Part of being a responsible parent is doing what you can to ensure your family will be as well provided for as possible come what may. That is why it is always a good idea to financially plan for as many potential life events as possible.
With that in mind, below are some of the most common life events that it would benefit your family if you were able to plan for as soon as possible.
Yes, none of us like thinking about our deaths, but we are all going to leave this mortal coil eventually and the sooner you plan for the eventuality the better it will be for your family when it does happen. From selecting the right funeral home for you to ensuring you have life insurance in place along with a will that ensures your kids are well provided for, anything you can do to plan for your death now will make things massively easier when the time comes, although hopefully, it’d a long way off.
If you have kids, then saving for their education from the moment they are born (or even before they’re born if you’re really organised) is a good idea. The cost of education is only going to get more expensive, ad the cost of living rides, so any amount of money you can set aside for your kids will really help when they go to uni, and if they decide not to go, they can user the fund for a house deposit, driving lesions or whatever else they need to get them a good start in adult life.
It’s a good idea to have an emergency fund that is equal to at least 6 months’ income for your family so that if you end up out of work or have to retrain to move jobs, for example, you will have a buffer to ensure the bills are paid and your family does not suffer until things improve for you.
You are hopefully going to retire from work one day. If you want to do that sooner, rather than later, and if you want to have as much disposable income as possible, t enjoy your retirement as possible, and maybe help the kids out at the various stages of their adult lives where money is useful, then you should start investing in a good pension plan as early in life as possible, and you should continue pouring as much money in as possible.
When it comes to financial planning always expect the unexpected. Having a healthy savings account will get you through car breakdowns, wedding proposals. Divorces and a whole host of other financially draining issues that crop up from time to time.
We never know exactly what life is going to throw at us, but the life events above, if not inevitable, are highly likely., so by planning for them now, you can ensure your family is as financially secure as possible going forward.
Note: This is a collaborative post