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3 financial steps to navigate life-changing events

Life events happen to us all, and whether the event is celebratory or somber, they typically bring changes and may impact our finances.
Before you make any big financial decisions in these moments, it’s important to know where you stand to better consider your options.
These steps can help you manage life events you may encounter.

Step 1: Take action and know where you stand

Understanding your financial situation can give you a clear picture of where you are, and help you plan for what’s next.
Start by looking at your total income, debt, expenses, and assets. It may also be beneficial to review your credit score.
Our Credit Close-Up℠ tool is a great way to keep track of your HSBC® Credit Score with no cost and get personalized advice to help you lift your score.1

Step 2: Revisit your budget and define new goals

With most major life events, your income and expenses may change which means you’ll likely need to make adjustments to your budget.
Not everyone will need to cut back but identifying where you might save can help create spending power in other areas.
These tools can help:
My Money Map is an interactive tool that helps you track every dollar you spend and stay in control of everyday finances.
Budget Watch can help you set up a personalized budget for effective and convenient financial management.

Step 3: Update your information

Many life events create the need to update your account information such as name, addresses, account holders, or beneficiaries.
Consider your situation and determine what updates you may need to make.

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