The previous several years have seemed like treading water for millions of American parents, and they’re weary of it.
Worse, they’ve been so preoccupied with keeping their families afloat that they haven’t planned for their children’s financial future.
According to a Pew Research poll, two-thirds of Americans believe the next generation will be worse off financially than their parents. A quarter of parents under 40 said they do not want to have further children because they are concerned about their financial situation.
Don’t worry; there’s a lot you can do right now to ensure your children approach adulthood on sound foundation. Here are five methods to increase and preserve your savings so you’re prepared for whatever the future holds.
Leave your children a million dollars.
It’s a scary thought: how well would your family cope if anything happened to you?
Would your spouse be able to afford the expenses on a single income, or would the house have to be sold? Would your child be denied the opportunity to attend college?
Good parents take care of their children, but you can go one step further by ensuring that your family is cared for even when you are not around.
Finding the correct life insurance may be difficult, but a website called Quotacy alleviates a lot of the burden. Following a 90-second survey, you’ll be given with a list of inexpensive solutions that meet the needs of your family.
Stop spending too much for vehicle insurance.
Any family that owns a car will tell you that it is an indispensable tool. Add up all the visits to the grocery store, doctor’s appointments, and soccer games to discover how much time parents spend behind the wheel.
However, spending so much time on the road increases your chances of getting in an accident.
A decent auto insurance coverage will protect not just your pricey vehicle, but also your family’s finances in the event that you are harmed or found accountable for injuring someone else. Your child’s life will be drastically altered if you are saddled with hundreds, if not millions, of dollars in medical costs.
Consider if you have adequate coverage — and whether you’re paying too much for the coverage you currently have. SmartFinancial is a free online tool that may help you locate a reduced interest rate in minutes. You may be able to reduce your rates by up to 40% or receive a far better insurance for the same amount.
Simply answer a few questions about yourself, your car, and your driving record, and SmartFinancial will automatically search over 200 insurance providers to discover reduced rates in your region.
Comparing is completely free, so it’s worth checking even if you’re simply wondering how much money you could save.
Protect your house.
Homeowners insurance, unlike auto insurance, is not necessarily required by law, but it doesn’t make it any less necessary. Your house is most likely your largest investment and the foundation of your children’s sense of security.
A solid house insurance coverage will assist you in recovering fast from a large tragedy such as a fire to a little one such as a busted pipe. Even if your child’s phone is stolen outside the house, it can safeguard your things from harm or theft.
Comparing insurance will help you determine if you have the correct coverage for your family’s changing requirements and, more importantly, will help you save money on this critical expenditure.
SmartFinancial’s web tool evaluates quotations in real time to assist you locate reduced rates in your location. It even looks for reductions you may not be aware of, such as being married, mortgage-free, or having home improvements like as smart smoke detectors.
If you locate a better offer than what you’re now paying, switch to save money for college.
Safeguard your health and your wealth.
As the epidemic has demonstrated, anything is possible. It has never been more crucial to ensure that you can provide for your children in the event that one of you becomes ill or injured unexpectedly.
So, don’t just remain with your existing health insurance carrier because it’s easy. If you haven’t compared insurance in a while, you may be overpaying, having coverage gaps, or both.
SmartFinancial makes it free and simple to shop around for a better insurance. Simply answer a few questions about yourself and the type of coverage you want, and SmartFinancial will swiftly examine your alternatives to discover effective protection at a reasonable price.
The site will also look for little-known wellness discounts – for example, if you have a gym membership or engage in a program that encourages healthy behaviors, you may be able to earn a discounted fee.
Nobody intends to get harmed or sick, so don’t put it off.
