Tommy Apple



The financial industry is evolving constantly. With the advancement of technology, new systems are being introduced and incorporated, which have changed the traditional ways of banking and business in general. This article looks at the role of banking APIs in helping businesses improve their operations and create better user experiences.

What is API?

Essentially, Application Programming Interface (API) refers to a set of functions and interactions between two or more applications that provide information to the users. Businesses use API technology to provide their users with a seamless transaction experience. The technology enables companies to connect to a bank’s services, and extend those services, especially payment processing, to the customers.

How does an API work?

APIs allow for better ways to share data between two different entities, which in turn improves business performance in a number of ways. When businesses can share and obtain more precise information about their customers and their actions, they can offer a better all round experience and inevitably grow their profits.

In the world of finance, banks can grant protected access to their services to the other businesses, which enables regulated third parties to build new applications which can interact with the back end of their technology.

Open Banking and APIs

Open Banking refers to new regulation which requires banks to open their APIs and enable regulated businesses to access the financial information of their customers and develop new products and services. Due to Open Banking initiatives becoming increasingly popular, consumers are benefiting from the increased competition between banks and fintechs with a focus on creating better user experiences.

Since Open Banking is becoming so popular, the businesses that do not take advantage of these new opportunities are likely to be left behind. The businesses that do adopt Open Banking strategies will have a significant competitive advantage against other players in the market.

What are the benefits of APIs in banking?

There are several benefits of APIs in banking.

  1. First of all, it provides the third parties with secure access to their banking services, which helps them build specialised products and services. By sharing customer data more easily, companies become more equipped and informed about customer preferences and can provide products and services accordingly. This can reduce their waste costs and increase profit margins.
  2. With Open Banking APIs, banks and fintechs are forced to compete against each other in terms of customer experience – creating a more even playing field. As well as competing, they can collaborate with the most best in class third parties, which can benefit the banks, the third parties, and the customers.
  3. By integrating more traditional services such as card processing, businesses are able to provide their customers with the convenience that they have come to expect. This way, companies are better equipped to maintain customer loyalty and satisfaction.


Due to the technological advancements happening at such a fast rate it can become difficult for small businesses to keep up with the trends and giant companies. Open bank APIs provide small businesses with the opportunity to improve their performance by improving customer experience.

With COVID-19 still looming over us, our financial security still hangs in the balance as jobs and businesses still haven’t fully recovered yet. And while we’re already seeing people getting the vaccine, we’re still unsure about its effectiveness.

While traditional businesses like window companies or groceries seem to be doing okay, for the time being, a lot of them went through retrenchments and furloughs that sent plenty of workers packing and heading for home with no job security.

For this reason, a lot of folks are still apprehensive about going back to their workplaces and would still prefer remote work arrangements. Either that or get a home-based business going to help sustain them and their families in 2021.

If you’re one of those people who are considering doing something worth your while and get to stay home, here are a few business ideas that could make you some good money in 2021.

  1. Translation

Understanding and speaking several languages is quite an edge, especially in today’s time where the world has gotten smaller, and people from different regions interact more. If you’re bilingual, consider monetizing that skill by providing translation services to different clients and companies.

  1. Dropshipping

If you want to earn from home by selling stuff online but don’t have enough capital or storage space for inventory, then dropshipping is the way to go. It allows you to set up an online store without managing any physical products.

  1. Home-based Catering Services

If you know your way around the kitchen and have a knack for cooking up great tasting dishes, you can make a decent amount of money by providing home-based catering services.

  1. Website Flipping

You’ve heard of house flipping. Now we introduce website flipping. This has been around for quite some time now. And it is exactly what it sounds like. You can buy an existing website, make the necessary improvements on content and design, and resell for a profit. The only thing required is a bit of technical know-how, but once you’ve learned it, it’s pretty easy.

  1. Personal Shopper

If you’re into fashion and trends and love to shop, then this is probably the dream job for you. Who doesn’t want to get paid to do something as easy as lifestyle shopping? You can offer your shopping expertise to clients who don’t have the time, the sense of style, nor the patience to shop.

  1. Online Tutoring and Teaching

Online learning is the way to go now, especially in light of the pandemic we’re all in. The demand for online teachers and tutors has spiked over the past few months, making it a lucrative option for people.

