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Ensure Your Family Has A Secure Future By Doing The Following Essential Things.

December 15, 2016 by  
Filed under Business, Money, Opinion, Tech/Internet, Weekly Columns

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(ThySistas.comIt’s so important as parents that we make good financial decisions. After all, your choices not only affect you, but it also affects your kids too. Therefore, you need to think carefully before you spend money without thinking. Also, you should be making wise decisions with your money so that your kids have funds towards their education in the future. Here are some essential things you should do to ensure your family has a secure future.

Make sure you invest well

If your money just sits around in your bank account, you are bound to just spend it. And it means you might have little money for your family. Therefore, you should consider making some investments which will tie up your money. And it could end up making you some extra in the future! Therefore, there will be a tidy sum that you can put towards your kid’s future. For some people, they tend to make an investment in real estate. After all, it can end up paying out well blackwomanbankin the future. Just make sure you choose a property in an area where home values are going up. And pick something which won’t require a ton of work. If you need some help when investing, you can read my previous blog for advice on investing for the first time.

Set up a savings account

A surprisingly large amount of people don’t have a savings account. But if you want your family to have a secure future, you need to make sure you open one. Even if you can’t put much money in there, a little bit every month is something towards your kid’s future. After all, the money might be enough to cover their uni fees by the time they reach 18. And saving up money could even go towards a fantastic family vacation in the future. As well as a traditional savings account, there are other ways you can grow your savings. For example, you might want to opt for endowment plans which build your savings and pays out in a significant amount of time. Getting money in ten years time might be right in time for your kid’s further education. And it covers you if you do pass away in the meantime so that your family will still get the funds. You can check out more about endowment plans online, or you can ask about it at your local bank.

Get a will set up

As much as it can be painful to think about leaving your loved ones, it’s so vital to get a will set up. After all, you want your kids to be entitled to your money and estate if you do pass away. And without a proper will, they might not get what you want. Therefore, you should go with your partner to a solicitor’s to get a will drawn up. Remember to choose where you want your kids to go if you pass away. Pick a family member or friend who will give your children the best secure future.

And remember to ensure you have an emergency fund ready for your family. After all, if you or your partner loses their job, or one of you gets in an accident, you will need some money to ensure your family doesn’t get into debt.

Staff Writer; Kim Wilson

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