It’s always easy to think about protecting yourself and your family from the immediate future.
You can use a secure password to keep your credit card information safe, for example. But what about protecting your family from the long-term?
What if there’s an emergency situation that lasts for months or even years? How will you feed your family then?
Create an emergency savings fund.
You should always have an emergency savings fund. The amount you need to save depends on your situation, but the general rule of thumb is one to three months’ worth of expenses. How do you go about doing that?
- Set up automatic deposits from your paycheck into a separate savings account (preferably one with no fees)
- Create a budget for yourself and stick to it (don’t forget about those little cash purchases that add up over time)
- Look for ways to save money on things you already use (such as changing cable providers or finding cheaper car insurance policies)
Consider a health savings account (HSA).
One of the most effective ways to save for future healthcare costs is a health savings account (HSA). An HSA allows you to make pretax contributions that are deducted directly from your paycheck, which can lower your taxable income. When you withdraw the money in retirement, it comes out tax free.
Get the right renters or homeowners insurance.
You can also reduce your premiums by purchasing a policy with a higher deductible. While you may have to pay more out of pocket if something were to happen, the peace of mind that comes along with knowing that you have full coverage is worth it.
While it’s important to protect yourself and your family financially in the short-term, it’s just as important to make sure they are protected in case anything happens down the road.
Reliable homeowners insurance covers water damage caused by something sudden or accidental, or accidents that are caused otherwise, and from situations where not having an insurance policy can drill a hole into your wallet—the nitty gritty obviously depends on the kind of insurance you are buying.
Write up a will.
When you write a will, you’re making sure that your family and loved ones are taken care of after your passing. A will allows you to allocate your assets in a way that makes sense for your unique situation.
For example, some parents may want to leave everything they own to their children, while others may want their spouses or other family members to receive all of the money.
Schedule an annual family checkup.
It’s important to stay on top of your family’s health, and one way to do that is by scheduling an annual checkup.
It gives you a chance to talk about what’s going on in your life and for you to get a sense of where things are at with their health.
- When should I schedule this appointment? Ideally, it’s best if you can do this during the same month every year—that way, it becomes part of the routine. If that doesn’t work out for whatever reason (you’re busy with other appointments), just try making sure that the next time your doctor’s office has openings is within the next few months, so there’s still enough time before the end of December rolls around again.
- What should I expect during my appointment? You’ll probably meet with a doctor or nurse practitioner who will ask questions about how everyone is doing physically and emotionally over these past 12 months; make sure they know if someone has had any significant changes in behavior or symptoms since the last time they visited! This gives them an opportunity to not only assess overall health but also catch anything new before it gets worse.”
Make sure your kids have everything they need to succeed.
Making sure your kids have everything they need to succeed is one of the best ways to protect your family in the long term. Provide them with the tools they need to achieve their goals.
Providing your children with everything from a college savings account to good health insurance can help them be successful when it comes time for them to grow up and take care of themselves.
Encourage healthy eating and exercise habits at home.
You’ll want to encourage healthy eating and exercise habits at home. Be sure that your kids have access to a variety of healthy food, and make sure they have opportunities to be physically active.
If you’re going out for dinner or making a meal in the kitchen, teach them about how much sugar is in the foods they eat—even those advertised as “healthy”—as well as how certain foods can help their bodies grow stronger or make them feel better when they run around outside after school.
Some parents choose not to allow their children access to technology until after homework is finished; others allow computers only during designated times.
Whatever you decide, it’s important that you set clear rules regarding screen time, so both parents and children understand what’s expected of them throughout the day (and night).
At the end of the day, everyone wants to protect their family and make sure they’re taken care of in the long term.
We hope these tips have given you some ideas on how to do that—whether it’s by saving more money or getting coverage on your home and car insurance.
Remember: no one likes being left without options in life, but if you take steps now to ensure a better tomorrow for yourself and your loved ones, it will help ease any worry later on down the road when things get tough.