  1. Instagram Consultation Services

If you’re Instagram-savvy and have great knowledge in making the most engaging IG content, then you might want to consider IG consultation services. Many clients are willing to spend good money on highly-engaging and attractive IG ads that can convert leads into transactions.

  1. Content Writing

Almost every business and establishment with some sort of online presence needs great quality content to keep them relevant to their target market. This is where SEO and content writing comes in. Content writers provide content for clients’ blogs and product pages to engage a company’s existing and potential clients online.

  1. App Development

A lot of companies nowadays use apps for their business. For this reason, app development has become a very profitable small business venture, especially when the cost of starting one has gone down due to the increase in affordable tools and developers.

As 2020 comes to an end and 2021 opens its doors to us, may you find the right business for you that will not only help provide for your family’s needs but also keep you and yours safe and healthy until this pandemic lets up. Stay healthy and enjoy the holidays!

The real estate market in the US is growing. The market was priced at $16 trillion in 2018 and is expected to grow by 7% each year in the 2016 to 2025 forecast period. With numbers like this, it’s no surprise that more people are becoming realtors each year. However, not everyone should expect to earn a lot during their first few years in the business. It’s important to ground yourself and know the ins-and-outs before becoming an agent and what you need to do when starting. Here are some things you should know before becoming a real estate agent in the US.

Kinds of Estates

Before getting into the market, you should know the different estates you can and cannot sell. There are two kinds of estates: freehold estates and nonfreehold estates.

Freehold estates are considered to be the “ownership” category of an estate. There are two kinds of freehold estate, the first is fee simple, and the second is a life estate. Fee simple is the best kind of ownership in a property because it means that you own everything within its location. It also means that your heir can inherit the land when you pass away. Life estate means that you only own the property until the day you pass away, which means the government or the bank (depending on the agreement you’ve signed) claims it when you’re gone.

Non-freehold estates are considered to be estates with leases. These properties are meant for rentals. There are multiple forms of non-freehold estates, all-determining the lease’s length and what owners can do with the property. At its core, those who rent a non-freehold estate can stay within it for a year or only for a certain period. Some non-freehold estates can also determine when you can stay or leave at any time. This is also called ‘estate at will.’

As a real estate agent, you should know the kind of estate you will be selling. By law, you cannot sell a freehold life estate if it’s an heir who tells you to do so. Because by law, the heir does not own the property. Knowing the kinds of estates is essential to real estate planning. This will help you and your company plot properties that can be sold or properties for lease. Not knowing this can lead to disastrous consequences in the future. Such as a bank reclaiming a property you have just sold to a buyer. This can drag you to pay for legal fees and can be fraudulent in some states.

Real Estate Laws

Although real estate law may differ depending on which state you might be practicing, it’s essential to know how ownership of real estate works. If you already know the kind of estate you will be selling or renting, you already know the laws governing it. Additionally, if you already know the constitutional right to own a property, you already know the general principles of owning and selling a property.

However, there are some intricate things you should know when selling or renting a property. One example is the necessary inspections you need to do before selling a property. If you work for a real estate agency, then most likely than not, your agency does this for you. However, if you’re an independent contractor, you’ll have to help the house owner with these inspections. These inspections include radon testing, pest inspection, and septic inspection. These intricate things can make or break your deal with a client so make sure to keep yourself updated with any changes to real estate laws.

Real Estate Market

The last thing you should know before becoming a real estate agent is the market. Right now, the market is seeing a shortage of properties that can be sold. Inventory is down by 22% compared to last year, and there aren’t enough homes for future homeowners to buy. This means that you can either tell your clients to opt for renting a property or buy one at an inflated price.

Knowing the market is already half the battle in real estate. The market determines the interest rates, the prices of properties, and how much all of these things change in a given year. Sure, it can be volatile and unpredictable, but you can keep an eye on it. By knowing the market, you can have a competitive advantage against other real estate agents in the market.

Being a real estate agent is not an easy job. It requires a lot of time and determination. You should also be ready to not earn as much during the first few months you’ve started. But once you’ve mastered the art of real estate, you should be able to get ahead of the competition and begin selling properties left and right.

