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5 Ways to Plan for your Family’s Future

Posted by on Feb. 11, 2013 at 2:29 PM
  • 10 Replies

5 Ways to Plan for your Family’s Future…Without Going into Debt in the Present

When you’re responsible for a family, you want to know your loved ones will be cared for now and even after you are gone. There are several steps you can start taking to make certain your family’s needs are met without causing a serious disruption to your current finances. Here are some options to consider.

Be Careful at Home

Be sensible around your house. Don’t leave unnecessary lights on, and wait until you have a sizeable laundry load before washing clothes in order to save electricity costs. This can also help you reduce your water bill.

Check Your Bills

Take a look at other expenses you have. Are you paying for cell phone services you aren’t using? It’s possible your phone company may be willing to turn those features off and save you a little cash. If you use a credit card, give your company a call and see if your interest rate can be lowered.

Budget and Save

These options come up frequently because they work. Write down your monthly earnings and expenses, and if your expenses exceed your income, it’s time to make some changes. Look for areas where you can spend a little less, then try to cut even more so you can start building your savings account. It’s wise to have a savings account balance sufficient to handle your household bills for a few months. That way, a job loss or other emergency won’t be quite as devastating to your bank account.

Think College

The sooner you start planning for your child’s college education, the better. Certain types of accounts, such as a Coverdell Account or 529 College Savings Plan, offer tax advantages and don’t have drastic effects on eligibility for financial aid.

Investigate Term Life Insurance

A term life insurance policy provides death benefit coverage to the insured’s beneficiaries upon his or her passing. This type of insurance may be purchased for a period of one to thirty years. While many people choose whole life insurance because it also involves an investment component and builds cash value, this type of plan is very expensive. Term life insurance rates are cheaper, and some experts argue there are better investment options than whole life offers.

by on Feb. 11, 2013 at 2:29 PM
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Replies (1-10):
gmadiane
by on Feb. 11, 2013 at 4:50 PM

nice, thanks for sharing

Juniper53098
by on Feb. 11, 2013 at 10:58 PM

TFS!

FYI, Whole life insurance is not expensive if you buy your plan when  you're young.  I bought my plan when I was 21 or 22 and pay less than $30/month.

SweetLuci
by Silver Member on Feb. 12, 2013 at 8:22 AM

 Good info. Thanks.

flowerfunleah
by Member on Feb. 12, 2013 at 2:12 PM

tfs!

allyn9
by Carey on Feb. 13, 2013 at 12:04 AM

All great ideas.

SweetLuci
by Silver Member on Feb. 13, 2013 at 8:19 AM

 Thanks for sharing.

slw123
by Member on Feb. 15, 2013 at 3:58 PM

Thank you, very important info.

XVAmomma
by Member on Feb. 15, 2013 at 5:47 PM
Bump for later!
Posted on CafeMom Mobile
KRIZZ25
by Member on Feb. 15, 2013 at 5:48 PM
i dont have job ..cant find job..cant work due to disablitys ..i cant ..cant afford shit ..so idk what ower Future looks like.
kellynh
by on Feb. 15, 2013 at 7:57 PM

TFS

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