How You Can Deal With A Sudden Drop To One Income

When you live with someone else, perhaps just the two of you, or maybe in a family, you get used to two incomes. You need them, for all of your outgoings, to look after the kids, and provide the life you are used to. However there are some instances in life where one income is suddenly cut. For whatever reason. Maybe they have been laid off, or perhaps they aren’t well. You have to cope with the drop in money. It is jarring at first, shocking even, yet there are ways you can cope and get through it. These tips can help you do so. You may have done or considered some of them, but think about the other and how they can help you through the difficult time.

In the first instance you need to calculate what is owed to you. Was your partner made redundant? Then there will be redundancy pay involved. Ensure they get it. Were they injured in an accident? Compensation. If they are disabled now they may get some money from the state, if you need help getting what is owned then check out mydisabilityattorney.com. You need to latch onto all kinds of owed income as fast as possible.

With one of you out of work now comes the time for harder decisions. Do you have two cars? Then consider selling one of them. You won’t need it anymore after all so get rid of it. You can use the money to help you survive until they have found another job of some sort. You’ll need to cut back on other things too. Look at your subscriptions, cut back on a few of them. There will undoubtedly be things you don’t use that often. Cut back on the extravagancy, eat in instead of out etc. Your income has potentially been cut in half, or even more if your partner earned more than you. This cost cutting comes harder to some than others but it needs to be done if you want to stay in the red and not get yourself into debt through loans and credit cards etc.

Your partner may be down and dejected to. For whatever reason, they are out of work. In this case you need to be sympathetic and also encourage them into finding new work. It can be done if you try with them. There are dozens of opportunities out there. Perhaps they could use the downtime to go back to university and study, pursuing the career of their dreams. There are many routes to take. If you are desperate for cash your partner can look to other ways of making money. There are dozens of ways to do this online. Although there are many scams out there there are also legitimate ways to make money. If they have a skill then they can use it for an income. If they can write then perhaps they can become a freelance writer, for example. You’ll be fine so long as you balance the books and be careful.

What You Need To Do For An Easy Home Build

Building your own home from scratch is a dream that many people across the world harbor. Even in a property market as expansive as the current one is, it can still often be hard to find an existing home that meets all your specifications. Many people find it excruciating to hand over a large sum of money for a property that they know they want to change quite drastically anyway. This is why more and more people are buying land, instead of real estate, and building their own homes from scratch. However, it isn’t always as straightforward as it may seem on paper. There are a lot of things that can go wrong during a home build and you need to make sure you have the right people on your side to guide you through it as well. Here are a few things you need to get under control, so that your home build can be as smooth and as stress-free as possible.


Finance


It’s not secret that in order to pull off a task this huge, you will need to have a fair bit of financial backing. Unless you are a millionaire with plenty of savings, it’s fairly unlikely that you will be in a position to fund the whole thing upfront, with cash. So, with that in mind, you will need to find a mortgage – just like you would for purchasing pre-built real estate. A self-build mortgage could therefore be the right option for you. They work much the same as a regular mortgage, except for the fact that the payments are split up to coincide with various stages of your project. You may be able to access a self-build mortgage directly from your bank or building society, but if not, you can always turn to a self-build mortgage broker. When discussing the financial aid with such a broker, you will be in a position to decide upfront how much money is going to be accessible at each stage, which enables you to clearly plan your project from start to finish. Also, set aside a contingency of 10%, as you never know where an unexpected cost might hit when you are building your own house!

 

Builders and contractors


Unless you are a multi-skilled miracle worker, you will probably be hiring other people to actually carry out the task of putting your dream home together. It can pay off to work closely with planners, architects, builders and contractors, as they are all specialists in their fields. Doing the entire thing on your own is virtually impossible, especially if you are still working full or part time while your project takes shape. Building and design experts can take some of the weight off your shoulders and with your help, can turn your vision into a reality.  If you need a new home built, make sure you put your trust and money into reputable individuals and companies who you know can commit to the project from start to finish. It is also important that you make sure everyone is on the same page and therefore working well together, so hold regular ‘catch up’ meetings so you know where each stage of the project is going.


Legal issues and planning approval


A common spanner in the works that can arise is issues with the contract and planning permission. The last thing you want is work having to be halted because the local council or land owner has come across a fault in your contract. There can be serious repercussions from this type of thing – not just for your project, but for you as an individual too. Legal problems like this can follow you around for some time, so always make sure you have the appropriate consents in order before you even think about starting to build. Sure, there is often a lot of legal jargon involved and you may find it dull or confusing. But stick at it – the more you know, the more you will be equipped to deal with any issues that arise. Additionally, make sure you and your project are well insured. Contractors and project managers normally do come with their own insurance, but you will still need to take out your own policy if you are running a self-build. It can be tempting to hit the ground running and just start building, but take the time to ensure all these affairs are in order before you do – you won’t regret it.

The Paddle You Need When Up The Proverbial Financial Creek

Anticipating the worst might sound like a rather dull way to live your life, but it when it comes to your finances it’s an essential strategy. We don’t know when life is going to throw us a curveball and many of us aren’t going to have the strategies in place to deal with it well enough. If you expect a trip down the proverbial creek, then it pays to make sure you have a paddle to get yourself back out.

Build yourself some insulation

Before you embark on any journeys to start bringing in untold new riches, you should first look at how you protect what you have. The best way to do that is to make a few savings goals based around the idea of adding some insulation between your real finances and anything that threatens to touch them. Those savings goals should be aimed at building contingency funds, packages like insuring your income and even assets that could be liquidized so that you don’t have to touch any of the other investments that have more to offer in terms of long-term returns.

Know who to call in an emergency

It’s good to have the aforementioned insulation padding out your finances but you should be hoping that you don’t have to touch it to begin with. When it’s not poor financial choices or a lack of preparation that gets you in trouble, it’s because of some kind of disaster or an accident. A personal injury, a car accident, a medical mistake that keeps you pumping out to pay for medical bills. Of course, in many of these situations, you shouldn’t have to pay at all. Two ways to ensure you don’t is to know your rights, to know someone who can stand up for them and know how to properly handle a situation. For instance, if you get injured on business premises, getting promptly medical attention and taking pictures and the details of anyone who can attest to the conditions that led to the accident is important.

Have a pre-made debt busting plan

As important as it is to try and stay out of debt, it’s a good idea to also have an idea of how you’re going to deal with it when you’re in it. For one, taking good care of your credit while you have the freedom to do so is important. If you’re maxed out on credit cards and you need a loan after an accident takes you out of work then you might still be able to rely on debt consolidation, but it won’t have the same kind of value if you had thoroughly healthy credit. To make it easier to get out of debt, you should also get a good look at how you use your money right now while the situation is still calm enough. Spot any expenses that could be a potential problem and replacements you can make if you can’t cut them out entirely.

There’s no way to thoroughly protect yourself from the financial impact from some of the worst twists of life. However, the means of getting the help you need and the protections you can put up to stop yourself from getting pulled away by the current can help you at least make them manageable.