Insurance Planning is Financial Planning: 7 Tips to Prepare for an Uncertain Future

The world is changing faster than most people can process that change. We talk about that a lot around here. “What just happened?” “What does that mean?” Every change that happens in the world has a ripple effect—it affects not just you, but your family, your loved ones, your friends, your colleagues.

Some people though, literally seem to be able to sleep better at night. To those of us who can’t it’s often puzzling. These people seem smart! Centered! Grounded! What doesn’t anything seem to faze them? What do they know that I don’t? 

 Here’s one way to look at it. The ability to remain at ease in the face of uncertainty might just be this. Knowing you have a plan. And knowing you have a plan B.

Here are 7 ideas for how to think about your Plan A and Plan B in the age of uncertainty.

1) The difference between saving a dollar every day and losing a dollar every day is profound. It doesn’t matter the amount. But the first thing to think about in getting your finances together is getting ahead every month—even if it is just by a very small amount. Can you find a place to cut a dollar? Earn an extra ten dollars a week? If that is what is needed, that is what is needed. Debt is not a bad thing on its own. You simply need a plan to manage for it. And if you do have debt—than protecting against loss in other areas might be more important than ever.

2) Instead of thinking “what’s in it for me” think “what’s in it for us”. Financial planning is a team effort. How do my plans affect not just me, but you? Whether you are sitting on opposite sides of the negotiating table or side by side on the couch with your loved one—talk things through, be clear about your financial goals, create a vision of a future together.

3) Life events will happen! That is why it’s called life! Don’t be caught unawares and let the big life events sneak up on you. Houses, cars, travel. Maybe you’ll have kids and they will have learn to drive (gulp). Maybe there will be weddings and grandkids. Or jobs that disappear, new jobs that are needed. Chances are there is a lot that is going to happen to you. Here’s where the “Plan A and Plan B” really comes in handy. Plan, prepare, and protect. Protecting the assets you have will allow you to prepare for the next major event that is bound to come rolling around.

Read more: Insurance Planning is Financial Planning: 7 Tips to Prepare for an Uncertain Future