Comments on: Preparing For A Sudden Change http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/ Tips for living frugal while still having a life Fri, 20 Nov 2009 21:33:01 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: Joshua @ Accountable Living http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/comment-page-1/#comment-13433 Joshua @ Accountable Living Wed, 10 Dec 2008 16:41:49 +0000 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/#comment-13433 maclynx - I am sorry to hear about your mother in law. I hope it all turns out well. In a way, though, having the 20K did act as a buffer to keep her out of debt, which would have just added to the stress. maclynx -

I am sorry to hear about your mother in law. I hope it all turns out well. In a way, though, having the 20K did act as a buffer to keep her out of debt, which would have just added to the stress.

]]> By: On Simplicity » Hot Links: Staring Contest Edition http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/comment-page-1/#comment-13429 On Simplicity » Hot Links: Staring Contest Edition Wed, 10 Dec 2008 15:35:30 +0000 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/#comment-13429 [...] is part of living a simple life, at least for me. Frugal Dad offers seven ways you can Prepare for a Sudden Change. In today’s climate, it’s a guide well worth [...] [...] is part of living a simple life, at least for me. Frugal Dad offers seven ways you can Prepare for a Sudden Change. In today’s climate, it’s a guide well worth [...]

]]> By: maclynx http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/comment-page-1/#comment-13397 maclynx Wed, 10 Dec 2008 06:44:01 +0000 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/#comment-13397 I have to agree with a 6 month emergency fund. A couple of months ago my mother inlaw had an accident. She lives in a country where there is not medical insurance or scheme. We had what we thought was a pretty good nest egg - $20,000. In a matter of 6 weeks we had $1,000 left due to those unexpected medical expenses, car repairs and some unexpected large bills. We had scrimped and saved since September and this weekend my husband had to fly out again to help his family. Hopefully we are not back to square one. I have to agree with a 6 month emergency fund. A couple of months ago my mother inlaw had an accident. She lives in a country where there is not medical insurance or scheme. We had what we thought was a pretty good nest egg – $20,000. In a matter of 6 weeks we had $1,000 left due to those unexpected medical expenses, car repairs and some unexpected large bills. We had scrimped and saved since September and this weekend my husband had to fly out again to help his family. Hopefully we are not back to square one.

]]> By: The Life Insurer http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/comment-page-1/#comment-13351 The Life Insurer Tue, 09 Dec 2008 19:09:28 +0000 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/#comment-13351 Remember to get enough life insurance and also disability insurance as part of one’s frugal planning. These are the income replacement portions of financial planning. They replace the income to the family if one dies and one’s one income if one has a long term disability. Where would income come from if these situations occurred without these “risk replacement vehicles.” Remember to get enough life insurance and also disability insurance as part of one’s frugal planning. These are the income replacement portions of financial planning. They replace the income to the family if one dies and one’s one income if one has a long term disability. Where would income come from if these situations occurred without these “risk replacement vehicles.”

]]> By: Joshua @ Accountable Living.com http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/comment-page-1/#comment-13313 Joshua @ Accountable Living.com Tue, 09 Dec 2008 04:38:08 +0000 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/#comment-13313 Great post. Personally, I have made a couple of other items available in my documents: (a) web addresses and user names / passwords for all of our financial institutions. This is stored in a very secure location, but known to my spouse. (b) make sure that ALL financial records relect my spouse and children's names as beneficiaries (updating the children as they are born) (c) making a short letter with a list of names of friends that we have who can help my spouse make decisions and be a shoulder to lean on ( a friend who is a mechanic, another who is a good "fix-it" kind of guy, etc.). This wa she has someone that she can go to if she needs adivce. Great post.

Personally, I have made a couple of other items available in my documents:
(a) web addresses and user names / passwords for all of our financial institutions. This is stored in a very secure location, but known to my spouse.

(b) make sure that ALL financial records relect my spouse and children’s names as beneficiaries (updating the children as they are born)

(c) making a short letter with a list of names of friends that we have who can help my spouse make decisions and be a shoulder to lean on ( a friend who is a mechanic, another who is a good “fix-it” kind of guy, etc.). This wa she has someone that she can go to if she needs adivce.

