2 weeks Ago
Invest In Your Family Investment,Retirement
Are you ready to invest in your family’s future?
As a parent with young kids, investing might not have crossed your mind. But it could be worth considering.
Time is the one thing every parent wished they had more of. It’s hard to find the head-space to think longer term beyond the coming weekend.
Day-to-day living has an impact on your finances, too. If you and your partner are continually surprised by how quickly you find yourself strapped for cash each month, it’s time to hone in on your day-to-day expenses. You will only be able to begin long-term financial planning for you and your kids’ futures when you get your spending under control.
Saving more money will require you to scrutinise your spending, ideally on a weekly basis. Look at where you could cut back and set a budget to keep you on track there’s lots of advice available on how to do this.
Your next steps
You need to be thinking of all your future goals, whether they’re family goals or your kids’ goals; or short, medium or long-term. Prioritise each goal and calculate costs to make them tangible then, you can get to work taking actionable steps towards achieving them.
Rather than waiting until the end of the month or year to see if you have any money left over, the trick is to invest regularly and consistently. Include the money you want to invest each month into your budget; that way you’ve already accounted for the money you want to put away. You may be living in the ‘here and now’ (particularly if you’ve young kids), but it’s important to take a step back and look towards the future.
In it for the long-haul
If your goals are long-term (i.e. at least 5 years away), you may want to look at investment options like a Stocks and Shares to make your money work harder for you, to help reach your goals. Investing your money can be an effective way of building long-term savings; you could benefit from tax-efficient growth and potentially higher returns than cash savings. Remember that with investment comes risk your investment may go down, and you may not get back the amount you invested.
Part of the nature of investing is giving your money as long as possible to grow, but also to smooth out the ups and downs of the market; by investing for a longer period of time, you give your investment more of a chance to recover from any fall in value.
Ultimately, investing can help you reach your long-term goals and potentially secure a better financial future for your whole family.