How to Shore up Your Family’s Financial Foundation

 

Now that our new year is in full swing, it may be time to look at your financial foundation. One of our Top 10 Ways to Be an All Pro Dad is securing your family’s financial future, so I encourage you to add “ensure financial security” to your priorities in 2014.  Here are 3 ways that you can make your financial security a reality:

1. Reduce and Erase Debt.
Debt is a burden to our finances, as well as to our hearts and minds. If possible, completely erasing your debt should be the first step you take towards financial security for your family.

2. Create a Savings Plan.
An old formula for money management suggests “10-10-80.” 10% to tithing, 10% to savings, and you live off the remaining 80%.  Saving for the extra expenses that always come at seemingly the worst times is critical to successfully building your family’s financial security.

3. Get Insured.
There’s a long list of things for which you can get insurance coverage.  Outside of health, home, and automobile insurance, life insurance is something most of us need.  We don’t know the number of days we have on this earth and, should you pass unexpectedly, term life insurance can keep your family financially secure in the event of your passing.  Insurance 360 is a great supporter of All Pro Dad and iMOM, and I encourage you to check them out for your term life insurance needs.

There are more financial security ideas for you to think about on AllProDad.com.  And if you’ve found a strategy that works for you and your family, I’d love to hear about it. Please leave a comment below.

Please note: I reserve the right to delete comments that are offensive or off-topic.