6 Ways to Protect Your Family’s Long-Term Financial Health

There’s more to life than money, especially when it comes to our families, but it’s hard to deny that it has its uses. When you’re financially secure, you can focus your energies on other aspects of family life, safe in the knowledge that you’re fundamentally going to be OK: your family will have a roof, food, and the capacity to thrive.

However, there are no guarantees in life. Just because things are financially rosy today, that doesn’t mean things will be financially rosy tomorrow. Below, we take a look at six ways you can ensure your family’s future is secure long-term.

Get in Sync

It’s all good and well that you’re showing a commitment to financial responsibility, but keep in mind that you’re not the only horse in this race. The families who are successful at securing long-term financial freedom are the ones who exist on the same page s their partner.

For example, it won’t do much good if you cut some luxuries to pay off your credit card more quickly, only to find that your partner is spending money on credit cards each month. Be open about your spending.

Studies have shown that a significant portion of people don’t know how much their partner is spending each month. You might be toiling away only to find your efforts are akin to a drop in the ocean.

Watch Lifestyle Inflation

If you’re a career man or woman, then financial security is within your grasp. But many people fail to grab it, why? It’s because they’re falling prey to one of the sneakiest traps there is: lifestyle inflation.

If you get a raise of, say, $5,000, only to then increase your lifestyle by $5,000, then you’re no better – financially at least – than before you got your promotion. It does take discipline to control your spending when you get a raise, but you’ll be thankful you did so later on in life when you’re no longer worried about your finances.

Get Saving

There’s a lot of talk about what you should do with your money; you should invest it, they say. And it’s possible that is the right approach, but if you don’t have the time to commit to learning the best methods of investing cash, then you’ll be better served by plain old saving.

It’s never too late to start saving, either! If you’ve only been putting a minimal amount away each month, then look at increasing it.

It might just be a game-changer when your son or daughter announces their intention to go to an expensive college (which is also a great way to secure your family’s financial future; college graduates earn significantly more than non-graduates).

Have a Safety Net

While it’s good practice to have a core savings account, one that’ll provide for the big costs – such as college and retirement – later in life, you’ll also want to have a different kind of savings account. It’s the “safety net savings account.”

You never know when life will throw up a surprise expense. If you’ve got the money to handle it, you won’t need to dip into your savings account. Those savings are for later on in life, not the day-to-day costs of family and home life.

Worst Case Scenario

While it’s not pleasant to think about, you will need to think about how your family would cope financially if something were to happen to you. For this, insurance is the key. Make sure you’ve got health insurance and guaranteed universal life insurance.

They’ll both help your family to handle the costs connected to your medical treatment or your demise. You can’t always prevent the bad things in life from happening, but you can control the response to those bad things.

Prepare sufficiently, and your family will be able to carry on safely in the knowledge of their financial security.

Find Your Own “Rich”

The thing about money is that there’s no such thing as the right amount. There’s only the amount that’s right for you. Everyone’s home and family circumstances – and needs – are different. As such, it’s worthwhile figuring out how much you need.

Don’t follow what the rest of the crowd are doing. If you focus on your family’s needs first and foremost, you’ll avoid falling into the trap that jeopardizes so many other people’s financial circumstances.

It’s not easy supporting the family in the present and long-term. It can feel like a never-ending uphill battle. But take our tips above, and you’ll be on the right path.

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