Circa one third of working Australians live pay cheque to pay cheque. When the unexpected happens, which it quite often does, it can have a significant impact on the wellness/mental health of you and your family. Most don’t have the buffers to protect themselves. The most significant events will impact all elements of your life – work, health, finances and life.

In this workshop we explored a framework that will assist you in dealing with some of the common unexpected events.  Thinking in advance and preparing for some of the common situations that might happen does put you in a stronger position to build a buffer or implement other strategies to reduce the level of stress that comes with that change.

Key Insights

• Expect the unexpected (these can be both positive or negative events)

• Practice / consider how you will react to unexpected events

• Educate yourself and develop a plan

• Understand what leave you have built up / sick / annual / long service leave

• Ensure you have a solid support system

• Don’t spend more than you earn

• Have a budget and understand where your money goes

• Ensure you have a rainy day fund

• Have a savings plan

• Build up a rainy day fund

• Build up loan redraw buffers

• Understand your budget & expenses you can vary

• Get insurance

• Additional short term loans

• Seek advice from a professional