We live increasingly busy lives and it can be all too comforting to get caught up in the noise and confusion of today without even considering tomorrow. Unfortunately, however, life has a way of taking unexpected twists and turns at the least opportune moments and if we’re not adequately prepared financially then it’s not only us that will suffer but your loved ones also. Of course, spending your life worrying about ‘what might happen’ won’t do anyone any favours, but it also can’t hurt to have a few safety nets in place in case the worst should happen. It might not be as complicated out as frightening as you think, either. So, what can you do today to help secure the future of your family tomorrow besides the obvious ‘saving for a rainy day’ tactics?
*This is a collaborative post.
Set goals – Putting the microscope over your family finances can be a sobering experience but it will also put you in a position of strength – knowing exactly where you stand. Take into account not only your household income but any assets, debts and general living expenses. Hold this figure up to what you hope to achieve for your family in the future and if it doesn’t add up, you might want to put a plan into action.
Don’t be afraid to claim – There is a stigma against claiming in today’s culture, but if you or your family has been mistreated and it wasn’t your fault then there should be absolutely no shame. Whether you need to make a professional negligence claim or a medical negligence claim, if you have been wronged then it behoves you to do something about it!
Think about yourself – When you’re being given the safety briefing on a flight, you are always told to sort out your own breathing apparatus before attempting to help your children. The same is true when it comes to feathering your nest for the future. As the primary breadwinner, it’s up to you to ensure the family is fed, clothed and happy and you can’t do that if you’re not taking care of yourself too. This is true in both a financial and a health sense.
Plan for the worst – Death is not something any of us enjoy thinking about, but planning for what happens to your family after you’ve gone is one of the best things you can do for them. It will also help to put your mind at ease. Start by simply making a will. Two-thirds of British adults staggeringly haven’t made a will so this is something you should put together as soon as possible. Also, be aware of the laws regarding inheritance tax. Currently, you can leave an estate behind worth up to £325,000 without paying the 40% tax, whereas if you are married, the threshold is doubled to £650,000. This is certainly something worth considering if you are unmarried!
*Disclaimer – This is a collaborative post. This post has been pre-written.
