Ask Tough Questions
Jenkin said that some of the most common unexpected expenses are healthcare, mortgage expenses, kids and parent care.
“Most people don’t ask the tough questions they need to because they worry about overstepping ‘financial’ boundaries,” he said. “Don’t be afraid to ask your parents if they have long-term care, or if they have saved money for your kids’ college education and how much in order to allow you to plan better with your own finances. If you refinance your home 10 years before you retire, think about whether or not you can carry this mortgage payment into retirement. By asking both yourself and those that surround you tougher questions today, you can plan better for the sudden obstacles of tomorrow.”