08 June 2017

Protecting Your Family Without Breaking the Bank

Family mountains.jpeg

Raising a family is an expensive thing to do. A study conducted earlier this year found that the average cost of raising a child in America until they are seventeen is $233,610. This figure represents a 3% increase on the year before and does not include the cost of sending your child to college. It also only accounts for one child. While there will obviously be a crossover with the cost of raising your other children because they will share things that you buy for them, it is still quite substantial. The greatest part of the cost of raising a family is providing housing, which accounts for 29%. There are ways of making it cheaper though. After all, the amount of money that you spend on your children does not always correlate to their happiness. In fact, another study found that it is one’s health that plays the biggest part in how happy you are. Here are a few ways to save money while raising your children:

One of the most important investments that you can make when it comes to your family is medical insurance. Not only is being ill quite expensive, it can also have a severe impact on a person’s quality of life. Being covered is therefore imperative. However, choosing which coverage to take out is a rather more complex decision. With the depletion of the Affordable Care Act (ACA), the CBO is forecasting that fewer people will be covered, including people who are currently receiving health care as a benefit of their employment. Complete coverage is obviously expensive, but it is so important because if you or a member of your family find themselves falling ill with a condition for which they are not covered, it will be more difficult for them to retroactively get insurance. That is why united insurance policies are a good idea. In terms of making it cheaper, an effective tactic for bringing the price down is not only shopping around, but also encouraging the insurance companies to offer you a better price than their competitors. This is particularly useful if you form a collective of people who will also switch. It gives you more leverage and will make your voice louder when you are trying to negotiate.

However, it is not just medical insurance that is good at helping you protect your family. The sad reality is that accidents can occur and you can lose your assets. If you do not have building and contents insurance on your home, for instance, you could find that in the event of a fire, you are no longer able to offer your children a safe place to live. While it can sometimes seem as if insurance is for pessimists, it is actually for realists. Another potentially difficult thing to face up to and think about is life insurance. If you or your children’s other caregivers unexpectedly die, life insurance can help your children pay for some of the things that they need to continue to lead their lives. It may be tough, but it is your responsibility to provide for your family.

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