Caring for your family isn’t just about being there for them, giving them lots of love and attention.
If you aren’t also working to make your family as financially secure as you possibly can, you probably should be. I mean, what would you do if one of you lost your job and couldn’t work or an unexpected emergency cropped up? Would you be able to cope or would your family circumstances worsen? If the latter would be more likely, here are some important financial moves your family might need to make:
Get all of the insurance
It’s a really good idea, once you start a family, to get serious about insurance. The lives of both adults should ideally be insured, as should, of course, the building and contents of your home and any pets you may have. A lot of people leave insurance because they simply don’t think anything bad will happen to them of their loved ones, but you just never know and because you just never know, you need to be covered so that no matter how difficult thing get, at least you don’t need to worry about money on top of it.
Start an emergency fund
Think you don’t need an emergency fund? What if the breaks down or the boiler starts working? What would you do? Here is the cost of a Worcester Bosch Boiler, for example. Could you afford to pay for a replacement at short notice? If not, starting an emergency fund is essential. Put as much as you can afford away each month and it will help to cover those unexpected costs that crop up from time to time to make life difficult. Ideally, you should aim to save at least 6 months’ of family’s regular expenditure aside so should unemployment hit or you be unable to bring in any money, you’ll have a buffer to keep things going until you get back on your feet again.
Savings for the kids
Putting a little aside for each of your children every month is the responsible thing to do if you can afford it – and any sum will help. It will mean that when they head off to university/need driving lessons/want to buy a new home, there will be a sum of money there to help them on the right track.
Every family should regularly compare prices of their current providers and switch when they can find a better deal. Doing so will give you all a bigger buffer so that life can be easier for a while. Families often use a lot of gas and electricity so it can make a surprisingly big difference to the monthly family budget and could mean the difference between affording those dance lessons and not some months, so schedule a regular appointment to switch!
Make a will
Want to ensure that your partner and children benefit from the fruits of your hard work? It’s always a good idea to make a will and make your wishes known. That way there will be no arguments, upsets or misuses of your money should the worst happen.
Finances are important for your family, so don’t neglect them!
Disclosure: This is a partnered post