Monday, July 12, 2021

How to protect your family financially

 

How to protect your family financially

Everyone wants to protect their family. Usually, by protection, people mean physical protection. However, financial security is of utmost importance when securing your future. We never know what is going to happen tomorrow, let alone in five years’ time. So, the best thing you can do for your family is start securing your financial future now.

Pay off your debts

Most people are in a significant amount of debt. The debt is different, but most have it - it is either a house mortgage, a car loan, a school loan, or even smaller ones like a new TV loan, or a credit card bill. Whichever of these you have, no matter how big or small, start paying them off. If possible, pay off the small ones first, to get rid of the nuisance, and be available to focus on the bigger debt. Once you have all that in order, set up a monthly payment for all the debts that you cannot pay off in a short amount of time (mortgage, car loan).


That way, even if something bad were to happen, your family’s financial status will remain unchanged, because you have already set up payments for the foreseeable future.


Additionally, it is never too early to start paying off debts. If you are a responsible borrower, you know that this is a commitment that you cannot escape from, so do your best to start paying them off as soon as you can.

Take out life insurance

Taking out a life insurance is a very smart move. You, and your family, can benefit from it in so many undesirable moments. If you have fallen ill, lost your primary (or only) source of income, and are incapable to take care of your family anymore, an insurance will help cover for the expenses. In case of death, life insurance will help cover the funeral expenses, and any additional costs your family may have.


There are different types of insurance policies, so make sure you ask your insurance agent to clarify if you have any doubts about the particular type of policy you are planing on buying. Sometimes, even agents will not specify the details, so you need to pay extra attention to the contract, and read the fine print carefully.

Hire financial lawyers

Some of the best family laywers Sydney has to offer will best advise you what to do in case of any unfortunate event. Hiring a lawyer saves you a significant amount of time in trying to learn and understand anything about finances and laws. The lawyers are there for a reason, and you can hire a company simply to get legal advice, but also to manage other money-related issues, like setting up a fund for children, and taking care of your pension plan.


You may get advice from people to just ‘learn managing your finances yourself’. However, sometimes it is much easier to hire someone who already has all the knowledge, so you do not have to go through the agonizing effort of understanding everything. Try to think of it as investing in your future.

Open up different saving accounts

There is one thing you will have to learn about money, and that is how to be consistent. When setting up different savings accounts, you also need to decide on the amount of monthly payment you will make.


One of the first account you need to open is one that will take care of your spouse and children in the worst case scenario. The monthly payments do needn’t be high, but enough to set them up comfortably if they lose an income. Slowly saving will alleviate any anxiety if something horrible happens. And, if you live a long and happy life, you can then use that money to travel, or retire earlier.


Another savings account you need to open is your children’s college fund. Monthly costs of living during studying, and tuition is rising year by year, and instead of taking out loans when the time comes, be responsible and start saving as early as possible. You will not be wrong to start saving as soon as they are born. The earlier you begin saving up, the less money you need to put aside monthly.

Teach your children about money

Start teaching your children about money when they are still young. It is incredibly important to instill good and responsible money behavior from early on, so that they can make financially sound decisions later in their lives.


Start while they are still in kindergarten, teaching them about savings using a piggy bank. When they grow older and start getting chores, reward them, rather pay them for their job being done.


As teenagers, teach them to respect what they have, but always strive to earn more. That way, you are teaching them to not take money for granted, but to work hard to earn it.

 

Financially securing your family is not an easy task. However, with tips above, you can make sure you prevent uncomfortable situations in the future. 


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