Monday, September 11, 2017

5 Ways To Prepare For Your Family's Future ♥

 *This is a collaborative post.

Preparing for our future as a family is something I wish I had put a lot of thought into before we actually had our children. I was completely focused on the ideals and the amazing experiences and memories that becoming a parent would bring, that I think I neglected the serious side a little bit - hind sight is a wonderful thing, right?

Being in my late twenties and being a mother to two little boys, I'm now realising that preparing for your family's future takes a whole lot more than writing down plans and waiting for them to happen. It, in fact, takes a lot of organising, saving and in some cases compromising, to prepare for your family's future and even though my boys are four and under, I've found myself having to think about their futures, their schools and providing something for them so that in years to come they can have a little nest egg to set them up in life.

Today I thought I'd share 5 ways to prepare for your family's future, as it's such a big topic in our lives a family right now and hopefully the things we're doing will be helpful to others wanting to make preparations too.

1. Start saving for a mortgage as soon as you begin working
This is something which I wish I had stated doing back when I began working at age 16, sadly it's something I've only begun doing in recent years but it's so important if you're wanting to set down roots for your family and own you're own home.

Sitting down and working out your income and outgoings and then setting up an affordable amount to save each month is the best way to do this. We've found that setting up a direct debit that takes a percentage of your wages each week into a separate savings account, is the best way of building up a good sum and not feeling like we're doing without any money.

2. Invest in life insurance
Life insurance is something which I knew we had to invest in once we became parents to two children, as not only would it give us peace of mind that if anything did happen to us, the boys would be provided for financially, but it's also a requirement for securing a mortgage in the future.

As well as standard family life insurance, there are also add-ons such as critical illness cover, personal accident cover and children's cover which can provide additional cover and reassurance to parents and families alike. Life insurance doesn't have to be expensive either and for us, it's given us peace of mind that our kids will be provied for should the worst happen and honestly, I don't think you can really put a price on that.

3. Make bucket lists and enjoy ticking them off
As a mother, I find myself wanting to give my children all that I possibly can and the best experiences possible, however, that's not always possible due to timing or financial reasons and this is why I make bucket lists. Having a bucket list helps me to feel that even though we can't do it right now, that we will do it someday and it's nice to have something to look forward to.

As a family we have so many holidays and trips that we want to go on and experience and obviously it's not possible to do them all in one year due to work obligations, etc. so we're preparing in advance with our bucket lists and honestly, there's no better feeling than eventually ticking everything off one by one.

4. Set up savings accounts for your children
As soon as we had our first child I went and sent up a savings account for him with both the bank and the credit union. I put money from the children's child benefit into these accounts each month and also any monetary gifts they get for Christmas or birthdays. If we can also spare a little more here and there I put that in too, but it's not always a given.

I think it's so important to prepare for the children's future by saving some money up for them. It'll give them some financial security and will make funds available for them to spend how they wish - whether it be for a house deposit, travel, a car or third level education, the money will be a nice little nest egg for them.

5. Save, save, save but also live, live, live
Saving money is such an important thing to do for your family as not only will it give you some security in life, but it will also help you to one day get the things and have experiences you so wish for. However, as much as I am for saving, I'm also for living and there are certain things which we will always spend money on as a family - namely our annual family holiday and days out throughout the year.

Having these experiences is so important to us as a family and travel and days out are our 'thing' so we will always be happy to spend some money on these experiences as the memories they bring and worth far more than the price we pay for them. So remember to save when you can but to also embrace the things you love to do as a family also.



  1. I am lucky that my dad set up the girls a bank account when they were born and gives them a little money each month. We've got life insurance too. Having lost my mother at just 62 however I am also a strong believer in the mentality 'you can't take it with you' - there's no point always saving for a rainy day as you say!

    1. Such a good move by your dad. I'm so glad that we've finally invested in the life insurance. I'm so sorry about your mother.

  2. This reminds me - I really need to get sorted on the life insurance front!

    1. It's so important. I wish we had done it sooner.

  3. Some great tips here. I need to get better at saving I think!

  4. I am a total saver and my children have more money than I do now, it's so important to strike the balance of living and saving isn't it?

    1. I wish I was more like you. It really is so important to try and get a balance. I hate to be frugal, but I also struggle with trying to save too.


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