4 Ways to Financially Protect Your Family During a Recession

January 24, 2023 By Anne

Discover ways that you can future-proof your finances no matter how the economy changes.

These days, you are likely hearing a lot about a coming recession. For those paying attention, they are taking steps to protect themselves. Being a mom, it can be hard to manage your finances on top of all of your other responsibilities. You are probably wondering exactly how you can best protect your children and your household in the event of an economic slowdown. There are plenty of ways to better save and invest your money, but it’s hard to know where to start. Below is a great starting point for some of the best ways that you can protect yourself and your family financially in the threat of a looming recession.

Step 1: Establish an Emergency Fund

Having money in an accessible account to fall back on is essential in an uncertain economy

You’ll be thankful you started an emergency fund—just in case.

As a mom, it is easy to fear the worst for your family. That is why it is so important to put financial measures in place to make sure your family is never caught in a tough position. The first step you need to take when it comes to planning for a recession is to establish and begin contributing to an emergency fund.

An emergency fund should be an accessible, high-interest account. You should start by looking for an FDIC insured account. These types of accounts allow your money to accumulate interest, while still being accessible enough that you can dip into your emergency fund due to job loss or other unforeseen financial hardships.

It is also important to establish an emergency fund because credit can be hard to come by during a recession. That means, if you are caught in a tough situation without the money to cover lost income, then you may also have a hard time taking out a line of credit as well. In order to avoid having to borrow money at a high interest rate or being denied credit, you should establish an emergency fund.

Step 2: Make Sure You Have a Life Insurance Policy

Having life insurance is essential to protect your children in the future—no matter what happens

Getting life insurance coverage is an important step for any mom.

Part of planning for your financial future is planning for what will happen after you’re or your partner is gone. Not the most fun to think about—but it is super important for your children and other loved ones. One of the great things about purchasing a life insurance policy is that the payout will not change based on the stock market—unlike most other investments.

Life insurance also tends to be very affordable for people who are in good health and on the younger side. For example, if you are in your 20s or 30s, you can secure a cheap term life insurance coverage that will protect your family. Getting affordable term life insurance coverage is the best option for many families because of the cost.

When compared to permanent life insurance, there is a major cost difference. The reason why term life insurance is so affordable is because your policy expires after the duration or “term” is up. After the term, you will lose your coverage—but it is expected that by that point you will have enough savings to provide for your family after you’re gone. Permanent life insurance on the other hand guarantees a payout and some of the accumulated cash value can even be used to cover expenses while you’re alive. Though this is an enticing perk of permanent life insurance, many opt for a cheaper term life insurance policy that offers the same coverage amount.

Step 3: Focus on Long Term Investments

By managing your investments with the future in mind, you can weather the recession

A financial advisor can help you manage your investments.

As the stock market fluctuates, the value of your investments will change. However, you won’t necessarily lose money unless you decide to sell off your stocks and bonds. Because of this, it is best to make sure that you—and your financial advisor, if you have one—are making the right investment decisions.

For example, it is never a good idea to sell when the market is in a recession—unless a specific stock or industry is completely tanking. By holding on to your investments through the ups and downs of the market, you can better strategize to sell when the market is doing well. That way, you can avoid incurring any major losses due to a recession.

As you age and your kids grow up, you will probably want to begin lowering the risk of your investments and making your money as accessible as possible. That way, you won’t be majorly affected by any changes in the economy when you and your children are older.

Step 4: Keep a Diverse Investment Portfolio

By ensuring that no one market can affect your entire portfolio, you are keeping your family financially secure for the future

By making sure your money is in different markets, you can avoid major losses due to recession.

One of the best ways that you can “recession-proof” your finances is by making sure that your investments are diversified and are not strongly correlated. A good example of this is the relationship between stocks and bonds. In general, when the stock market shows signs of instability, the value of bonds will increase. By investing in both, you will keep your portfolio stable when the stock market fluctuates during a recession.

If you aren’t currently invested in stocks and bonds, there are still ways that you can make sure your finances are diversified. For example, if you own your home, that is a real estate investment that can help you stay stable in the event of a recession. On the other hand, should home prices drop, you should also keep money in cash and in your emergency fund to make sure you can weather whatever the economy brings in the future.

