Parents up and down the globe regularly spend time organizing their finances. It’s a never ending job, and as such, can be a bit of a pain! From insurance to mortgages to bills, it all just feels like money money money, all the time.
Fortunately, help is at hand. If you’re looking for some more financial tips and advice, you’re in the right place. Below, you’ll find help on everything from savings to mortgages - and I hope this help is of use to you!
Cut out unnecessary expenditure
Of course, there are some things you just need, like insurance and utility bills. However, there are some things you should cut back on! There are several ways to go about this:
- One good way I’ve found over the years is to watch your food intake. Is there a particular meal that results in a lot of rubbish? Don’t buy that meal again!
- Watch your internet usage. Do you even use it enough to warrant a package deal?
- If you pay for expenses like child care, is there anything you can do to curb these? Can you swap shifts at work to look after your kids? Can you work from home?
Start a fund for your child - college and mortgages aren’t cheap!
Most people will do this anyway, but others won’t. Before you know it, college and mortgages will be upon you faster than a speeding bullet, and you’ll be unprepared! There are numerous ways to start a fund for your child, and each differs from the next.
Your first choice is to take out a life insurance policy for them. This lets you save up a small sum each month, in order to receive a big payout at the end of the term. This also covers your family in the event of death, so the benefits are twofold. There are plenty of places to get quotes so consider the pros your loved ones could receive.
There are also special bank accounts designed with college savings in mind. These are usually operated by the state and government, and are custom-built with college savings as their purpose. There’s tons of information on these from relaible sources , so don’t be left in the dark!
Overpay your mortgage
Having a family to support is a long-term commitment. It lasts from when you have your children until they fly the nest, and as such, you have to think into the future. What if you or your partner loses their job? Could you still cope?
Fortunately, there is one great way to plan for any financially distressing times. If you overpay your mortgage while you have the cash, you create a ‘cushion’ of sorts that you can use as leverage. For example, if your partner does lose a job, you have technically already paid your mortgage payments for the next four months, so you can halt them.
Speak your mind! If you have any financial tips for families, drop a comment down below.