For most of us, our families are the most important things we have. No matter what, we want to be able to protect them – this includes financially as well. How do you protect your family nest? Here are some of the things we do:
- Put money into savings each paycheck. Each month, we make sure to put some money into savings. Even if you can only put a little bit, it will add up and prevent you from having to take out a loan or run up credit card debt for unexpected emergencies! No money left after you pay your bills? Think about having a yard sale or selling some items on EBay and saving that money.
- Start (or contribute to) an IRA. It’s never too early to think about retirement! In fact, the sooner you start, the easier it will be. You should always contribute at least as much as your company matches, then try to increase each time you get a raise!
- Don’t build up credit card debt. If you use credit cards, treat them as a checking account and pay them off each month. Otherwise you’ll be throwing valuable dollars away!
- Invest in life insurance. Once we had a child, this was one of the first things we did. Experts say a good rule of thumb is to insure 5 to 10 times your income. It sounds like a lot, but it’s really not. Think about what you’re really worth. Life insurance will help cover the cost of your mortgage, medical & funeral expenses, continuing childcare, living expense and college tuition.
- Have a back-up plan. Talk about what you’ll do if your main bread-winner loses their job, or someone has an unexpected illness. These things can be hard to talk about, but you’ll be able to think things through with more clarity if you do it before there’s a problem!
- Set up a college fund. We haven’t done this one yet, but we need to start looking into it! I know that time flies, and we’ll be looking at colleges before we know it! There are a lot of different options available these days.
Don’t wait until it’s too late to start protecting your family! Most people feel overwhelmed when they think about this stuff. Your local Allstate agent can talk you through your situation and help you plan for the future today. Allstate and their agents have been helping customers protect their families for over 50 years. We use Allstate for our life insurance and our local agent stays in touch with us about many things – protecting ourselves from fraud, saving money on gas, you name it!
“I wrote this blog post while participating in the SocialMoms and Allstate blogging program, for a gift card worth $50. For more information on how you can participate, click here.”