2021 is here and we’re given yet another year to get things right and improve our situation. This includes the way we manage our money.

The pandemic has taught all of us a very painful lesson about preparedness and how important proper money management is. If you went through a financially challenging year last year, you can redeem yourself and change your life this year.

7 Financial Goals to Set for the Year 2021

  1. Make a financial plan.
    When coming up with a financial plan, you should always ask the question, “Where do I want to be X years from now?” This will help you determine how to go about your plans. Setting a particular goal will somehow force you to make the necessary changes and take the necessary steps to achieve your goals.
  2. Build an emergency fund.
    Emergency funds are essential as they can help tide you through unexpected circumstances, just like this pandemic. More than having spare money to tap into for emergencies, financial experts recommend that an equivalent of 3 to 6 months’ worth of expenses be included in one’s emergency funds. If it seems overwhelming, don’t worry, you can start small and gradually build it up to your target amount.
  3. Draw a budget and stick to it.
    A budget seems very basic but a lot of people are struggling with it. While it’s easy to draw a budget and outline your monthly expenses, the real challenge is sticking to it. If you’re really serious about making a difference financially this year, you need to have the discipline to make things happen, including budgeting and sticking to it.
  4. Settle all your debts.
    We’re now in a new year and one of the best ways to start (and finish) the year is to settle all your debts and wipe your slate clean. List down all of your debts and determine which ones you need to prioritize first. Your goal is to not just minimize but completely eliminate all of your debts to lessen your stress and anxiety. There are a lot of ways to tackle debts. Do your research and go with the one that works best for your circumstances.
  5. Save for retirement.
    If you want to have a financially secure future, you will need to make certain sacrifices. Other than prioritizing your emergency funds and settling your debts, you also need to start setting aside money for your retirement. It’s never too early to start saving up for your golden years. If you still don’t have a savings account set up for your retirement, get to it now and don’t delay. You’ll thank yourself in the future for taking action today.
  6. Invest your money and make it grow.
    One of the ways you can secure your future is to invest your money and make it work for you. Whether you choose to invest your money in real estate or stocks, the important thing is you find a vehicle for your money to grow.
  7. Buy a home or start saving for a downpayment.
    Owning a home is every American’s dream. It is one of the things that a lot of people work hard and make sacrifices for. Talk to a real estate agent about how you can own a home, what the process is, and what it entails. Check a mortgage pre-qualification calculator if you’re eligible for a loan. Do what you can to take steps towards owning your own property.

If you just survived a year filled with financial challenges last year, it’s never too late to make things right for yourself and your family this year. Become a better money manager and set the right financial goals and do your best to stick to them to help secure your family’s future.

To become successful in the Forex market, traders are required to improve their trading skills. If you maintain your discipline properly, you will able to develop these skills. When someone is aware of the fact that they are capable of making money in any sort of situation, they will not be afraid to execute the trade. Traders are required to maintain their discipline to develop the necessary trading skills. Let’s learn about the four strong skills of victorious investors.

Do Not Take the Outcomes Personally

If you have a strong mind, you will not get the outcomes personally. People should remember that one failure will not able to decide the fate of their trading career. When investors take a winning streak personally, they become overexcited and make an illogical decision. On the other hand, when an investor takes a losing streak personally, they become frustrated. People should try to take these as par for the course. The trading field is all about loss and reward. To get the reward, the investor has to take the risk. If someone takes a risk, there is a possibility of facing loss. The executives know about these. That’s why they try to operate the activities properly instead of thinking about the result.

Interpret the News Properly

Depending on the news, Singaporean traders should try to speculate the direction of the market properly. So, investors also need to aware of when announcements of news will occur. The person should keep the economic calendar to get the news at an exact time. If you fail to interpret the news properly and make the wrong speculation, you might face a huge loss. In the market, it is really tough to recover a huge loss. That’s why most of the people leave the market. If someone wants to solve this problem, he should have a better idea about basic analysis of Forex market. If you find it hard, visit Saxo capital markets Singapore and read posts about fundamental analysis from the experts. This should give you a decent idea about the economic state of the country.

