmistakeable dots. Our babies. Twins.
After the shock wore off, which admittedly took some time, I sat down and planned out how much money we should save before they arrived.
I know my story isn't unique. As a financial expert, I talk to families all the time... and surprises happen often!
In fact, it's not a matter of if you'll have a financial surprise; it's a matter of when.
And, for that reason, I encourage every family to start an emergency fund to prepare.
My advice is to set aside a certain amount of money every month in your emergency fund. If you don't feel like you have extra money to save, take a hard look at your expenses. Find ways to cut back, like eating at home or having a no-spend month. Put the money you save in your account.
Another way to find money for financial surprises is to earn more of it!
To fill my own savings account for my twins, I took on new freelance writing clients, I rasied my rates, and I worked harder than I ever had before.
By the time our twins arrived, we'd saved $10,000 in our baby fund. Which we definetly needed, and used, once they arrived.
So, remember, surprises happen!
Some change your life forever, in a good way; like our twins did for us. However, some surprises also come with high expenses.
So work hard to start saving for that today. That way, if you do get hit with an exciting but unexpected surprise, you can spend your time enjoying it and not worrying about the cost.