Setting Up Your Family For Later In Life

Death isn’t something that anyone likes to think about, but unfortunately it’s a part of life and will happen to all of us at some point. One thing that people worry about, is leaving their family struggling when and if they pass away. This article is going to give you some advice on how you can set your family up for later in life as the inevitable creeps closer.

Aside from the fact that owning your own property will give you financial stability throughout life, having a property to offer your family to live in once you’re gone is a great way of knowing they will be okay. It’s difficult to get onto the property ladder in this day and age, and with the prices of houses rising, more and more people are opting to rent rather than buy. If you don’t already own your own property, then it might be a good idea to try and get yourself on the property ladder so that you, and your family can live free of any stress of being homeless. Another bonus of owning a property is that if the going gets tough, the option of selling the property is also there to generate the income that you need to get yourself back on track. There are also options available like remortgaging, or extending your mortgage to borrow some cash.

Setting all of this up couldn’t be easier either, since the introduction of being able to get yourself a probate attorney. They will simply sit with you and help you write out a will, choose an executor, and also plan out with you any processes that you want doing. Even if you’re still fairly young, doing this at an early age is a good idea to make sure that if anything happens to you, your family won’t struggle without you. They do this by making sure that anything that needs paying is paid off first out of your assets, then the remainder is spread out between your chosen executors. You may opt to choose just one executor to then divide the rest of your things accordingly, but that’s up to you.

Saving for your children’s further education is another good idea to consider. Opening a savings account that they can’t access unless it’s for further education once they’re eighteen is a great way of ensuring that they can pursue their dreams in life, and get a career that they will be able to support themselves on. There are even options available for you to pre-pay for a college course now, so that when they come to choosing what they want to study, they will have little to nothing to pay for.

Making sure you put money away for your children to have driving lessons is a brilliant way to contribute towards their life skills. Even though driving isn’t an essential part of life, it’s certainly a useful one. Having the money there to give to them when they’re old enough to drive will help greatly, especially with the cost of driving lessons on the rise too.

Investing is a fantastic way of making sure that you always have assets available if times get rough because there is always the option of dipping into the money you’ve made from investment. Not only that, depending on what you’re investing in, you may even receive regular pay on top of your usual salary. If you’re not sure what to invest in, take a read of these best areas to invest in and pick one that suits you. You won’t regret it!

Sometimes, it’s not just money that you need to invest into your family. It takes time, love and patience to bring a family up. Teach your children how to cook so that if something happens to you, then they will be able to feed themselves. Cooking is also a great skill to learn, and could possibly turn into a career if desired. There are other things that you could teach your children like:

  • DIY around the house
  • Money management and that not everything revolves around money
  • Cleaning
  • Attitude towards life
  • Self care

Doing this will teach them necessary skills in life so that they can continue to look after themselves when you’re no longer around.
Even though looking after your family is your main goal, don’t forget to enjoy the time that you have on this earth. There’s no point constantly worrying about things like money, because it can come as quickly as you can lose it. Learn to enjoy the important things in life, like your family and your friends.

Learn How To Budget Better

Keeping track of your finances can take a lot of time to master. Learning how to manage your money effectively and budget for your lifestyle is something that comes with experience, however here are a few ways to start.


First: Assess Your Financial Situation

To be in a stable position with your finances, it really all boils down to having more money coming in than going out each month. If this is the case, you can stay safe in the knowledge that you won’t ever have to find yourself in serious debt or file for chapter 7 bankruptcy.


Categorize Your Expenses

Your expenses can be broken down into a few main categories:
Essential (bills, car insurance, mortgage)
Luxuries (phone contract, broadband, TV licence)
Expendable (food, social, savings)

Once you get an idea of the essentials leaving your account each month, you’ll see what you have left for everything else. If you end up with no money for food or savings, you might want to reconsider your luxury items.


Identify Your Problem Spending Areas


Think about the money you spend regularly. Are you going to the same coffee shop every single morning before work? Or maybe you are buying lunch every day from work instead of bringing in a packed lunch. Making changes to these habits can save you a lot of money you never realised you had.


Be Frugal

Living frugally is what you need to do when you are struggling to make enough money to live comfortably. Make the most of the money you have, and spend it wisely. For example, with your food shop, try to make big batches of one-pot meals to last you throughout the week to cut down on electricity and food costs.


Prioritize Your Money Goals

The key to understanding whether you should focus on savings or debt first is down to you, however if you are accruing more interest on your debt than your savings account, you are better off paying off the debt before saving up.

Everyone faces setbacks in their life, so it is important to have some sort of buffer to fall back on if things ever do go wrong. Try your best to build up an emergency fund over the years so that if the worst ever does happen, you have financial security.

Tackle your Debt

Now that you are in a place that you know you are comfortable, it’s time for you to face your debts once and for all and work on getting your credit score back up to scratch. It can be daunting if you have found yourself with a mountain of debts, but the important thing to remember is to prioritise what you pay back.

Always start small, get rid of the little debts you have and then you’ll be able to focus on the bigger one. It will get rid of those extra worries and allow you to focus on your largest financial issue, ridding you of debt once and for all.

Can you make money from sharing your vehicle?

Do you know you can earn extra income if you own a car or van? Check out how by learning more about car sharing in the UK.

Owning a car increases one’s efficiency and enables him or her to manage his or her time better. What is better is that it can also be a source of income. Considering that as a car owner you will often travel alone, it is possible to offer a ride to travellers with whom you share a route. Indeed, many car sharing platforms exist in the UK that would allow you to offer a ride for a small fee enabling you to cover part of your fuel cost. Existing car sharing platforms have different structures to enhance ride sharers safety. In a sense, the ride-sharing venture can only thrive if the involved parties are assured of safety. This calls for various arrangements in order to create a safe operating environment.
In a world experiencing a rapid adoption of new technological capabilities, the role of a car as a means of transport is also changing. The development and systematic launch of autonomous cars imply that car owners may soon become mere passengers in their cars. Grappling with this possibility, different firms have created platforms that allow commuters to share a car. To achieve this fete, a few considerations have to be made.


Insurance Cover for the Passenger

Car or van owners looking to join the car-sharing clubs must confirm that they have proper insurance cover in place. This third party cover extends the insurer’s liability to passengers in the holder’s car in the event that they are involved in an accident. Confirmation of insurance cover also enables the ride-sharing management to verify the driver’s credentials and driving history.

In addition to third party insurance cover, AXA, in collaboration with BlaBlaCar, have launched a free insurance cover for ride sharers using the BlaBlaCar platform. The customized insurance cover assumes liability in case the ride sharers car breaks down or they are involved in an accident while the passenger was behind the wheel. In the case of a breakdown, the AXA cover enables the ride sharers to find alternative means of transport and covers the towing and repair costs of the car.

 

Finding a Reliable Ride Sharing Club

Once a car owner has adhered to the insurance requirements, he or she should review and compare the characteristics of existing clubs to find one that suits his or her needs. Some of the factors to consider may include:

  • Membership size: a club that has a big membership not only increases the chances of always finding passengers but may also imply that the club has better customer relations.
  • Terms of entry: they will determine your ability to join the club as well as reveal the level of vetting carried out by the club management. A club that verifies its members’ credentials is safer to work with.
  • Terms of payment: considering that your motive for joining the club is to make or save money, it is important to review the payment terms to ascertain that they meet your expectations.

Once all these are in place, you can start earning extra money with your car or van.