Dealing with the here and now, making sure that the kids are fed, safe, and not driving each other crazy, can often take priority. However,...

Taking Care Of The Family In The Far, Far Future

By February 02, 2019

Dealing with the here and now, making sure that the kids are fed, safe, and not driving each other crazy, can often take priority. However, we shouldn’t lose sight of that future while we’re handling things in the present. Here, we’re going to look at what parents need to really sit down and think about, so they can be more mindful about the future they’re creating and protecting for their children.

The habits you need to start teaching them now
Your children’s safety and health is naturally a top priority for you, yet many parents can end up causing their kids a lot of suffering in the future simply be teaching them wrong habits now. From feeding them junk food to not doing enough to encourage physical activity, we could be inadvertently setting them up for a high risk of serious chronic conditions like heart disease and diabetes. Look at how you can start introducing better health habits for your children, whether it’s ensuring the cupboards aren’t full of unhealthy foods or taking the time to get active as a family. The sooner you get those habits drilled in, the easier they are to maintain as they grow up. The later you leave it, the harder they are to learn.
Good money sense starts with you
Health and wealth are unfortunately all too closely tied. Even if you’re not exactly rich yourself, how sensibly you treat your finances can have a big impact. Kids learn those habits from you, too. However, beyond teaching them subconsciously through your own example, don’t neglect to have a sit-down and teach them about money directly. If they want an expensive treat, you can teach them how to save for it. To help them learn the importance of income, you can give them pocket money in exchange for chores. To get them learning about credit, you can lend them money for that treat and have them pay it back with a little interest.
Imbue a little balance
Their mental health is just as important as their physical and financial health, too. Too much of even a good thing is bad for any of us. By focusing solely on work, you can not only miss out on time better spent with your children, but you can also teach them that work is the be-all-and-end-all and pressure them into overworking themselves throughout their education and well-beyond. Learn a little work-life balance and ensure that they have some themselves. Making sure they get their homework done is important, but if they are spending all of their free time studying, they can end up missing not just their youth, but their early adulthood as well.

Put some protections in place
If you’re the income provider for the household, you should understand the responsibility that comes with that role. Your job could be the thin line between your family and some serious distress. For that reason, it’s worth looking into some of the financial protections you can put in place. For instance, income protection insurance can help you ensure that you and your family are provided for if you’re unable to work due to injury or illness or laid off. While things might be working just fine right now, you never know what the future holds, so it’s wise to have at least some safety nets in place so that you don’t risk endangering the entire family.
Make sure what’s yours is theirs
Now we’re going to look into the far, far future, to a point that most parents don’t like to think about. At some point, we’re no longer going to be there to provide for our children. However, most of us want to make sure that whatever we have goes to them. You might think it’s as simple as letting them handle it themselves, but you shouldn’t underestimate the kind of friction a loss can cause. With the help of wills and probate solicitors, you can make sure that your last wishes are beyond dispute. Have the final say in how your assets are divided when you pass. Not only can you provide for everyone, but you can reduce the risk of a falling out between family, too.
Protecting their pockets
That said, you want those assets to be used in securing the future of their families, too. Passing down wealth provides not just for your children but hopefully their own children, if they use it wisely. You don’t want most of your estate to be spent dealing with the costs of your funeral arrangements. That’s what life insurance is for. The sooner you get it, the cheaper it is likely to be so don’t put it off until you’re into your retirement. Keep your kids from having to dig into their own pockets and make sure that you can cover them all yourself, even if you’re not around to sign the bills personally.

Making memories is important, too
More important than money is the upbringing that we take with us as we go along. While safeguarding their future is important, there are few things that play a bigger factor in good emotional and mental health than the relationship between the child and their parent. Take the time to make memories with them, not just to simply live with them. Create opportunities to learn, discover, and have fun. Not only can it help all the family get along much better together, but it actually creates a stronger impression of you as a parent. The more novel the memory, the easier it is to remember. A lasting impression of you can help them take after you in their own parenting, so it’s important to leave it.
Thinking too far into the future can be a little uneasy for some, whether it’s because it’s always uncertain or because we don’t like thinking about not being here to always guide our kids. However, it’s a reality we have to come to terms with for their sake, so don’t put it off for too long.

*Disclosure: This is a collaborative post*

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