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How secure is your family’s financial future? Or do you even know? Looking after your family’s budget is a difficult task in itself, but planning for the unknown events of the future can be even trickier. However, there are a few things you can do today that will have an instant and positive impact on your family’s future finances. Let’s take a look at some of your options right now.
Build an emergency fund
First thing’s first – put some money away into an emergency fund to protect you and your family from one-off events that could end up doing you severe damage. What happens if your car breaks down and you can’t get to work, for example? What if you have an accident that your health insurance doesn’t cover you for? Ultimately, if you don’t have savings set aside in an emergency fund, the likelihood i that you will be looking at getting into a lot of debt to cover yourself. And that’s going to eat into your current budget – possibly by a significant amount.
Teach your kids about money
Your children won’t get a sound financial education for their schooling – it’s all down to you to teach them about money, saving, debt and credit. Of course, these are incredibly difficult concepts to teach kids, but there are plenty of resources out there that can help you explain finances to little ones. If you can provide them with sound financial knowledge from an early age, by the time they reach adulthood they will be able to make sensible decisions and enjoy a better life – it’s that simple.
Get a family lawyer
Having a lawyer that knows your family gives you many advantages. As Pearce Webster Dugdales Lawyers point out, family lawyers aren’t just for divorces, separations and child maintenance issues. They can also help you with your wills and estate planning, deal with powers of attorney, and help you with serious financial issues like bankruptcy.
Get an accountant
With the best will in the world, there is no way any of us have the time to investigate all out financial options – unless we are very lucky, of course. But there is a simple solution that will save your family a lot of money – and give you more time to enjoy together: hire an accountant. They will reduce your tax exposure, identify investment opportunities, and help you put your money where it is most effective. Yes, there is a cost involved with hiring an accountant, but ultimately that expensive will be dwarfed by the amount of money they save you.
Finally, learn about investing your money, and you will enjoy a much brighter future. You can put money in a standard savings account, of course. But if you want better returns and a more comfortable lifestyle in the future, there are much better options out there, from building a property portfolio through to buying government bonds. It’s also worth setting up a college savings fund for your kids. The cost of a further education is enormous, and every dollar you save will be a great help to them.
Also the creator of Unbound Northwest