16th May 2017

Future Proof Your Family’s Finances

I don’t know about you, but for a lot of people being a mum comes with a lot of responsibilities and worries. One of which is making sure that we always have enough to survive, should times get tough. Of course, it’s always better to get on with something instead just worrying about it. That s what got me thinking of the advice below. Hopefully, it can help you if you’re in a similar situation. Read on to find out.  

One thing that can do to safeguard your family’s financial future is to make long-term investments that will mature in 10-20 years time. This could be in the form of playing the stock market or buying property either to live in or to rent out.Planning investments over the long term like this allows enough time to get the best return. As well as ensuring that your money is working hard for you now. Instead of just sitting in some bacon account not being used.

Saving for university
Now, for anyone with little kids, saving for their future can be something of a concern. It could be related to paying for university or college fees, for when they are old enough. Or paying for a car, or helping them get on the first rung of the property ladder. That is why is a good idea to start saving for these things when the kids are small. As by the time they will be needed you will have a good amount put away. Each month both Doug and I put a certain amount of money away for each of our boys so that when they are old enough they have the money to use for a car, or a house etc. Some people chooses a high-interest bank account for this. While others purchase things like premium bonds which can be sold on for their face value. As well as giving you a chance to win cash prizes for as long as you hold them.

To future proof your family’s finances you also need to consider your will provision. This is especially important when you have children, as the will needs to detail what goes to them and what provision the surviving partner will have to look after them if the worse does happen.To do this, you can get DIY will kits which are relatively cheap. But the best idea is to commission a lawyer experienced in will writing services, so you know everything is watertight and unquestionable. We have recently written our wills and I think it is so important to do especially when you have children. 

Everyday budgeting
Ordinary budgeting definitely has a place in future proofing your family’s finances too. This is because you need to have capital to invest and save, to begin with.Remember the more you save; day to day, the bigger investments you can make for your family’s future.

Teaching the kids about money
Obviously, these strategies will only go so far to ensure that you kids have enough in their lives. As without learning about money and being sensible with it, any stock you do build up will quickly evaporate. That is why it’s vital that you teach kids about money and budgeting at home.You can do this by paying them to do their home chores or giving the pocket money each week which they have the chance to control themselves. You can even open them a saving account.  So they can get used to splitting their income between spending and putting it away for a rainy day. Little Man loves doing jobs around the house for money especially the washing up. 

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