*This is a collaborative post.
*Capital at risk – please do your own research*
Your family means everything to you, and so it makes sense you would want to provide the best life possible for them, no matter what might happen.
For the next 18 years or less, there are several choices you can make to create a healthy, stable future for your little ones.
A stable, safe, and secure, loving environment for families allows individuals to thrive in their home, social settings, education, and so on.
For these reasons and more, it makes sense to do what you can to create a future your kids and partner feel secure in and can rely on.
For tips on creating a better, stable future for your family unit, here are eight ways you can do it.
Make A Will
Creating a stable future for your family means considering every eventuality, even the ones where you or your other half may not be around.
The will should cover everything from who will look after your children to how possessions and savings will be divided between your family.
Creating a will shall save any confusion over how your family will be taken care of.
Save An Emergency Fund
The rule of thumb for a healthy pot of savings to take care of any hiccups over your family’s life is three to 6 months’ worth of bills and expenses.
With a big pot of emergency savings to hand. You will be able to cover financial issues such as the car breaking down, losing your job, or your partner falling ill.
Emergency funds offer peace of mind for families and financial stability during unexpected events. The three to six-month rule is just a guide, and you can save as much as you feel comfortable with to get you through hard times.
Pay Down Debt
An emergency fund may be of little to no use if you have a pile of debt requiring attention. From credit cards to loans, try to pay these off as fast as possible to avoid the additional financial burden of interest rates eating into your income each month.
Once you pay off your debt, you’ll free up a large portion of your money each month to put towards retirement, savings for the children’s future, and so on.
Also, be wary, depending on the debt. If you pass away, for example, the debt could be transferred to your children. Which is another reason to pay off any debts you owe when you get the chance.
Life Insurance
Life insurance is an ideal solution and a must-have for many who want to provide their family with financial security in the worst-case scenario.
There are different life insurance policy options to cover you or your other half if you get sick or pass away.
Some policies will pay off the remaining amount on the mortgage. In contrast, others offer a large lump sum of money to your family.
A life insurance policy covers your family financially in the devastating scenario you or your partner become incredibly ill or pass away. In turn, saving any further disruption and stress to your family’s life about how they will afford to live.
Multiple Streams Of Income
Relying on one income is risky for any household. If you lose your job, you’ll have no choice but to use your emergency savings until you can find another position.
But if you have a side income or two to supplement your monthly income. Should you lose one of your jobs, it’ll be much easier to cope financially and provide your family stability.
Side income ideas may include purchasing a property from sunway geo and leasing it out to tenants. Taking up a weekend job as an uber driver or delivery driver, or starting a blog to make an extra income.
You can also invest your money in the stock market or cryptocurrencies, for example. Cryptocurrencies are still in their infancy and may well make an excellent long-term investment, take a look at https://swyftx.com/learn/what-is-solana/ for more information.
Live Below Your Means
Often when people get a raise or a new job with a bigger salary, they begin to live to their means.
To help you plan to create a steady and secure future, consider living below your means instead. If you do this, you will all become accustomed to less.
This allows you to firstly save more towards an emergency fund, pension, or rental property. And secondly, if you lose your income and get a new job with less money, you’ll all already be accustomed to living on less. And so, it’s less likely to make a difference in your lives.
By living on less, if you do eventually revert to a lower income, you’re less likely to need to uproot your lives and move to a smaller property or more affordable area. Or dip into the kid’s savings to bridge the gap between your income and monthly expenses.
Take Care Of Your Family’s Health
Getting your finances in good shape has dominated a lot of the sections through this article. While money to a point is essential for providing stability for families, so is health!
Lots of fruit and veg, water and exercise, plus ample sleep and fresh air will all work in your family’s favour and ensure they’re strong and healthy. While also boosting their chance of living a happy life, they are less prone to critical illness risks.
Children watch and often practice what their parents do. And so, if you have any unhealthy habits such as smoking, drinking, or regularly eating junk food. They could pick up on this lifestyle.
If you can be a healthy role model for your children, however, they’re much more likely to follow suit.
Buy A Home
Buying a house isn’t for everybody. But there are some benefits of homeownership compared to renting for families. For instance, a landlord can put up the rental cost at any time. Plus, they can also ask you to leave the property too.
Buying a home in a family area with good schools nearby gives your children a stable base to settle into and call home. Without the worry or concern, you’ll need to up and leave if, for instance, the landlord wants his rental property back.
As you can see, there’s so much you can do to secure yours and your family’s future. Providing comfort, stability, and a plan B in the worst-case scenarios will ensure any problems are taken care of. And there’s little to no disturbance to your children’s lives.
