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The mortgage terms demanded that we both have life insurance cover, for example. It means the mortgage will be paid off if anything happened to either of us.
Making sure my kids are provided for is really important to me.
Yes, we are older than other parents, so yes we may have to deal with ill health while the kids are still young and dependent on us.
Fortunately, the Husband is in a relatively risk-free job and I work from home.
I feel for those parents who work in roles that are more dangerous, like the emergency services. I can understand why it is so important for police officers to have law enforcement life insurance that covers those extra risks when it’s needed. These insurances can also cover part of your salary if you are unable to work due to ill health. In high-stress jobs like the medical profession, this could be essential.
|Image credit: Ken Teegardin|
Avoid extra financial commitments as much as you can.
Car loans, credit cards, and TV subscriptions are among the things we are tied to in life that can be a burden if you lost your income.
Careful budgeting so you can see where your essential spending goes is a good idea too.
If something does go wrong, you can strip out what isn’t necessary quickly and easily. It also highlights the minimum income needed to cover your bills.
That makes it handy for working out the kind of pension you want, and the salary you would need if you lost your job.
We also do our best to save. The savings can sit there and earn almost nothing in interest, but at least it’s there. It’s something to dip into if a big bill comes up, or you need a break from working. Even if you can’t save much, every little helps in a financial crisis.
We’re old enough to remember financial disasters and recessions.
We know there is no job for life, and we know our property value could decrease as well as increase.
There is no certainty.
I will always worry about our financial future, but I know I will take care of my kids no matter what.