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Anyone with a family knows that the future is uncertain. That doesn’t stop all of us working hard to try and make it a little more secure, especially for the kids. You might already be saving hard for the simple things, like a holiday, or a special event. If your kids are proving to be quite academic, you might even be putting cash away for university in the future. Is there any more you could do today that won’t break the bank?


If you don’t have a mortgage, chances are you haven’t spent much time thinking about things like life insurance. These policies are designed to cover the cost of the outstanding loan on your house should something happen to you. Sometimes they cover serious injury or illness too. Usually, you have to request extra cover if you want it to cover any additional health costs or your funeral.



So how can your family cope if something happens to you that means your income is no longer there? Well, a funeral is perhaps the biggest expense they will face straight away. You can avoid them having to deal with that bill at such a bad time by looking into pre-paid funeral plans. You might also choose an insurance policy that promises a prompt payout should it become necessary in the future.


Putting a little cash aside each month now can be an affordable approach to ensuring your family can manage if something goes wrong. Of course, these scenarios are, thankfully, unlikely to happen. Instead, you might be keen to find ways to make sure your kids have access to funds for things like their education. What about their first home, and their future wedding? Where should you put your cash for those things?


Trust funds are a popular option. This is because the money cannot be touched until certain clauses are met. This might be something like reaching a milestone birthday or graduating with a degree. You are in complete control of this side of things, and it means the money is safe. High-interest options are also high risk, but it does mean your money has a chance to grow while it is waiting to be used.


family finances


Do you need a Will? It’s considered to be a good idea if you have a family. It means that all your assets are listed and made available. A solicitor will usually take care of everything when the time comes and find the people listed on the Will. Generally speaking, your next of kin inherits everything. A Will gives you the chance to specify who gets what as well as identifying where your money is!


family finances

What about a pension? Some private and some company pensions do offer a payout or continued income for your partner and dependents if you’re not around. However, these are the exception, not the rule, so check what benefits are included in your pension plan. You can always set one up that is more suitable to your requirements. Take a look at your household budget. Can you be sure that these bills can be met if you weren’t around?





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