Bouncing back from financial setbacks

If you have encountered a financial setback, it can be difficult to know the next steps to take – but it’s important to act early to help bounce back faster.

Whether you have experienced changes to your employment, business or living situation, or perhaps received an unexpectedly large bill, help is available.

Here are some tips to help you get back on the path to financial success.

Audit your finances

To start, it can be a good idea to complete a review of your finances to ensure you have a clear picture of your regular outgoing expenses.

Are there areas where you could cut back your spending? Or could it be worth consolidating some debt?

If you don’t already have a budget in place, this can also be an opportune time to create one to help you better prioritise your expenses.

Consider protections for the future

While some events can be hard to predict, you may want to think about investing in insurance to help provide greater financial protection for the future.

Options such as loan protection insurance can be a wise choice when taking on new debt. Having a plan that enables you to still meet your financial commitments even if your circumstances change, can provide important peace of mind.

You might also consider a rainy-day savings account. Many experts recommend keeping a buffer of three to six months’ worth of living expenses.

Ask an expert for support

Although the process of getting back on your feet can feel daunting, the good news is that you don’t have to do it alone.

A Liberty Adviser can support you to review the options available and can help to navigate the best path forward. To find out more, contact a Liberty Adviser today.