Planning for your family’s future can be stressful, especially in the era of flat wages and consumer debt. However, as long as you are being responsible with your finances and planning ahead for the future, there’s no reason you can’t continue providing for your family for decades to come. And while many people know how to be financially responsible from day-to-day, many of us need help when it comes to planning for the future.
As the head of a household, it’s your job to get this right. To set your family up for long-term financial security, here are some great tips that should help you with your financial planning:
Consult with a financial advisor
Even if you know how to save your money, you should still work with a professional if you really want to ensure that your future is secure. Today, most savings accounts offer extremely low returns, and there are much better ways to invest your family’s nest egg. Professional advisors can help you with all your financial planning questions and put you and your family on the right track to economic success. Better yet, an experienced financial advisor can help you craft a unique plan to meet your family’s financial priorities, whether that’s saving for college, retirement, a new house, or all of the above.
Pay more than the minimum
Roughly one-third of Americans only pay the minimum due on their credit card each month. For families dealing with substantial debt, constantly paying the minimum will ensure your credit score stays flat and you never get your heads above water. Though sometimes your financial situation might require you to pay the minimum, you should look for more sustainable strategies to conquer your debt. If you pay off more debt, you’ll not only have your bills paid off quicker, but you’ll develop much stronger credit as well.
Focus on an emergency fund
You have to have a few goals in mind so you can identify what exactly you’re saving for. Maybe you’re planning for retirement or want to go on a nice vacation. Maybe you want to help your kids with their college payments down the line. Whatever it is, you have to have specific goals in mind. That being said, you need to be sure that you’re saving for any emergency that might arise as well. You never know when you and your family are going to need a cash reserve to get out of some difficult and stressful financial situations. If someone in your family loses their job or something unexpected happens to your home, you might have to put that vacation on hold, but at least you will have an emergency fund to address life’s problems as they arise.
Protect Your Family No Matter What
A financial planner won’t just help you invest your money wisely, they can also advise you on the best insurance products to ensure your family’s future. Many parents now invest in long-term care insurance products so that they don’t have to worry about becoming a burden on their adult children. Likewise, investing in a life insurance policy can ensure your family will always have enough money to pay the bills. The best financial planners will be able to recommend the best insurance products to protect your household, come what may.
If you want to learn more about financial planning or speak with trusted insurance brokers in Medford, Oregon contact Linda Clarkson today.