Your family may be fit and healthy right now, but that has to potential to change any day. Anyone can be struck down by a long-term illness or condition. Sometimes, they are difficult to predict. You need to make sure your family is well-prepared in case you or your partner are diagnosed with an illness. You should start saving for an emergency fund to do this. This will come in handy in case you or your partner needs to quit your job. It is also a good idea to take out a life insurance policy. There are now ones that are aimed specifically at mothers, such as this one claybrooke.org.uk/parents-and-life-insurance/mums-and-mothers.
Life is full of ups and downs. Unfortunately, we can’t always prevent the downs, but we can do our best to plan for them so that we can cope better with them. One of the best ways to protect our family is by ensuring you plan your finances. It needs to take any possible unexpected situations into account. This way, your money won’t be hit too hard by anything that comes your way. Here are some of the most common unexpected situations to plan for.
Just like illnesses, we can never predict when we might be involved in an accident. This can be anything as serious as a road traffic accident or as small as tripping up. But no matter how small the accident is, you could still end up with bad injuries. This might result in you having to take some significant time off work. Even though sick pay should cover some of this time off, you might end up needing to take unpaid leave. You can find out more about taking unpaid sick leave here: nidirect.gov.uk/articles/sick-pay-rights.nidirect.gov.uk/articles/sick-pay-rights. So make sure you have enough money saved up to get you through your recovery period. You could even use it to fund any operations or treatments.
Home damage is just like accidents. You can’t plan for them. Your home may be damaged as a result of a storm or other natural disaster, such as a flood. This could be extremely expensive to repair. The best way to protect your finances from this kind of situation is to take out a home insurance policy. Double check all the small print so you know exactly what it will cover. Not all policies will cover all types of damage.
Not all unexpected situations are bad! There are some happy ones, such as your kids deciding to head off to university! There is one downside to university, though. And that’s the cost! To help your kids with the financial burden of going to university, you should consider opening a bank account for them while they are still young. Pay in a small amount each week. This will build up over the years, and should be big enough to make a big enough dent in their tuition fees. They might still need to take out a loan, but at least it won’t be so big!
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