Financial Security for Your Family


As you beginning discussing with your spouse the idea of expanding your family, it is important to discuss finances. It is easy to jump right in. Planning ahead will take some of the pressures usually associated with a growing family and allow you to better enjoy the precious moments. Financial security combines investments and savings with insurance protection.

Insurance

Financial security requires an effort. Savings do not accumulate overnight and life sometimes throws you some curve balls. That is why it is important to sit down and evaluate your situation. You will need to ask yourself some tough questions. Discuss situations that could be devastating to your family’s financial health. What will you do if one of you becomes sick, injured or died? What happens if there is a fire or your home is robbed?

All of these scenarios are easy to shrug off. Everything is okay until it isn’t. It is important to be prepared. Insurance can go a long way and provide peace of mind. Coverage plans are more affordable than you might think. Life insurance provides your family with the resources necessary to maintain their lifestyle in the unfortunate event of a death. Funeral costs alone can put a dent in your family’s bank account.

Health insurance is vitally important. Just because you are healthy now doesn’t mean you might not end up in an accident. You might get ill expectantly. Hospital bills add up quick. They can stretch a family thin and cause a lot of stress. Having even a bare essentials insurance plan can help defer some costs. Read more about the importance of insurance for your family.

Savings and Investments

Setting aside savings can seem impossible when you are already on a tight budget. You should not wait until you are wealthy to start setting money aside for a rainy day. Get in the habit early. Putting just $25 dollars in an account with a 6% annual return will accrue to $31,000 in 15 years. If you have any credit card debt or student loans, focus on paying these off. Once you are out of debt, make similar payments into savings.

Invest in your future. It might seem like you will be young forever, but retirement can sneak up on you. If your company has a 401(k) retirement savings plan, start investing in it today. Some companies will even match employee contributions. This is not a deal you want to pass up. If this money comes directly out of your paycheck, you won’t even miss it. If you are planning on having kids or already have them, you will want to set money aside for their college. There are options for college savings programs that help you save for your kids’ future.

Financial security requires dedication and a real look at your family’s finances. It requires asking hard questions and seeking out answers. Insurance is important for any family. In the event of an unfortunate death or a catastrophe, your family will be able to focus on the more important aspects of life without the financial burdens that accompany tragedies. Start planning now for your family’s future. Invest your money wisely and start saving immediately.

A loan that provides you with money taken from your home’s value is called a reverse loan. Your lender may also refer to it as a reverse mortgage or a home equity conversion mortgage (HECM). If you apply for such a loan then your home will remain in your possession and you will be the full owner of it until you no longer live in it. However, when you examine the reverse mortgage pros and cons you should be aware that any balance owed after you move or pass away must be paid by your family or your lender will have the right to sell the home and keep profits equal to the loan balance. Therefore, you should only enter into such an agreement if you plan to stay in your home long enough to eventually pay off the loan.

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April 26, 2017 – 8:57 PM - | Posted in daily life | 1 Comment »

One Comment to “Financial Security for Your Family”

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