Top 6 Family Finance New Years Resolutions
Any time of year is a great time to make resolutions. Taking a long range view of family finances is about more than just saving money in the short term. Some of these are on my list and I hope the ideas will help you have a happy and financially healthy new year too!
#1 - Scrutinize Food Costs
Groceries and dining out can be a huge family expense. Cooking at home can save a lot of money, but it’s also no use trying to work against your own nature. If you hate to cook, think about adding a few crockpot recipes to your menu. They’re easy and cheap. Food preparation services cost more than cooking at home from scratch, but they will save a lot of money over eating out. Take the time to understand where you spend in order to cut back in ways that work for you and your family.
#2 - Consider Life Insurance
Life insurance can be expensive, but the right policy buys peace of mind that your family will be taken care of should you die before your children are able to provide for themselves. Your basic choices are whole life (or permanent) and term life insurance. Both have pros and cons and you’ll want to consult with a qualified professional to find out what’s right for you and your family.
#3 - Explore Income Opportunities
What do you have to offer? Do you have spare time at home that you could put to work in an online business? If you have special skills you may want to teach a class through the local community college, or even on your own. A lot of people I know work a shift or two a month at a favorite store in order to get a discount. Every little bit helps.
#4 - Make Sure You Have Disability Insurance
If you experience a disabling accident, it could leave you unable to work for years, or indefinitely. Disability insurance provides a portion of your salary if you can't work. Check with your employer to find out what coverage they offer, if any, and look into an additional policy if appropriate.
#5 - Create a Will
Most people don’t want to think about their own death. But that’s exactly what responsible parents need to do. If you don't have a will, you are leaving decisions about your child's guardianship and future in the court's hands. A will ensures that your assets are used according to your wishes.
#6 - Review Health Insurance
When was the last time to looked at your health insurance coverage? A lot of us skim through the annual enrollment paperwork. You don’t want to have a surprise like I did this year. When I took my daughter to get glasses, I found that the kids weren’t on the vision plan.