As a mom, it can be extremely difficult to manage finances on top of all of the other responsibilities you have as a parent. However, in just a few steps you can future-proof your finances for your family. Whether this article inspired you to get a cheap term life insurance policy or to look into new investment opportunities—you are on the right track. Life can be unpredictable—and so can the economy—but that doesn’t mean you have to be constantly worrying. By using these tips, you can protect yourself and your family from feeling the effects of a recession.

Anne

I'm a mother of 2 who likes to get involved in too much! Besides writing here I started a non-profit, I'm on the PTO board, very active in my community and volunteer in the school. I enjoy music, reading, cooking, traveling and spending time with my family. We just adopted our 3rd cat and love them all!

3 Practical Tips To Have The Best Family Vacation Possible

January 13, 2023 By Anne

Image C redit: Kruszyzna0 from Pixabay.

Everyone wants to make sure their family vacation is amazing, but that can often be tricky to do. You’ll have quite a few things to plan out and prepare for, which can often make everything a bit stressful. By knowing how to have the best family vacation, you can make this much easier.

All this could need is a few practical tips, each of which should have a massive impact on the planning process. Three family vacation tips stand out for this, as they’ll make sure you’re prepared and that everything goes smoothly.

Have The Best Family Vacation Possible: 3 Practical Tips

1. Be Prepared For Crowds

Crowds can often be an unfortunate part of a vacation, especially during certain times of the year. Even if you book for less busy times of the year, there could still be quite a few people. While you can minimize this by using a Disney World tracker and similar tools, you won’t be able to avoid all of the crowds and queues.

That could mean needing to book things early, especially when it comes to any activities that need tickets. Avoid disappointment by pre-booking as much as you can.

2. Share Responsibilities

Planning a family vacation should be a family activity, but it’s often left to just one person to plan everything out. That leads to a lot of stress for whoever’s doing the planning. Get rid of this by sharing the responsibilities with your family. Let the kids figure out where to go, while asking your partner to help book everything.

Not only does this get rid of a lot of stress, but it lets everyone feel much more involved. They’ll appreciate the vacation a lot better while making sure they start getting excited as early as possible. It could even avoid arguments about what’s booked and what you’ll be doing.

3. Maintain Family Traditions

Quite a few people love having routines. They’ll relax more with these and get a certain sense of comfort out of them. If you or anyone in your family crave this, then it’s worth integrating them into your family vacation. With how stressful it can be being somewhere far from home, it can even be recommended.

Your normal family traditions, such as having breakfast at the same time, can all be parts of this. Even reading a book to your kids before bed can be recommended if that’s something you always do. It lets you feel more comfortable when you’re away.

Have The Best Family Vacation Possible: Wrapping Up

If you want to have the best family vacation possible, you’ll naturally put a lot of time and effort into it. It doesn’t need to be a stressful experience, however. By using a few practical family vacation tips, you’ll make sure there isn’t any stress involved.

Sharing responsibilities, being prepared for crowds, and maintaining family traditions will all be part of this. Not only will they get rid of a lot of stress, but they could make the vacation even more enjoyable

Anne

How to Find New Recipes Your Whole Family Will Enjoy

December 29, 2022 By Anne

Finding new recipes that the whole family will enjoy can be a challenging task, especially if you have picky eaters or dietary restrictions to consider. However, with some effort and creativity, you can discover tasty and satisfying meals that everyone will love. Here are some tips to help you find new recipes your whole family will enjoy.

Involve your family in the process

One of the best ways to find recipes that your family will enjoy is to involve them in the process. Start by asking for their input on what they like to eat and dislike. This can help you narrow down your search and find recipes that are more likely to be well-received. You can also encourage your family to help you search for recipes and plan the weekly menu. This can be a great way to get everyone excited about trying new recipes and to ensure that everyone’s preferences are taken into account.

Image Source – CC0 License

Look for recipes that can be customized

Many recipes can be easily adapted to suit different tastes and dietary needs. For example, you can use different vegetables, proteins, or sauces to customize a recipe to your family’s preferences. You can also experiment with different cooking methods, such as grilling, roasting, or sautéing, to give a recipe a different flavor profile. Look for recipes that can be easily customized and make a note of any changes you make so you can replicate them in the future.

