Without proper planning, any or all of these events can cause significant financial hardship. For example, without saving on a regular basis, you may have to work longer or lower your lifestyle expectations during retirement. Without adequate life insurance, your family may struggle financially and have to take on extra work to make ends meet. Your kids may not be able to attend the colleges they want and the family home and business may have to be sold at distress prices. The loss of a job, an unforeseen medical event or unexpected auto repair can cause significant strain on family finances if there is no money set aside. And finally, taking on too much debt requiring high monthly payments can be stressful, overbearing and limit your options. Personal bankruptcy can adversely affect your ability to borrow for years to come.