]]> By: Janny http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/comment-page-1/#comment-13305 Janny Tue, 09 Dec 2008 01:04:10 +0000 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/#comment-13305 I remember the fast food & hospital cafeteria trips we made when my parents were hospitalized. Your point about taking care of YOURSELF is very important. When worry consumes us it affects our eating habits and sleep. It's important to care for the CAREGIVER because those that are responsible for the patient have to be alert and able to make decisions. Every patient should have an advocate when they're hospitalized. I'm sure you see it, as we did--the squeaky wheel does get the grease (or their linens changes, pain meds, etc.) I've always felt my heart tug when I see people that have few visitors and no-one to help them interpret what the professionals are rattling off a 10,000 miles an hour. It's a scary place, and mistakes happen. I remember the fast food & hospital cafeteria trips we made when my parents were hospitalized. Your point about taking care of YOURSELF is very important. When worry consumes us it affects our eating habits and sleep. It’s important to care for the CAREGIVER because those that are responsible for the patient have to be alert and able to make decisions. Every patient should have an advocate when they’re hospitalized. I’m sure you see it, as we did–the squeaky wheel does get the grease (or their linens changes, pain meds, etc.) I’ve always felt my heart tug when I see people that have few visitors and no-one to help them interpret what the professionals are rattling off a 10,000 miles an hour. It’s a scary place, and mistakes happen.

]]> By: Terran http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/comment-page-1/#comment-13304 Terran Tue, 09 Dec 2008 00:20:47 +0000 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/#comment-13304 Eight years ago, my husband went to work one day and basically never came home. He suffered a massive anuerism and lapsed into a coma until his death a year ago. When I looked into our finances, I discovered there were no savings and plenty of debt. The kids and I had each other, that was the bright spot. I now save every extra penny possible and put it into a savings account. I am still paying off debts from eight years ago. Please be aware and speak to your spouse about 'what if' scenarios. We live extremely simply but contentedly. Eight years ago, my husband went to work one day and basically never came home. He suffered a massive anuerism and lapsed into a coma until his death a year ago. When I looked into our finances, I discovered there were no savings and plenty of debt. The kids and I had each other, that was the bright spot. I now save every extra penny possible and put it into a savings account. I am still paying off debts from eight years ago. Please be aware and speak to your spouse about ‘what if’ scenarios. We live extremely simply but contentedly.

]]> By: frugalgrad.com http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/comment-page-1/#comment-13301 frugalgrad.com Mon, 08 Dec 2008 21:48:30 +0000 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/#comment-13301 I am still working on the emergency fund. It's really difficult to create this kind of funds since it doesn't take a lot of emergency funds before it's all gone. At this time, I don't worry about job loss but decrease in financial aid seems to be a possibility. That means that I will have to work more hours to be able to afford school. In this economy, if you don't get hit in the right, you are sure will get a punch in the left. Oh, when will it ever end this recession...! I am still working on the emergency fund. It’s really difficult to create this kind of funds since it doesn’t take a lot of emergency funds before it’s all gone. At this time, I don’t worry about job loss but decrease in financial aid seems to be a possibility. That means that I will have to work more hours to be able to afford school. In this economy, if you don’t get hit in the right, you are sure will get a punch in the left. Oh, when will it ever end this recession…!

]]> By: Andy @ Retire at 40 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/comment-page-1/#comment-13299 Andy @ Retire at 40 Mon, 08 Dec 2008 19:15:03 +0000 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/#comment-13299 Great summary for the challenges ahead. One great way to be prepared for job layoffs, is to figure out who you would apply to for a new job way before anything happens. Also, get your CV up to date now whilst you have less to worry about than no job. Great summary for the challenges ahead.

One great way to be prepared for job layoffs, is to figure out who you would apply to for a new job way before anything happens. Also, get your CV up to date now whilst you have less to worry about than no job.

]]> By: Elliott - 21st Century Dad http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/comment-page-1/#comment-13296 Elliott - 21st Century Dad Mon, 08 Dec 2008 16:05:55 +0000 http://frugaldad.com/2008/12/08/preparing-for-a-sudden-change/#comment-13296 What a timely post. My family is preparing for a major transition. The cost of living here in South Florida is driving us out. If an apartment in a not-so-nice neighborhood rents for $900/month, we have a problem. I must concur with taking care of yourself physically. The events leading up to our decision to relocate has caused plenty of stress. I am eating much higher quality food and spending less to do it! Of course, sleep is still an issue, but eating well and exercising mitigates the effects of getting less sleep. It's actually therapeutic to watch your finances more closely during these times. It seems like it would add to the stress, but eliminating the big question mark next to your finances is a big help too. What a timely post. My family is preparing for a major transition. The cost of living here in South Florida is driving us out. If an apartment in a not-so-nice neighborhood rents for $900/month, we have a problem.

I must concur with taking care of yourself physically. The events leading up to our decision to relocate has caused plenty of stress. I am eating much higher quality food and spending less to do it! Of course, sleep is still an issue, but eating well and exercising mitigates the effects of getting less sleep.

It’s actually therapeutic to watch your finances more closely during these times. It seems like it would add to the stress, but eliminating the big question mark next to your finances is a big help too.

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