One of the greatest struggles of parents today, most especially moms, is securing the family’s finances. That’s why a lot of parents take extra jobs or want to earn additional income and seek other financial sources to keep up with the family’s needs and lifestyle. So, how do you ensure that you have money saved for an emergency, retirement, and other purposes?
Below are some ways you can protect the financial future of your family.
Take Advantage of Government Financial Help
One way to protect your family’s future is by taking advantage of government financial aid and services, like social security disability benefits. If you have a sick family member, for instance, you don’t have to shoulder all expenses – the government is always there to help.
The Social Security Administration has an impairment listing manual or blue book that lists a number of physical and mental impairments, automatically qualifying a person for Social Security disability benefits or SSDI.
You or your loved one’s medical condition doesn’t need to exactly match the listing requirements to be awarded disability benefits. The important thing is that it’s medically equivalent to the listed criteria or related to the listing. Even if you don’t meet the criteria, you can still be eligible if your condition restricts you from functioning or working. A disability attorney can help you ensure you get the maximum benefit, so click here for more information.
Here are the common medical conditions listed in the blue book:
- Musculoskeletal problems, like back injuries
- Respiratory illnesses, like COPD or asthma
- Cardiovascular conditions, like coronary artery disease or heart failure
- Speech and senses, such as hearing loss and vision problems
- Mental health disorders, such as anxiety, depression, schizophrenia, retardation, or autism
- Neurological disorders, like cerebral palsy, multiple sclerosis, epilepsy, and Parkinson’s disease
- Immune system disorders, like lupus, HIV/AIDS, and rheumatoid arthritis
- Syndromes, such as Marfan Syndrome and Sjogren’s Syndrome
- Skin disorders, like contact dermatitis
- Digestive tract problems, like irritable bowel syndrome or liver disease
- Genitourinary and kidney problems
- Hematological disorders, like hemolytic anemia and bone marrow failure
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Get a Life Insurance
Life insurance can help safeguard your family’s future. While you’ll be paying insurance premiums depending on your preferred payment terms – every month, quarterly, or yearly – the benefits of getting life insurance are helpful in securing your family’s future, most especially if something happens to you.
This is because life insurance companies pay a death benefit to the beneficiaries of the life insurance policyholder.
Here are the financial benefits of having life insurance:
- Pay Debts: Life insurance is one way to secure that your debts will be paid if you die. Without insurance, all your assets might get lost just to pay all your debts, leaving your children with a financial burden.
- Funeral Cost: Funeral expenses can be costly, so having life insurance will financially help your family when you passed away.
- Build Savings: You can get life insurance for your children to help them build savings and use the cash portion for a major investment in the future. It’s also applicable if you’re worried about your children getting sick or acquiring serious health issues.
- Retirement Strategy: Insurance products differ, and some people use it as a retirement strategy, which means getting back the amount paid and interest on the maturity date of the investment portion of the life insurance.
Save and Find Other Income Generating Sources
One way to protect the financial future of your family is to find other income-generating sources. You can also earn money without leaving home, most especially if you have several children to take care of. For instance, you can start an online business or digital marketing firm that your children will also eventually manage in the future.
Here are some examples of income-generating sources to help secure your family’s finances:
- Family Business: You can start a garage sale or small cafe, repair shop, barbecue, or boutique in front of your property. Many successful family businesses started as small scale businesses.
- Online or Digital Marketing Business: Learn about content writing, SEO, social media marketing, affiliate marketing, or any digital marketing niche you want to excel so you can start an online business without leaving home.
- Homemade Goods: If you love baking, artwork, pottery, or creating DIY things, you can sell them online through major marketplaces, like eBay, or in social media, like Facebook.
The best ways to secure your family’s finances include getting insurance, taking advantage of government aid or financial benefits, and finding long-term income-generating sources. With hard work, patience, and smart investment, you’ll have something to spend in times of emergency or difficult situations. Most importantly, you have peace of mind that your children will finish their studies and will have better lives.