When it was just myself and Mr B, we were not too bothered about thinking about our financial future. As long as we had payment protection on our mortgage, was all that mattered to us. Now we have our two girls, I do worry about providing for them in the future, and making sure the families finances are secure. So I’ve come up with four tips on protecting your families financial future.
Start and grow an emergency fund
We do have a small amount of savings, but not enough to cover 6 months wages as an example. This is something I really want to get started on .
Buy insurance
Insurance is a must-have that should be in the “can’t do without” category of your budget. Home insurance and car insurance are the ones most people think of. But in fact, life insurance is a biggy and must not be brushed aside. It’s not a nice topic to talk about, but what would you do if you lost your partner? This infographic from life insurance broker Reassured details all the key cost considerations that parents need to cover. As well as dealing with grief you need to keep your home safe for your children. Also thinking about reverse life insurance annuity would be a wise choice to claw back money from premiums you have paid to pay for medical expenses should they arise.
Invest in you
Make yourself more marketable in the working world. Educate yourself further, always be open to learn new things. This is something I’m doing at the moment. Eventually I want to run my own virtual assistant business alongside my blog, so I’m reading up and learning everything I can.
Plan and make a will
Leave your family secure by having plans in place when you have gone. Protect your assets and provide for your family. Eliminate any uncertainty about their future security.
What tips do you have for ensuring your family’s financial future?
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Every little bit helps
I love hearing Martin Lewis’s tips on things like this.
Many thanks for the handy tips – I will keep these in mind for my future. I am good at saving and budgeting, and work for the NHS so i will have a good pension hopefully. xx
A bit of planning is invaluable – even a few pence a day adds up to a secure future
It’s an important thing to think about, I must admit to not having made a will or even having thought about it, or life insurance. Time to plan a little more for my family’s future. Thankyou.