Having a Family Savings Could Save Your Future

In the face of high rent, no jobs, low salaries and extremely high-interest loans, it is wise to rethink our saving strategies. The future could be in investing, saving and living together. There are so many benefits to putting resources and money together than there is if you choose to choke with financial burdens on your own.

After reading this article, you might want to consider doing a money makeover.

You can easily hurdle on a dream opportunity

You never know when a medical emergency that only has a partial insurance cover may arise. Neither can you predict the future of all your uninsured appliances such as heaters and Air conditioners. That is partly why you need some money stacked away as a family. On the better part, you might wake up one morning and find that your dream home is on sale yet you don’t have any money to grab the opportunity quickly. When you start saving together, you might begin going on family vacations together more often. A cheap vacation opportunity may arise in a place you have all always desired to go to, and this would be the time to go for it. Having in mind the idea of grand parents or aunties and Uncles helping baby sit the kids, it might also be a good idea to buy a bigger family house together so that the kids have a bigger space while at their grandparents.

Only advance savings will help you afford your child’s college

Today, Students are graduating from university with large loans that pull them down and end them up in living lives they never expected.

An average private student right now pays $31,231 at a university. As a family, if you share the dream of educating your children until college you can decide to pay for your children’s university fees collectively. This would help your kids achieve the careers they wanted to do that some kids don’t get to do because of high tuition rates. It is hard to raise money on your own than it is as a family. If all together you have seven children, after determining what your kid’s school dreams are, you can set a tuition estimate for each and save enough money for them to cover the expenses. This way, your children will be happier, and as a family, you will feel more satisfied.

Dependence on one another makes life less stressful

Old values are resurfacing. Many young parents now a days live closer to their parents to rely on them to help baby sit their children. The concept of owning a family home is taking center stage. This is where family savings are necessary. Instead of renting several homes near each other, family members could save together and purchase a family home. As long as you identify good personal injury attorneys that will lead you through the legal process, buying a home together is a great idea.

Conclusion

If by now you have decided to start family savings and are wondering how to start, here is how to go about it.

Visit an attorney to guide you through the legal process

  • Select a head
  • Agree on the goals towards which you are saving for
  • Decide on what amount each of you shall set aside every month. 10% is a good amount to consider
  • Declare a start date
  • Always meet to encourage each other towards achieving the goal

Remember that even though you are saving as a family, the commitment to save begins with you. Tame your spending in all ways. If you have kids, buy clothes at outlet stores at clearance sales so that you save something. Also, find other ways to save as much as possible. Remember, it is that $1 that makes a difference.

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