When it comes to looking after our families, financial security is one of the most important factors to consider.
Although we never know what’s around the corner, It’s important to plan ahead and have safety nets in place for every eventuality that life can throw at us – to the best of our ability!
With the Christmas countdown upon us, December alone can be one of the most expensive months of the year.
In this article, we highlight some of the key ways in which you can protect your family finances.
Have Savings
We understand that for many families, savings can be tricky but if you can, make cut backs wherever possible. From small changes such as swapping to supermarket own brands during food shopping, to bigger things such as not splurging on unnecessary luxuries. Whether you can put away a little or a lot, every penny counts, and you’ll be surprised at how quickly your savings pot will soon add up when you become more financially savvy.
Life Insurance
Taking out life insurance is there as an option for any parent who wants peace of mind that their children would be financially looked after if the worst were to ever happen. It works by paying small monthly fees in exchange for the promise that insurers would pay a designated beneficiary to your children if you were to suddenly die. There are loads of different policies out there so be sure to do your research on comparison websites to find the best deals available.
GAP Insurance
Investing in GAP insurance can also be another smart way to protect your family finances. If you buy a new car, the moment it’s yours it begins to decrease in value and this continues to decline the longer you’ve had it. If you were to then be involved in an accident where your car is written off, or if it were to get stolen, basic insurance only covers the cost of your car at the time of the incident. GAP insurance essentially covers the difference in cost between what you originally paid for your car and what your insurance is willing to cover at its current value. This effectively ensures that you won’t be out of pocket, and will at the very least claim back every penny that you spent on your car in the first place.
Home Insurance
There are two types of home insurance you can take out to protect your family finances: building insurance and contents insurance. Building insurance would cover any costs on the structural build of your house such as your roof, the walls, windows, and framework of your house. Contents insurance covers the costs of any possessions within your home that might get damaged or stolen. This is a good idea to invest in if you want to cover your bases in case of emergencies such as a break-in to your family home.
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