How to hone financial readiness

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Remember all the times you managed to recover from an unexpected setback? That’s called resilience, the ability to bounce back after an unexpected challenge. ‘Prosilience’, on the other hand, is ensuring readiness – that you’re prepared before anything happens.

Prosilience is a crucial skill in building financial security, as it ensures that you’re prepared to face financial difficulties. Use the below questions as a guideline for things you should keep in mind.

1. Assess how ready you are for financial setbacks

  • Are you prepared for the death of a loved one?
  • Can you survive the loss of a job or an income in your family?
  • Are you able to cover hospital bills in a medical emergency?
  • If you become critically ill or disabled, will you be taken care of?
  • Can you cope financially if you suffer damage to or loss of your home, car or laptop, or major appliances like your fridge?

2. Do a mini insurance audit

  • What cover do you have? This includes your life insurance, medical aid and top-up cover, short-term insurance and income-protection policies.
  • Do these policies cover your specific requirements?
  • Is the amount of cover on each policy sufficient?
  • Do your policies reflect your correct details and status?
  • Have you met all the insurers’ requirements?

3. Be prepared by covering all your bases

  • How else can you prepare for future financial success?
  • Have you drafted an updated will?
  • Have you checked that all beneficiary nomination forms are current?
  • Do you have emergency funds equal to at least six months’ worth of expenses?
  • Are you putting away a portion of your income for your retirement?
  • Are you saving for holidays, further education or to realise a dream?
  • Have you invested in assets that will allow your wealth to grow?

Remember, your financial coach is available to guide and assist you. If you have any queries about the above, contact your Interface financial coach here.

For more financial advice, read these helpful articles:

The information is shared on condition that readers will make their own determination, including seeking advice from a finance professional. E&OE.

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