Change can happen at any time in life. Some changes, like starting a business, are planned. Others, like being retrenched or receiving an inheritance, are more unexpected.
Whether you can prepare for it or not, the good news is that there are things you can do when change occurs to make it easier on yourself and your family.
Prepare your budget
New circumstances in your life will change your spending and saving habits. Whether there is an extra mouth to feed, or less money to live off, you should revisit your budget to ensure that your savings stay on track.
Our budget planner is a great place to start.
Once you've done a budget, make sure you've got a high-performing bank account that meets your daily spending and saving needs.
Restructuring your mortgage
If you need to free up some of the equity in your home to get you through a period of change, you may be able to restructure your mortgage to minimise tax payments.
By doing so, you could enjoy more flexibility and control over your monthly cash flow when you need the money most.
Update your insurance
This is one of the most important things you'll need to do. Make sure that you've got enough life insurance to protect you and your family when your circumstances change.
If you're starting a new business, you'll need the right business insurance as well.
Invest sudden windfalls
A retrenchment payout or an inheritance may come as a surprise. Before you spend it all, speak to a financial planner about how you can make the windfall last longer.
You may be able to invest the money in a way that minimises tax such as putting the money into your superannuation if you're nearing retirement. Either way, give yourself the opportunity to reap the benefits for a long time to come.