With the summer holidays already a distant memory, The Institute of Financial Planning (IFP) is calling out to working mums to take this opportunity to improve their ?financial fitness?.
With its second Financial Planning Week, the IFP is providing simple tips and tools to help you take control of your finances ? and your life – by using simple planning techniques.
At the best of times being a working mum means your life is a constant juggling act with little time to spare for thinking or planning ahead for your goals and dreams.
The bad news is that no one is going to spring up and help you get on track ? it really is down to you. Now?s a great time to get started, so ask yourselves some tough questions, talk to your partner and put yourselves in control.
Do you want your kids to have the option to go to university? How much would that cost? Will you need to move house? What about retirement? Are you on track or looking at a working till you?re 70? What if things went wrong? What would happen if you or your partner were no longer able to work? Find out how long you would be paid for, and maybe look at income protection insurance to cover any longer term needs.
Are you prepared for the worst?
What if you or your partner died prematurely? Could the family get by financially? Think about it, and do the sums.? Life insurance is really cheap and easy to arrange so when you?ve got kids it?s an essential not an option.
Have you got a will? Make sure you plan what would happen to the kids if you and your partner were no longer around. It?s easy to think it?ll never happen to you, but if it did then an already tragic situation would become a disaster.
Once you?ve covered the essentials, the next step is to work out your family?s actual monthly income, then work out what you spend each month too. Be honest ? include everything. Is there a shortfall? If so, review what you spend and aim to live within your means. If not, use the excess to save towards your longer term goals.
Financial Planning Week will help you to take simple steps like these so you can begin to focus on the things that are most important to you. Don?t worry if you?re not ?good with money?.? Visit www.financialplanningweek.org.uk for some tips, tools and guides to help you. Life?s tough enough, don?t make it tougher.
WEDNESDAY – Top 10 tips to help you sort out your finances and kick start your plans
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