Make an Effective Plan

Executives always try to develop a good plan. In the plan, they include the entry and exit, risk management rules, money management rules, and so on. The professional person also makes the second strategy so that they can able to deal with unexpected situations. In the trading field, it is difficult to face a similar situation. Every time, the market is changing. So, investors should modify the plan to cope up with the situation. One strategy will not be able to provide good outcomes for every position. So, people should change their plans after a few weeks.

Manage the Risk

The success of investors depends on the skill of managing the risk. If you know the use of indicators properly but fail to manage the risk, you will unable to secure the capital. In the trading field, the person needs to secure the capital so that he can go forward. So, people should learn the use of the stop-loss and the take profit properly so that they can reduce the risk. Here, beginners should not take the high risk of making large profits. Novices should focus on making small profits so that theywill be able to grow the account systematically. Investors also need to choose good trades for the benefits. Professionals are skilled enough to control the risk and so, they canachieve success.

Beginners need to practice properly to gain the victory in the Forex market. Through the demo account, you can easily execute a trade without risking any money. Here, newcomers will get the chance to improve their skills by practicing. This will also help to improve their confidence, so people will show their courage to compete with the big names. If you want to become successful, you have to remain patient to improve.

The UPS Store has consistently made it to the top of the best franchise lists, ranking very high on the Entrepreneur Franchise 500 list for 2020. In fact, for the past 29 years, it has been on that list. One would have to wonder what their powers are that they seem to have already cemented their stake as one of history’s best franchise businesses.

According to The UPS Store, here are some of the reasons why they are one of the best choices for every business franchisee.

Variety of Options for Financing

One of the best things about the UPS store is it makes things easier for a person to acquire a UPS franchise. They have partnered with Guidant Financial to help aspiring franchisees get a good start by offering the best financing options for loans. They even have flexible financing options that make it easier for vets to own a business. Their pre-qualification tool helps make the process a lot more convenient for applicants.

Brand Recognition and Reputation

As an industry leader for many years, the UPS Store has already built a solid reputation. It is a nationally renowned company that has a proven track record given its outstanding achievement and accolades throughout the years. Other companies trust them and find them easy to work with.

Because of the way UPS built the business from the ground up, others can learn a thing or two from them even if their business isn’t exactly similar. People who own businesses that have to do with reverse logistics or one who develops an RMA application or even one who owns a bakery that has nothing to do with logistics and shipping all can learn and be inspired by The UPS Store.

Innovative Products and Services

Innovation is one of UPS’s strengths that led to its longevity and great reputation. As a franchise business, The UPS Store supports its franchisees by providing them with access to cutting edge and innovative products and services.

On top of its existing small business solutions, such as mailboxes, printing, accounting, direct mail, business management, human resources, and marketing, franchisees have the freedom to propose certain solutions if they see a need for it in their respective markets. Of course, the proposed solutions are still subject to approval, but this goes to show how important quality customer service and overall customer experience are to the company.

Unconventional Opportunities

Along with their out-of-the-box thinking, The UPS Store also provides both traditional and non-traditional opportunities for people to own a UPS business. This includes store-in-store business opportunities. Some of these unconventional business locations are found in facilities and sites like hotels, convention centers, military bases, and college campuses.

Because of the smaller space size in these locations, getting a UPS Store business up and running won’t cost as much as the typical branch location. They also have in recent years seen a growth in store-in-store opportunities where owners set-up a small UPS business inside a larger store like a grocery, drug store, or hardware store.

One of the Best Training Programs in the World

Lastly, the company would not consistently make it one of the world’s top businesses if it did not have an excellent support and training system. Their training program is so comprehensive that it allows business franchise owners to learn every trick that will make them successful UPS Store franchisees. The franchise support system is made up of not just company representatives but also other successful owners that collaborate to help other franchisees out.

Even amid the pandemic, the UPS Store continues to dominate in the franchise business category. If you’re looking to franchise a business that’s stable and reputable, give the company a serious thought. You’ll never go wrong with them.





If your personal finances are largely or completely separate from those of your spouse, you are only legally liable for debts in your name. In other words, you are not responsible for your spouse’s debts if your name does not appear on the original credit agreement.

There are one or two exceptions, including council tax debt in England and Wales, but generally unless a debt is in your name, alone or jointly with another person or group of people, the debt is not yours in the eyes of the law.

