Understanding Legal Jargon: How AI Legalese Decoder Can Simplify Emergency Fund Access and Lending Processes
- May 10, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Concerns in the Current Situation
Hey all, I don’t post much but here goes. We run a pretty tight ship but feel like it’s hard to make and rebuild savings at the moment. I’m worried we won’t have enough if we have a larger emergency or job loss. We have about 15k of savings at the moment but with 3 kids and a mortgage, that feels like it’s not a lot. Recently, we had the hot water cylinder fail and some bigger car repairs so feeling a little cleaned out.
## Consideration of Insurance Payments and Savings Strategy
We have a 10k insurance bill coming up for house, contents, cars, life, etc. I’m thinking I might just pay monthly from now rather than yearly. As that would take our savings down to 5k. Is it worth going interest only to save for 6 months or so? Do banks even allow that without judgement? Is it hard to do?
## Exploring Borrowing Options and Bank Limitations
Or should we just try to borrow another 20k and have it offsetting? Does anyone know what the banks are willing to lend? I feel like we might be at the maximum at the moment. Our mortgage is 730k with a combined income of 197k.
## Unforeseen Circumstances and Partner’s Recent Injury
Also feeling a little worried as the partner just started back at work only to break a bone, luckily they are on ACC, but it made me think how quickly things can go south.
### How AI Legalese Decoder Can Help
The AI Legalese Decoder can assist in analyzing and interpreting complex legal language commonly found in insurance policies, loan agreements, and banking terms. By using this tool, you can better understand the financial implications of your decisions, such as switching to monthly insurance payments or considering borrowing options. It can help you make informed choices to protect your savings and financial well-being in uncertain times.
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AI Legalese Decoder: Simplifying Legal Jargon
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Firstly, I definitely feel you re: finding it really hard to save up. Lots of people are in the same boat and banks are fielding these calls.
This is just my opinion and based on my risk preferences, but I’d be avoiding the revolving credit/offset if you’re struggling to save. I think it’s a bit better if you’ve got more of a guarantee that you can build it up if you need to draw down. Otherwise using it might get you in a bit of a debt cycle akin to taking out other forms of credit (even though this is a lower rate). We’ve only partially offset our emergency fund.
Ask your bank for interest only, there are some criteria but you do have some good rationale (partner off work, likely to go back on x date etc.)
Insurance is extremely expensive at the moment. When my premiums went up I shopped around and found the same cover for less- so I called my insurance company and told them I was cancelling my policy.
They ended up matching the lower price- it was worth the 3hrs of pain I spent haggling on the phone.
Wait for the emergency, then go for the interest only period. The interest still gets paid at the end so financially, interest only to ‘save’ is not saving.
A $10000 bill sounds outrageous – definitely go monthly –
Thank you for this. Just trying to make sense of things and this was super helpful. I don’t even want to do interest only but apart from paying insurance monthly I don’t know how else to make a buffer. Thanks again.
You’re not alone. It’s a tight squeeze at the moment when it comes to finance. I do find that spending the extra time shopping around for things like insurance, power , internet providers etc can save you some money as mentioned in a previous response.