Life is full of surprises, and sometimes sticking to your financial plan can feel like a distant dream. However, if you can remain flexible and ready for the unexpected, you have a better chance of staying on track. Here are a few tips to help you adjust when circumstances change.

Assess the impact

When you are faced with an unplanned expense, the first step is to understand how it will affect your day to day expenses. If you suddenly face a hefty medical bill, for example, take a moment to calculate how long it will take to pay off. This assessment will give you a clearer picture of your financial standing and help you make informed decisions moving forward. 

Consider the ripple effects of this expense on your other financial commitments and prioritize accordingly. For instance, if you have a vacation planned, you might decide to postpone it so you can allocate funds toward the medical bill. Understanding the full scope of the impact can help you strategize and address the unplanned expense more effectively.

Cover the difference

If you have a financial deadline coming up, like property taxes or college tuition, and you’re short on funds, there are several ways to prepare. One practical approach can be to cut back on extra expenses temporarily—like dining out or subscription services. While trimming your budget might be challenging, it can help you cover short-term changes. You could also consider taking on a part-time or contract job to boost your income but try to ensure it doesn’t interfere with your primary job. Keep in mind that these adjustments might not be long-term solutions. If you find yourself feeling stretched thin for an extended period, you may want to revisit and adjust your plan.

You can also explore other solutions that might be available to you, like borrowing from a trusted friend or family member, or using a low-interest credit option. The key is to try and act swiftly and decisively to prevent the situation from getting worse.

Adjust your goal

Sometimes delaying your goals can be the most realistic option when you face financial challenges, even if it’s not ideal. This doesn’t mean abandoning your goals. Look for ways to minimize the setback as much as possible, including increasing your monthly savings as much as you can. Reevaluate your timeline and adjust your plan to align with your current financial reality. By doing so, you can maintain control over your financial journey and reduce the pressure of meeting a deadline that’s no longer realistic.

Stay positive and proactive

It can be frustrating when factors beyond your control impact your financial goals. In fact, 28% of Americans feel their money controls them instead of them controlling their money, according to the 2024 Wells Fargo Money Study.* However, by remaining open to change and taking swift action, you can manage life’s financial surprises more effectively and alleviate stress. If you need help along the way, Wells Fargo has a wide range of helpful information and tools designed to help you reach your financial goals.

* On behalf of Wells Fargo, Versta Research conducted a national survey of 3,403 U.S. adults and 203 U.S. teens age 14 to 17. Sampling was stratified and data were weighted by age, gender, race, ethnicity, income and education to achieve accurate representation of the current population based on estimates from the U.S. Census Bureau. The survey was conducted from September 5 to October 3, 2023. Most findings are reported based on the full sample of adults. Comparisons and data from teens are noted separately.