In this article we will discuss various elements to this discussion, however this is only an outline guide and is not financial advice. If you’d like to find a financial adviser, please look at official government websites which list regulated individuals who may be able to assist you.

Joint Liability

If you open a joint bank account or enter into any joint credit agreement, such as a mortgage or personal loan, with your spouse, you are equally and jointly liable for the whole outstanding balance of the debt. In the same way that the money in a joint bank account is jointly owned, regardless of who put it into the account, responsibility for a debt is shared among all those who signed the credit agreement. If you fail to repay the debt, a creditor can legally pursue you or your spouse, or both, until the debt is cleared in full. This mechanism allows a creditor to attempt to recover the debt if you or your spouse refuse to pay or cannot be contacted. Similarly, if you act as a guarantor for your spouse you are liable for the debt if he or she fails to repay it.

Debt Management

It may be possible to discharge your liability for a joint debt through bankruptcy, an IVA or a debt management plan, but this may still affect your spouse. If a lender accepts a change to an original credit agreement, they may issue a default notice, which appears on your credit report. Lenders are required, by law, to report all payment history on joint accounts on both credit reports, so your spouse may have difficulty in obtaining credit in the future even if he or she isn’t experiencing financial difficulty.

Legally speaking, you are not obliged to tell your spouse if you agree to a debt management plan, but unless your finances are completely separate it may become difficult not to.

If you or your spouse goes bankrupt, the official receiver will require a breakdown of who contributes what to household bills, even if you have no joint debts or assets.

Ultimately, as any good finance book will tell you, it’s better to be open and honest when communicating with your partner about your finances. Shoring up secrets will only risk resentment, confusion at a later date.

Notice of Disassociation

Note that your credit report connects you to your spouse and any other members of your household who are registered to vote, even if there is no financial connection, such as a joint credit agreement, between you. In this case, you can provide the credit reference agencies with what is known as a “notice of disassociation”, which explains that the only connection between you and your spouse, or anyone else in your household, is a shared address. You’ll need to provide your full name, the full name of the person from whom you wish to be disassociated, your dates of birth, your relationship to that person and any addresses you’ve shared.






Franchises can become widespread money-making machines. But like any multi-legged creature, managing numerous limbs in sync can be extremely difficult. Franchise marketing is a similarly double-edged sword.

According to Forbes, a consistent brand presentation can increase revenue by up to 23 percent. Consider the possible strength and profit of consistent branding across 2, 3, 200, or 500 branches.

Today, we’re exploring the franchise marketing opportunities you need to invest time and perhaps funds into as a franchise or franchise branch owner.

Franchise Marketing at the Local Level

Cementing franchise branding at the national or non-branch-specific level can cultivate customer loyalty and trust. However, customers never visit two branches of a franchise at the same time. Your customer’s experience is still largely tied to the specific branch they decide to visit.

And no customer can visit a branch that they don’t know exists! So how will you ensure your specific branches show up on the map?

You can literally affect how often your branches appear on the map by investing franchise marketing dollars into local SEO and local paid advertising.

Bettering a franchise branch website’s SEO will ensure they show up more often in potential customer’s searches for services and products “near me.” Allocating paid advertising dollars to campaigns delivered within a certain radius of franchise branches will also increase branch awareness.

National Brands Dominate Local Media Spend

Newer franchises and brands may need to spend advertising dollars on brand awareness. But if you already have a handful or more locations, investing in local franchise SEO and paid advertising will help you more directly get potential customers to visit your branches.

In fact, national brands are the biggest spenders when it comes to local paid ad spend. According to BIA Advisory Services, national brands spent $600 million more in local paid media marketing in 2019 compared to 2018.

They also estimate national brands to spend about twice as much as local advertisers on local ads. Think about it-your local Starbucks doesn’t automatically make more money than a single local Mom & Pop store. Large brand branches may even need to make more money than single-owned businesses to send profits to the top of the chain.

This is why local media organic SEO and paid media spending are vital, even for franchise marketing.

Consulting Franchise Marketing Experts

Franchise marketing can seem like a difficult uphill battle. Sometimes, parent franchises give branches specific branding and promotional guidelines. Bigger franchises even allocate marketing dollars to branches on occasion.

