Life has a habit of throwing curveballs when you least expect it. From job loss or redundancy, serious illnesses, caring responsibilities for children or eldery parents and unexpected family emergencies.

We’ve experienced a few of these already in our family and are now going through the stage of providing care to relatives whilst still having young children.

Due to this we've seen how proactive financial planning can help cushion these blows and we’re grateful we started to get organised for these, as if unprepared the fallout can be devastating.

MoneyPlus Advice have conducted a survey which shows nearly half of people have faced an unexpected cost they couldn’t afford. As we all have these potential struggles we’re sharing some things to think about to protect your family.

Have an emergency fund

Although it’s not always easy, having a small amount of savings for emergencies can make life less stressful. Most advisors recommend saving three to six months living expenses. Sometimes you have a boiler fail just as winter hits or the handbrake goes on the car (us last week!) and without those things you are either uncomfortable or can’t get to work. Having a little money put aside can take the pressure off.

Protect yourself with insurance

I’m the worst for taking out different types of insurance, I always feel this is something which I am pouring money into but am unlikely to get back. However, things I wouldn’t scrimp on are critical illness cover and income protection. These aren’t really luxuries and unfortunately could be needed to help with essentials such as paying your mortgage and taking away the worry of keeping your home.

Consolidate debts

Debt can spiral and build up quickly, especially with high interest credit cards or Buy Now Pay Later schemes. Consider consolidating your debts or start by paying extra off the smallest debt until this is clear. Then moving on to the next one.

If you have priority debts, such as your mortgage or something which puts your family at risk, pick these first. This is essential for not only your finances but for your mental health as well. Which leads us to the next point…

Prioritise mental health

One of the biggest issues with money troubles is the mental strain this brings and both are deeply connected.

We’ve found that when you’re dealing with a combination of emotional problems such as job loss or moving a relative to care home. With the financial anguish this causes as well, there is an incredible about of worry and anxiety.

Rising costs for care homes, rent and mortgage payments or even just regular household bills are all increasing. Although it may be tempting to bury your head in the sand, we’ve found tackling the issue or researching options is more empowering and helps lead to a solution.

Communicate with family

Don’t keep money worries to yourself. These are bigger issues which concern all of you and the other person in the relationship has a right to know what you are dealing with as a family unit. They can also provide another point of view and some compassion when you are feeling low. It’s always useful to have several perspectives and the pressure shouldn’t be on just the one person. Your relationship will be stronger if you face things together.

My personal takeaway

We have faced redundancies, health challenges, needing childcare for a child with an additional need and now we are in the care home financing stage, which is so expensive!

Due to this we’ve realised how essential it is to have some savings, insurance cover and realising what benefits you might be entitled to or the person you are caring for might be entitled to.

Although it maybe difficult to think how to work through your own challenges protecting finances from life’s toughest moments gives you peace of mind. Which is the most valuable thing you will ever have.

By taking these proactive steps, you can turn financial worries into some stability and feel ready for whatever life brings.

In collaboration with MoneyPlus Advice. All opinions are 100% my own.