Financial Fitness For The Home Executive
Relying on a partner to be the sole provider is no longer as easy as it was years ago, as the economy has taken its toll. Those who happen to be at home, need to still be able to sort out a few financial things of their own to ensure they’re not in a position of catastrophic loss when their partner dies or becomes disabled.
You Still Need A Financial Adviser
Home executives still need to ensure that they have their needs covered, by ensuring that there is sufficient cover in place. This is crucial in ensuring that the household stays alive should something happen to the breadwinner. It is also vital to ensure that there is a valid will in place.
Stay Workforce Ready
Whether you are upskilling your freelancing skills or taking on training courses to re-enter the job market, remaining relevant is crucial should you need to find a job again. With the changing economy, you never know when you may need to assist your spouse.
Have Your Own Accounts And Savings
This is very important if you need to be able to continue running the household. When a person dies, their accounts are frozen until the estate has been wound up. This may put a significant strain on the household, especially if there is no other source of income.
Generate An Income
Whether you are baking goods for the farmer’s market or writing articles while the kids are napping, generating an income will not only take some pressure off financially but will give you that sense of accomplishment. Even if you only make a few dollars a day, it will really go a long way in terms of building up some savings or helping out with projects in and around the house.
Save As Much As You Can
If there happens to be a person on the planet who regretted saving, that will be the exception and not the norm. There are many who regret not having saved, though. Saving money is not just for those unforeseen circumstances, it will also go a long way in terms of retirement. Taking a nice holiday or simply just using it to cover some of the financial obligations of old age will do you well. Not only is this a great way for you to build up a nice little nest egg, it is also a great example to your children who will more than likely follow in your footsteps.
Stay Out Of Debt
If you only happen to make a few dollars a week, the temptation to get that credit card or small personal loan to treat your family to a holiday or to renovate the property is almost unbearable. This is a terrible idea, however, as the income you may be generating can stop at any time. Rather put those funds towards savings. Applying patience is the single most important personal trait and will serve you well as you watch your money grow.