But it’s just as common for franchise branches to be left to fend for themselves. In any of these instances, partnering with a marketing expert agency can shortcut marketing success.

Companies such as the HOTH offer franchise marketing solutions that range from small packages to fully-managed solutions. It’s often worth scheduling a consultation call with agency experts to collect quotes and entry-level opinions on moving forward with your franchise’s marketing.

Value of Marketing for Franchise and Franchise Branch Owners

Franchise marketing can increase your franchise’s perceived worth and bottom line. Ensuring that each of your franchise branches is also taking advantage of local SEO will also ensure longevity and the best local experience for your customers.

Ready to jumpstart franchise marketing today? Consult with your internal team for organic promotion scheduling and expert consultation. Read more about how to optimize and grow your business on our blog today.

When we talk about freight transport, we usually think of big trucks, container ships, and cargo airplanes. But not everything in the logistics industry involves giant carriers. Small vehicles matter, too, especially at the last stages of the logistics chain. For instance, many courier businesses and last-mile logistics services rely on an army of bikers and motorcycle riders to deliver the goods straight to the recipient’s doorstep.

If your business relies on motorcycle riders, then you probably have experienced an accident or two. Maybe the motorcycle gets dinged up a bit, and the rider has a few scratches and bruises, but no one’s seriously hurt. It would seem like these accidents often happen, but not all are completely harmless. Motorcycles are heavy machines, and accidents can lead to serious injuries, not to mention the potential loss of cargo.

logistics consulting provider can help you sort out issues with your system, but your employees’ safety is entirely up to you. Here are a few tips so you can avoid a motorcycle accident in the future.

  1. Start slow

With a bit of practice, anyone can learn how to use and drive a motorbike. But they need to start at a slow speed. This greatly reduces the risk of the rider and the motorbike tipping over.

The technique relies on maintaining a steady drive by ensuring the throttle is fixed while slipping the clutch. The rear brake is then dragged to control the speed. While leaning the motorbike, the rider may turn and look over. Engage the outside footpeg for more precise turns.

  1. Keep your speed stable

Inertial and gyroscopic forces keep the motorbike stable while it’s in motion. As the motorbike’s speed decreases, these two forces decline in power until they disappear completely when the rider stops the vehicle.

Increasing the speed by as little as 2 MPH can make the motorcycle more stable. You have to understand, though, that increased speed means the rider has to lean the motorbike a bit more when they need to make a slow-speed turn.

  1. Use a motorcycle lift

After a day’s ride, your employees shouldn’t just park their motorcycle in some random corner. Use a proper motorcycle lift for extra security and stability. Installing a motorcycle lift also allows you to perform maintenance and cleaning within the garage whenever you want.

  1. Square the handlebars

One of the most common causes of motorcycle tip-overs is sudden stoppage while the motorbike is leaned or the handlebars are turned. Do not forget to square the handlebars when slowing down and stopping.

One technique is to straighten the motorbike as the rider slowly engages the breaks, ensuring the motorcycle is completely aligned with the handlebars before coming to a full stop. When the rider needs to stop right away, straighten the orientation before engaging the breaks.

  1. Keep your eyes forward

Always keep your eyes up and forward when driving a motorcycle. Many drivers look down when riding at a low speed or before braking. Keeping the line of vision in a forward orientation allows the rider to maintain their balance and spot obstacles and hazards.

  1. Use the rear brake

Many motorcycles have potent front brakes, which are needed when the rider has to slow down immediately. But when riding at a slow speed, it’s easy to apply too much pressure on the front brake, forcing the motorbike to suddenly stop before the rider has a chance to straighten their orientation. However, some motorcycles have integrated brakes, which means that using the rear brakes activates the front brakes as well.

  1. Push the motorbike

Moving your motorbike around an open space can be a tad difficult. If the rider is relatively tall, they can walk the motorbike out of the garage while still seated. Those who are not as tall have to walk alongside their motorcycle to maneuver it.

When pushing from the side, make sure to hold both handgrips and slightly lean the motorbike against your thigh for increased stability. Lighter motorcycles can be moved backward with one hand on the handlebar and the other on the seat.

