At some point, most of us have probably all sat down by now and written some goals for our family’s future for the year as part of a new year resolution. Have any of these included things you can do right now to support you and your young family well into the future? Here are five suggestions that we believe would do just that.
Take Care Of Your Future Finances
Financial education can be challenging, but it will be so rewarding for you to create a structure now. Times are tough, and budgeting is important for pretty much everything, so it makes sense to calculate all your expenses in one go-to place that you can refer to. Make a note of the outgoings that are essential and prioritise them. Perhaps then look at other expenses that you could live without and put the savings made into a pot. While this might not seem like fun, if you have young children, there are now apps and services that can help them start a savings journey and be responsible for their own money – it can be a really rewarding process for all.
Insure Yourself
To any of your young brood, there’s not a price on your life – but there really should be! Recent investigations show that 50% of those with mortgages don’t have any life insurance cover and the average cost of household bills for a year is £19,500. Planning for the worst eventualities and protecting loved ones from potentially huge pressures if you’re not around by giving them this security is a smart move. Policies can cover a range of things, from funeral expenses right up to a full life cover, which would mean a monthly or lump-sum pay-out to secure their future.
Organise Your Affairs And Express Your Future Wishes
You’ve saved up and you’re insured but where do your possessions go if you don’t have a will? If you pass without legally declared wishes your estate is placed into what is known as intestate. Depending on where you live there are several complexities as to who would then receive any benefits on your death – the people you wish to receive property or finance may not be entitled to it, especially if you are unmarried. The best way to avoid this is with a will. This sets out your desires and clearly defines where and how you’d like things to be. Websites like E.L.M Legal Services can provide more information on the process. They even have a free online enquiry form, so you can quickly find out more and get started on the will writing process.
Teach The Benefit Of Mistakes
It is such a pressurised thing being a parent. Each day you will question yourself as to what the right thing in a situation is, and sometimes, you’ll get it wrong – that’s okay. It’s even better if you teach your family these realities from an early age rather than some unrealistic idea of perfection. Preparation for the future doesn’t come much better.
Make The Most Of Your Time As Role Model
Once you’ve done the sensible stuff, get out there and make memories. Age doesn’t matter; immerse yourself in your child(ren). Read to them regularly as it is known to have huge, long-lasting benefits, play their favourite games, or take trips (it’s educational and relaxing). A family project that could be treasured for many generations is a time capsule of these moments.