Experiment with different cuisines and ingredients

Trying new cuisines and ingredients can be a great way to find new recipes that your family will love. You might be surprised by how much your family enjoys a recipe from a different culture or a dish that includes an unfamiliar ingredient. Don’t be afraid to step outside your comfort zone and try something different. You can start by trying a few dishes from different cuisines and seeing which ones your family likes the most. If you want to try Indian cuisine, for example, this easy butter chicken recipe might be worth a try.

Use recipe websites and blogs

There are countless websites and blogs that offer a wide variety of recipes for all kinds of dishes. Many of these sites allow you to search for recipes based on specific criteria, such as ingredients, dietary restrictions, or cooking time. This can be a great way to find recipes that fit your family’s needs and preferences. You can also use these resources to find inspiration for new meals and discover new ingredients and cooking techniques.

Get inspiration from your favorite restaurants

Do your family members have a favorite restaurant or takeout dish? Try to recreate it at home! Many restaurants and takeout places are happy to share their recipes or give you tips on how to recreate their dishes at home. You can also find copycat recipes online that mimic popular restaurant dishes. This can be a fun way to try new recipes and bring a little bit of the restaurant experience into your own kitchen.

Anne

What are Life Insurance Riders and Are They Necessary?

December 7, 2022 By Anne

Life insurance riders are beneficial to many, but they aren’t necessary for every single policy

There are so many reasons why people need life insurance. For example, if you have children, outstanding debts, or are taking care of your aging parents, you should absolutely have a life insurance policy to protect you and your loved ones. While you’re searching for a life insurance policy, there is a good chance that you will encounter insurance policy riders. Riders are benefits that let you customize your insurance policy with specific qualifications. Riders generally improve your coverage depending on the type of coverage you require, but they come at an additional cost as well.

In this article, we’re discussing everything you need to know about life insurance riders, the different types, and whether or not an insurance rider is the right choice for you and your loved ones. However, before we get into the most common types of life insurance riders and what they do, we need to go over the basic types of life insurance and ways to secure coverage. Ready to get started? Let’s go!

Things You Need to Know Before Purchasing a Life Insurance Policy

Before we talk about the different riders you can consider, we need to talk about the different types of insurance policies

Don’t get overwhelmed by the amount of life insurance options.

As you browse for different insurance policies, providers, and riders, you’ll probably notice that getting life insurance isn’t the most straightforward process. The amount of options you have with just a simple online search can make the process difficult. That’s why we are taking a moment to break down the different insurance types you’ll encounter and what they entail.

Term life insurance is a type of insurance that protects you and your loved ones for a designated period of time. Whole life insurance—on the other hand—protects you for your whole life and guarantees a payout as long as you pay your monthly premium. The trade off is that whole life insurance tends to be much more expensive than term life insurance.

Plus, there are many people who no longer need life insurance coverage as they age. These are people who have grown children out of the house, a healthy savings, retirement plan, and no outstanding debts. In some cases, a whole life insurance policy is unnecessarily expensive.

No matter which type of policy you choose, you will have to undergo the underwriting process. Underwriting involves taking all of your application information including your questionnaire, medical records, and results of your medical exam. Due to the medical exam, the underwriting process can take up to two months. There are many people who are able to qualify with no medical exam as a way to expedite the underwriting process. Getting life insurance without a medical exam is increasingly popular as there is not too much of a cost differential and many people just don’t have the time to wait two months for approval. That said, getting life insurance without a medical exam does tend to be more expensive than if you choose to take an exam. These kinds of no medical exam life insurance policies are especially handy for people who need life insurance quickly—like people who are expecting children or taking out large loans.

Now that we know the basics about types of policies and the underwriting process, let’s learn about how riders affect your policy and your monthly premiums.

What Are the Different Types of Life Insurance Riders and How Do They Work?

Each insurance rider is designed to let you customize your policy in a way that best protects your family’s future

Do your research before deciding on an insurance policy and associated riders.

Riders can be very helpful for some people and less so for others. Make sure you are getting the right coverage by reading about the different types of life insurance riders we’ve listed below.

Accidental Death Rider

The first type of life insurance rider we’ll be discussing is the accidental death rider. With an accidental death rider, your loved ones will receive an additional sum of money should you die in an accident. In most cases—if you meet the qualifications for accidental death—the payout amount is doubled. This type of rider is a good idea if you are the primary provider for your family.