  1. Check the side stand

Forgetting to engage the side stand fully is the best way to damage the motorcycle’s plastic and chrome parts. Take some time to ensure that the side stand is fully engaged. Once the side stand has been fully extended, slowly let the motorbike rest onto the stand before disembarking.

Another common mistake is the side or center stand sinking into a soft surface such as soil or asphalt. Place a hard and flat object under the foot to ensure the stand remains stable.

A final word

Transportation and logistics are two especially volatile industries, and thin profit margins can make it difficult to sustain operations. But you still need to prioritize safety above everything else. These four tips will help reduce the likelihood of your riding employees getting into an accident.



As an adult, you no longer have the luxury of relying on your parents if something bad happens. Did the car break down? You have to pay for it. Broke your arm? You have to pay for it. Did the refrigerator stop work? Guess what? You have to pay for it, too. As a young person suddenly thrust into the world of adulthood, becoming financially independent can seem like a daunting task. However, it is definitely not impossible, regardless of what the economy columns say.

Being a financially independent adult has a lot to do with preparedness. If you’re ready to face a financial emergency when it happens, the higher your chances to come out of it unscathed.

Here are the different types of financial emergencies that you should start preparing for as early as now:

Car repair

If you depend on your car for everyday transportation, the last thing you want is to end up with a repair bill that you can’t pay. Car issues can sneak up on you even if you’re regular with maintenance. And the next thing you know, you have to take it to the mechanic shop where it will cost hundreds of dollars to get the issue fixed.

Job loss

One of the worst things that the pandemic has caused is the unemployment of millions of people all across the country. People weren’t expecting to lose their jobs so suddenly, and then just like that, companies were retrenching, and businesses were closing left and right.

This unfortunate event has taught us that jobs, even permanent ones, can be temporary. You never know if your office will lay off people next month or if the business you’re working for is on the brink of bankruptcy. Hence, job loss is one of the first things you should prepare for as a young adult. Even if you feel very secure in your position, you must be prepared for the unexpected.

Medical emergency

Accidents and sudden illnesses can happen at any time. And even if you have health insurance, healthcare costs can balloon very quickly, often ending up as medical debt. Don’t wait for an illness or an injury to bury you in tons of debt. While you’re still healthy and able, prepare for any unexpected medical emergencies that might happen in the future.

Appliance repair

Some less important appliances can go without repair for quite some time, such as your coffee maker, humidifier, and microwave oven. You can even go without a washing machine for a while and go to the laundromat. But for major appliances that you can’t go without, such as the refrigerator, stove, and heater, repairs have to be made as soon as possible.

And if you don’t know yet, appliance repairs can be quite expensive. If you’re unlucky enough, you might even have to buy a replacement. Thus, being prepared for repairs is the best way to ensure that you don’t have to go too long without your appliance.

Home repair

Many young adults are renters. If you are one, then most home repairs can be shouldered by your landlord. However, in some cases, you have to be the one to shoulder repair costs. When the tenant pays for the repairs, it is usually because they are the one that caused the damage or they are doing to fix a cosmetic issue.


No one wants to think about being disabled, but it is a very real possibility that you can face. Whether it’s from an illness or an accident, a disability can quickly drain your finances if not prepared for it.

How to prepare for financial emergencies

Financial emergencies can easily drain your bank accounts and leave you feeling helpless in your situation. To avoid a financial emergency from catching you off guard, here are the best ways to prepare:

  1. Get insurance

You might be young, healthy, and able-bodied, but that doesn’t mean you can’t get sick, get into an accident, or die prematurely. Get insurance to help you be prepared for sickness, accidents, disability, job loss, and death.

  1. Build an emergency fund

Next to getting insurance, the best way to prepare for financial emergencies is to build an emergency fund. Start saving at least three to six months of living expenses in your emergency fund as soon as you become employed. This will serve as your financial safety net if you lose your job, need repairs, or have to pay for a large expense.

  1. Minimize debts

Debts increase your liability amidst a financial emergency. When you are faced with a hefty medical bill, for example, the last thing you want is to have credit card bills piling up as well. Thus, keeping your debts to a minimum can help you be prepared for a financial emergency.

You might not see a financial emergency coming, but you can definitely be prepared for it. Know what financial emergencies you are likely to encounter, then do what you must to be ready for them.