If you have recently married and are thinking about starting a family, you will know that there are considerable financial pressures. This can include things like a new home and with your child or children comes a lot of budgeting to cope with the costs.
Equally, while you’re busy paying for the day-to-day expenses there’s also saving for the future to consider. Whether that’s money towards university fees and your retirement, you will know that it’s costly and requires a lot of organisation.
This whole experience from start to finish is actually the start of a very long-term plan with financial security at its core.
In order to succeed it can be a good idea to start small with the theory being that as you progress through a career your income will grow, leaving you more surplus to put towards saving.
In order to make sure that should the worst happen you are covered, you may want to consider life insurance. This requires you to acknowledge that should you or your partner die or become sick what would happen? This is not what we like to think about but they can happen and bring them a whole storm of devastation, both emotionally and financially.
Life Insurance can give your family a safety net, helping them to maintain a lifestyle but also to fulfil any dreams that you may have had for them. It can pay off debts, help with childcare costs so a partner can work, pay for school fees and funeral costs. It can also help with the daily cost of living too.
Given all these factors, the concept of putting money aside may seem a very impossible target. However, even a little now could help later on as a fall back in the event of an emergency. Additionally, a small amount put in to life insurance could really make a difference should something happen.
Where you have debts accrued by a person who dies, they can end up being a liability for anyone you leave behind, hampering their situation further, so it’s a really good idea to consider getting cover to protect yourself if you can.
Don’t get caught out. If you are a young family and want to cut corners, don’t do it via channels that could really make a difference to you or your partner later on.