NHS encouraged to have preventative plans

We can all benefit from having preventative financial plans.

10:33 10 June 2013

The NHS was recently told that it should perhaps plan better for the types of cuts that would allow hospitals to plan better, and allow them to prepare and plan rather than to simply react to increasing pressures. This is important not just for hospitals to do, but for families as well when trying to manage financial plans.

 

Here are a few ways to manage your financial plans with an eye towards preventing emergencies, rather than reacting to them. 

 

• Unemployment-this is one of the biggest emergencies that can befall your household. If you have two incomes, it may not be as disastrous as long as you have developed financial plans to compensate.

 

When you budget and develop a lifestyle, try to stay completely within the smaller income of one person if possible. If you can do this, you will be able to save a lot of money for crises or just for the future. You will also be able to spend more freely because your living expenses will not take up your entire income. 

 

• Medical problems-even with universal health care benefits you can still rack up charges related to medical expenses. A severe health problem can also take a lot of time for recovery, which could mean reduced income. Financial plans that include putting money aside in savings can help reduce the impact of such an occurrence.

 

• Maintenance-if you purchase a home, vehicle, or other more expensive investment there is bound to be a hiccup or two along the way. There are scheduled repairs and maintenance in addition to the occasional unplanned problem.

 

Comprehensive financial plans can help you prepare to handle those types of things. You may be able to move around some of your payments, reduce costs, or simply invest in a savings account that pays interest.

 

Having solid financial plans for these types of events can put you ahead of the game when, or if, something happens.