The coronavirus pandemic has had us all re-evaluating the way we live our lives. It has shown us that the future is by no means certain, and we should be prepared for even the unlikeliest possibilities. While a global pandemic is not something the average person has planned for, the lessons we have learned can be helpful going ahead.
Here are some of the essential things parents should do to plan for the future this year.
Get On The Property Ladder
Owning a property can keep you financially stable in the future. It will make a stable base for your children to put down roots. You should start saving for a down payment this year. You should consult a financial advisor to get an idea of your mortgage options.
Start A College Fund
If you want your kids to go to college, you should start saving. The earlier you begin to save, the more you will give to your kids when they go to college. The cost of living is rising, and the average starting salary is staying the same. Entering adulthood without student debts will put your kids in the best position.
Teach Crucial Life Skills
You should teach your kids skills they won’t learn in school or college. For instance, teach them to cook, understand taxes and budget. This will make them independent and self-sufficient when they reach adulthood.
Make Preparations For When You’re Gone
You should take out a life insurance policy that will financially support your children if you pass away unexpectedly. You should make a will and plan your estate to ease the burden after your passing. It may be tempting to do this yourself, but you should be cautious with DIY estate planning. If you want your estate planning done correctly, you should use the services of a professional lawyer like Kimberly Butler Rainen.
Save As Much As You Can
You should save as much money each month as you can afford. Put money into savings accounts, investments and pensions. If you want your children to be financially secure, you should consider a diverse investment portfolio. This should include property, shares and bonds.
If you want to be around for your kids for years to come, you should start eating well and exercising. You should eat one to two cups of fruit per day and two to three cups of vegetables. You should avoid eating junk food and sugary food except occasionally as a treat.
You should exercise every day. If you have not exercised recently, you could start by walking for 10 minutes a day. Daily exercise can reduce your risk of health issues like obesity and heart disease.
Develop Your Support System
You should have a close circle to support you and your children if you need it. You should decide who your children will live with if something happens to you. If something goes wrong in the future, you need to have trusted loved ones to turn to for help.