As the cost of living and the prices of commodities in the UK are increasing, saving up, spending more wisely, and investing in things that will pay back in the long run, are the best things to do. But with so many things to consider, it can be easy to be at a loss as to which to start investing in.
Here is a list of the three most important things that should motivate you to have a “piggy bank” for a better tomorrow for your family.
Although you may feel secure because of insurance, remember that these plans do not cover everything imaginable. For instance, some home insurance packages do not include damage caused by natural calamities like flooding and earthquakes.
Health insurance also serves as a perfect example: in the UK, health insurance guaranteed by the NHS does not entirely cover medical bills related to organ transplant, cosmetic surgeries for appearance enhancement, or injuries that are a result of certain activities, because some require the interference of private medical institutions.
It is therefore essential to have money set aside for unexpected circumstances, rather than be complacent.
If you do not have a child yet, then it is a convenient time to start saving up: with the prices of products in the market continuing to increase, having funds specifically for the little ones that you plan to have are essential to raising them properly and responsibly.
Of course, even if you are already a parent at present, this does not mean that you should not save up for your children. Childcare expenses take up a massive bulk of a family’s budget, even without including future costs when they grow up, such as education. By making active efforts to save up for childcare for the long-term instead of doing so as a short-term response to short-term expenses, you protect you and your children from financial disaster.
Thinking about one’s death, whether it’s yours or someone else’s, may seem to be a disheartening thing to do. However, securing a funeral plan ahead of time gives rewarding financial benefits. The costs of arranging a memorial, cremation service, and the professional fees of a funeral director and parlour services are just some of the things that are covered in holistic funeral packages, besides the basic expense of the coffin.
All these fees are bound to balloon through the years, and securing funeral plans in the present based on current prices spells obvious benefits for you and your loved ones, even if the thought of considering your own funeral at such at an early time may incur aversion from most people.
Making the most out of the present
Saving up is financial preparation for the anticipation of imminent and uncontrollable events. Some things may seem too far off into the future but readying yourself and making the most out of your time while you can is better than regretting not doing so. Ultimately, the only way to combat future disastrous economic burdens is saving up, which is comparable to building a fortress against foreign physical threats.