It’s important to provide a consistent, stable home for your children and family. Life can get complicated as we get older, and life holds the possibility of a natural disaster, serious illness, or accident. While we can’t control the future, it’s easier to gain some peace of mind with a few safe guards in place to help protect both self and family in the event of a tragedy. Be proactive about these things -- most of us think these things will never happen to us, and when they do, it’s often too late to put in place any of the safeguards we could have had set up beforehand.
Life insurance, medical insurance, health insurance, renters’ insurance, home insurance, natural disaster insurance… there are so many kinds of insurance out there that it might seem easier to just ignore the need and put it off until later. However, it’s vitally important to find an insurance agent you trust who can help you navigate your insurance needs, instead of signing you up for insurance that is costly and unnecessary. Anyone with income or debt should have a life insurance policy. If you get a life insurance policy at a young age, it will likely be less expensive in the long-run. All individuals in your family should have health insurance, which may be the most important form of insurance. Accidents happen, and it’s also important to keep up with annual check-ups to be proactive about your family’s health.
It’s important to have at least three months’ worth of savings in your savings account. To have a real peace of mind, save up six. It may seem impossible with your current income to save up this much money, but in the event of job loss, an accident, or a death in the family, it’s important to have a safety net. Savings can provide enough to give your family time to reassess and figure out how to best get through a tragedy. Paying down debt is equally important, as it will allow you to save more. Find a debt-free, savings plan that works for you, and proactively pursue it. It may mean taking on a second job for six months to a year, but if you can do that for a time period, your family may thank you later.
No matter where you live, there’s potential for natural disasters to happen. Familiarize yourself with the natural disasters in your area, and create an emergency preparedness plan. Most people keep all their contacts digitally nowadays, but in the event of a disaster where you have no electricity and can’t charge your phone, you’ll need a hard copy of all your contacts. Keep a printed out list of phone numbers in an emergency kit that also includes food, a flashlight, a couple of walkie talkies, and fresh batteries. Train your family on emergency procedures, and keep a three-week supply of water on hand.