Financial protection against financial crises in times of crisis

5 tips for financial security in times of crisis

Difficult times can sometimes arise suddenly and unexpectedly. The reasons can vary, but in no case do you have to experience additional stress with your finances.
That's why you'll find here The 5 best tips for financial security in times of crisis.

Table of contents

Financial security briefly summarised

To optimise your financial security for times of crisis, you should take the following steps:

  1. Gradually reducing debt and not accumulate new ones
  2. Create budget and expenses at a glance
  3. Build up a nest eggthat covers your fixed costs for 3 - 6 months
  4. Necessary Take out insurance and check cover
  5. ETF portfolio and pillar 3a long-term orientation.

Particularly suitable for this is the digital banking solution Zak. This is an app that allows you to keep an eye on your finances at all times. Another particularly practical feature is that you can set up various sub-accounts, known as savings pots.

With these 5 tips, you are financially secure even in times of crisis

The best way to overcome a crisis is to be well prepared for the worst-case scenario. If you have already built up your finances in such a way that you are difficult times via a Good cushion then you can survive them much more easily.
And if the crises don't even materialise, all the better. Then you can still benefit from your cover in old age.

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1. reduce and avoid debt

The first step towards financial security is to reduce and avoid debt. This is because you usually have to pay expensive interest on debts. So the longer they remain outstanding, the more they cost. Mortgages are probably the only exception to this, as in many cases it is worthwhile from a tax perspective never to pay them off completely.

It's best to think about how much you want to spend when you create your budget. Pay off every month and judge in the Zak app directly a standing order in favour of this.

2. budgeting and expenditure monitoring

To prevent new debts from building up in the future, the next thing you should do is to set up a Create budget and monitor your spending. If your expenses are higher than your income, then you need to change something. When budgeting, don't forget a monthly tax contribution and transfer it by standing order.

The best way to do this is to use the Sub-account function, so-called Savings potsin the Zak app. This allows you to allocate your salary directly to all expenditure categories according to your budget.

3. build up a nest egg

One of the most important ways to prepare for difficult times is to build up a nest egg. This should be your Cost of living for 3 to 6 months can cover.

With our Emergency Fund Calculator you can easily calculate how much you need to put aside.

You should keep your nest egg separate so that you don't accidentally use it for running costs. It's best to create a Pot with the name "Notgroschen" in your Zak app. This keeps your nest egg separate from your other assets and you can always see at a glance how much is currently in it.
As a bonus you will receive Zak savings account attractive interest on your crisis cushion.

4. review and optimise insurance policies

Insurance is of course also an important protective measure in times of crisis. This applies in particular to personal liability insurance, which can prevent significant costs if you accidentally cause damage. Make sure you take out such insurance and check that cover of at least several million is provided for personal injury.

By the way, via Zak you can directly Standing orders or eBill payments for the insurance premiums.

5. investments and retirement provision

Once you have built up your nest egg and paid off your debts, you can use ETF portfolios to provide additional protection for uncertain times. This often gives you a Relatively stable returnwhich builds up your wealth in the long term.

As you will also have less income from the 1st and 2nd pillars after you retire, you should also make sure you have an additional pension. Pension provision via pillar 3a to think about.

You can find detailed comparison reports for both tactics here:

As soon as you have chosen a provider that suits you, you can set up a standing order directly in your Zak app and build up an additional cushion.

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Conclusion

Difficult times can happen from time to time: Be it a job loss, a health incident or a separation. In any case, a Financial cushion an advantage.

The digital banking solution Zak is a very suitable partner for this. In the app, you can keep an eye on your income and expenses at all times and conveniently set up standing orders or eBill payments. Another particularly practical feature is the Function for sub-accountswhich you can use to set up different pots for different expenses and, for example, your Separate nest egg from the other assets.

If you would like to know more about Zak, take a look at our Zak field report an.

Or get one straight away free account and use our *Zak voucher code for CHF 50 savings at the start.

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FAQ

The best thing to do is to quickly pay off all your consumer debt and build up a nest egg that will cover your living costs for 3 to 6 months. (Even better: calculate the exact amount with our nest egg calculator). You can also protect yourself against financial setbacks with insurance and investments.

You can also invest separately for your family. Furthermore, a suitable risk insurance policy, such as life insurance, are an important option. However, make sure that insurance benefits are not mixed with investments so that you can make a transparent comparison of insurance costs.

 

Many traditional banks also offer secondary cards, but fees should be compared well.

Financially secure means something different for everyone. However, most people probably understand it to mean that you don't have to worry about ever having too little money to live on.

Transparency note: This article was created in collaboration with Zak from Bank Cler. The content and presentation have nevertheless been freely and independently created by Schwiizerfranke.

The information on Zak is intended exclusively for persons domiciled in Switzerland. A Zak account can only be opened with domicile in Switzerland.

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