Why You Should Include Contingencies within Your Financial Plan

You can save for emergencies, plan for disaster, or even keep a rainy-day fund hidden under your bed. The reality is that absolutely nothing can be guaranteed, and even the best laid plans can come undone. That is the nature of life, but none of those factors should be stopping you from building your financial future.

What you should be doing is attempting to anticipate every pitfall that you just might encounter. So, include contingencies within your financial plans and be better capable of insulating your money, protecting your freedoms, and be able to pick yourself up if you stumble.

Consider Having a Lawyer on Retainer

Lawyers are the type of expert you want on your side in case you start having marital woes, are concerned about illegal employment practices, personal finances or even if you are having a dispute with a neighbor.

Not all attorneys practice in all areas of law, but many maintain a network of colleagues that they can call upon if or when they encounter something that they are not familiar with.

It is one thing to hire a lawyer for a limited purpose, such as drafting and filing a will. Retaining a lawyer is essentially pre-paying him or her for future legal services.

Having an attorney on retainer means that you can call them as soon as you encounter a financial situation that raises the hairs on the back of your neck, without worrying about the bill that will come due.

Never Keep All of Your Retirement Funds in the Same Place

If you have a preferred bank, you might do the majority of your banking within a single account. At the same time, even if you have your favorite bank, you know that you should keep your spending money somewhat spread out.

You could transfer money between checking and savings accounts, or have a secondary account at another bank that you use as a back-up. When it comes to retirement funds, you should be thinking of things similarly.

If you have a 401K, it still makes sense to keep a savings account CD, or even Roth IRA with additional monies in it. Those with all of their retirement in stocks might consider cryptocurrency, bonds, or other investment vehicles to help keep things diverse.

Be Able to Defend Yourself if You are Falsely Accused

One factor that few people prepare themselves for is being accused of crimes that they didn’t commit. It doesn’t happen all the time, but it does occur often enough for you to have seen the ways in which a false accusation can mess up lives.

For this reason alone, you need to look into jail bonds today. A good bail bond company isn’t that interested in knowing the details of your arrest. What a professional bail bond agency does is get in contact with the precinct where a client is being held and posts bail fast.

Your bondsman will explain the terms of your bail to you and inform you of your next court date. Go to eparkerbailbonds.com and review what the terms of their bondsmen are. Working with a bail bond company like E Parker Bail Bonds is almost certainly cheaper than staying in jail and waiting to go before a judge. In any case, you just don’t want to wait until after you have dealt with a false accusation to become informed.

Keep Your Credit in Mind 

Maintaining good credit can be the difference between getting a good interest rate on a loan, being hired to work at a good company, or even being approved for an apartment in a safe neighborhood. Credit is easy to mess up and hard to build. More importantly, having good credit takes time.

Having any issues with your finances can cause your credit to go down expectedly. Imagine having to deal with a hit to your credit as a result of being falsely accused of a crime and being jailed for a lengthy period. This can happen if you don’t work with a bond company, or even if you don’t hire a lawyer.

You should plan to get your finances in check by working on contingency plans. Know what your finances will look like if you have to move, fight criminal charges, or need to start making the minimum payment on your credit cards. Anticipate how each pitfall can and will impact your finances before it happens.