Financial Planning | 3 ways to Plan for the future
AD | Financial Planning: 3 ways to plan for the future – [Last Updated – August 2022]
Planning for the future is always on the back of my mind. I want to make sure that if anything happens to me, my son is taken care of. And with everything that’s going on in the world, it just makes sense to plan for the future.
There’s a few ways that I have been setting up plans for the future should anything happen to me. I know all to well what it’s like to lose a parent so young. Whether that be putting money away for my son, looking into life insurance or planning for funeral care.
So, I wanted to talk about them today to share some ways you can plan financially for your future.
Savings Account
When my son was born one of the first things I done was open up a savings account for him. When he turns 21, the account will be transferred to his name.
However, should something happens to me before then, the account will be put into his name upon receiving my death certificate (morbid, I know) and when he turns 16 the funds will become available.
Knowing that my son will have money if I do pass away is a big weight off of my mind.
When my mother sadly passed away when I was 15, my whole life changed, including financially.
My gran and I were left with nothing and we found it hard to live for a few months if I’m honest because the money just wasn’t there.
So, I never want that to happen to my child.
Funeral Care
At the moment my gran is currently looking into Funeral care plans where she can pay for her funeral up front before she passes.
This is so that the cost isn’t left for me to take care of. As we don’t have a big family, I mean, it is only me and her after-all, she doesn’t want me to worry. (although I should mention we do have family, but we aren’t in touch really and rarely see anyone).
So in turn, this has got me thinking about funeral care and not leaving it for little bear to deal with. I want to make sure that all funeral costs are covered.
At a time when we are grieving the loss of a loved one, money worries don’t help. Knowing that my funeral is taken care of with places like Heart of England Funeral care offering pre-paid plans, I can have peace of mind.
Heart of England funeral care help with paying towards the cost of your funeral in advance. Whilst also making sure that your personal wishes are recorded in every detail.
This is definitely something I’ll be looking into in the years to come.
Life Insurance
When I was younger I always thought life insurance was a bit of a con if I’m honest. But, the more I’ve looked into it over the past few years, the more convinced I am that it’s a good idea to start a policy.
Just like with the savings account I’ve started for my son, should I pass away, he will be entitled to a cash lump sum and it gives me peace of mind knowing that he will have a good foundation to buy a house, get a car, live!.
That’s if he hasn’t done that already at the time, but it gives me reassurance that he will have money no matter what.
And real talk for a moment, I want to leave my son money, no matter what he uses it for, I want to know that I’m leaving him something that will help make his life a little easier.
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My grandparents actually added me to their account about a week ago. So if anything happened, then their funds would move to me. It’s so sad to think about, but unfortunately it’s life. I don’t have a savings account for myself, but I need to open one so I can have money to the side. Personally, I don’t want children, so I’m not planning on having kids to transfer the money to but it’s good to have money saved on the side for emergency purposes.
These are all great ideas! I don’t have kids but have been opening saving accounts in case something happens and have been looking around to see about options for insurance. For how hard and difficult it can be, I can only hope that if something would happen to me my family would be fine x
Thank you! It’s so important to have those safety nets just incase
Sorry about your mom passing. Putting financial safeguards in place in case something happens is smart. Having your wishes spelled out in terms of a funeral also takes an emotional load off those we leave behind. It’s hard enough to process the grief of losing a loved one.
Thank you so much, means a lot. I agree, it’s smart to have that plan in place