Financial Planning

13 Life Events that Can Affect Your Financial Strategy

As life changes, so can financial needs. In the busyness of life, it can be easy to miss the impact of those changes to your personal finances. 

13 Life Events That Can Affect Your Financial Strategy

What life events can affect my personal finances?

Life is full of wonderful changes and events. But along with these life changes come new financial needs. Unfortunately, many people don't fully recognize that even small life events can have a huge impact on your ability to save and plan for the future.

Failure to identify and readjust your savings and investment strategies when appropriate can have far reaching impacts, resulting in challenging and often unfavorable financial outcomes.

The list of life events below could help get you thinking about when you might need to review and readjust your financial strategy:

  1. Buying a new home
  2. Selling your home
  3. New marriage
  4. Divorce
  5. Birth or adoption of a child
  6. A major disability or long-term illness
  7. The death of a spouse
  8. A job loss, change or promotion
  9. Higher education needs
  10. Caring for aging parents
  11. Getting closer to retirement
  12. A reduction in health insurance benefits
  13. Receiving an inheritance

Create a financial plan

If you recognize any of these events in your life, then it may be time to develop an action plan. On your own or with a financial planner, take the time to review your income, savings, and where and how your money is invested. Put together a financial plan that considers your immediate needs, short-term goals, and future objectives, carefully matching up your investments to certain timeframes or goals. Certain life events may also call for reviewing your life insurance coverage to make sure that your policies are keeping up with your family's current financial needs.

By regularly reviewing your finances and identifying where you need to make changes, you can make priority adjustments that will bring your financial goals in line with your current life situation.

For more information about financial planning and budgets, visit Protective's Learning Center.

Was this article helpful?
6
2

All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

WEB.704739.08.17