As a parent, it can be all too easy to think about here and now, and not much else. The overwhelming nature of busy parenthood can make future planning a near impossibility, but it’s more important than you might expect to prepare for later life. You have the responsibility to protect your family’s future, making sure that your kids stand the best chance of thriving when you’re old and grey.
Thankfully it truly doesn’t have to be as difficult as you might expect to plan for later life, especially when you have access to all of the right information. This guide contains some of the most effective steps that you can follow to make sure you can protect your family’s future, so what are you waiting for? Read on to discover more!
Start A Family Savings Account
One of the best steps that you can follow now to prepare for your children’s future is to start a family savings account.
Think about this – if you were to save $50 a month for your child from an early age, they could have enough to pay towards their college degree or put a deposit down on an apartment when they’re old enough to make their own financial decisions. For example, if you have 2 children and save up the aforementioned $50 each per month from their birth to age 18, then your family savings account will have a minimum of $21,000. This is without any added interest that you will most certainly benefit from, and this boost of more $10k for each of your children when they first become adults will set them up comfortably.
You can also use your family savings account as a way to teach your children how to have better financial responsibility. If they get a paper route or a Saturday job, then they can put some of their own earnings into the savings account – it’s still their money at the end of it all, but it will show them the importance and value of saving for the future rather than spending all of their cash at once.
Get Your Will Ready
Even if you’re in your early 40’s and have never really considered the eventuality of death, you need to get your will sorted for the sake of your family if the worst were to happen. If you own a home, have a pension or have any assets or savings, then you need a will to ensure that your family can access what you have worked for. Your family risks losing your earnings and assets if you fail to make a will, especially if you and your partner are not married.
You can also use your will as an opportunity to request what should happen to you when you pass away. You might like to have a simple cremation or a more traditional burial, but this is your own choice and should be declared in writing so that your wishes can be followed.
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