Guaranteed Insurability Rider

When you get a standard life insurance policy, you have to undergo a medical exam as we’ve discussed before. When you purchase a guaranteed insurability rider in addition to your life insurance policy, you are exempt from the medical exam should you want to change your policy amount. So, if you need to increase your policy amount due to a major life change, you can do so without undergoing a secondary medical exam.

Waiver of Premium

Life insurance is designed to protect your loved ones after you’re gone, but there are riders available that protect you while you’re alive. One of these is the waiver of premium. When you choose to add a waiver of premium rider to your policy, you are protected in the event of an injury, illness, or disability that prevents you from working. Should this happen, you no longer are required to pay your premium and are allowed to maintain your life insurance coverage.

Accelerated Death Benefit

Accelerated death benefit is another type of rider that provides additional protections while you’re alive. In the event that you are diagnosed with a terminal illness that will significantly limit your lifespan, you will be able to use the money from your policy while you’re alive. Most often, these funds go toward medical care and other end of life considerations. If you are considering purchasing an accelerated death benefit rider, then you should take the time to go over the specifics of what your insurance provider defines as a terminal illness.

Child Term Rider

A child term rider is a very specific form of life insurance rider designed to protect you in the case of the death of a child. As a rider on an existing insurance policy, the child term rider provides a payout under the condition that the child dies before a certain age. When the child reaches a certain age, the rider is then converted into a permanent life insurance policy. In many cases, the converted policy amount is much larger than the rider and does not require a medical exam.

Long Term Care Rider

When you purchase a long term care rider, you are purchasing protection should you need assisted living services or another type of long term care. There are also types of long term care insurance that you can purchase separately. Your long term care rider will provide you with a monthly payout that you can use to pay for care.

Return of Premium

In order to maintain coverage with any type of life insurance policy, you need to pay your monthly premiums. When you purchase a return of premium rider, you can get your monthly premiums paid back to you should you outlive your life insurance policy. Should you pass away during the term, your loved ones will receive your policy payout in addition to the sum you paid toward your return of premium rider.

Do I Need a Life Insurance Rider?

Though not everyone needs a life insurance rider, they are helpful to many

Life insurance riders aren’t for everyone.

With all of these different types of riders, getting the right kind of insurance coverage probably seems confusing. However, these days it is easier than ever to compare different policy types and find the coverage you need. There are a lot of handy tools you can find online that let you compare quotes and weigh the pros and cons of each policy type. You can also reach out to an insurance agent if you feel you need extra advice. Ultimately, the decision to add riders to your insurance policy is up to you and your coverage needs. While some riders may be super valuable to some, others are unnecessary. So, by evaluating your needs and doing your research, you can decide whether or not you want to purchase a rider to expand your coverage.

Anne

Why You Should Start Cooking As a Family

December 2, 2022 By Anne

Home cooked meals are one of those things that families want to start considering, but you might be wondering whether it’s worth the effort. After all, family life is incredibly busy and cooking can fall down the list of priorities, especially when there are easier options.

But here are some reasons to consider cooking as a family.

Image Credit.

Eat More Healthily

One thing that’s on everyone’s minds lately is a healthy lifestyle. It can be hard to eat and live more healthily, especially when you have a busy schedule to contend with on top of trying to keep your family happy and fed.

However, cooking meals at home makes it far easier to make sure that you’re all getting a good, balanced diet. True, it’s a little extra effort when compared to getting takeout, but you know exactly what’s in the food you’re eating.

Not only that, but you can save time and money by cooking at home. Takeout is convenient, but you can often cook a far healthier and cheaper meal at home. If you pick a quick recipe, you can be eating dinner in about fifteen minutes, potentially cutting down on your wait.

Another option is to get ready meals, but these meals are often filled with sugar, salt, and fat to make them more appetizing. Even then, you can enjoy cheaper and tastier meals if you make it yourself.

Dietary Restrictions

Speaking of eating more healthily and controlling what you eat, cooking at home is often the only option for anyone who has dietary restrictions. While restaurants and ready meals are better at catering for people with certain allergies or restrictions, you still have to deal with the risk of you or your children eating what you shouldn’t.

But if you cook at home, then you can make delicious food without having to worry about this risk. You can even make delicious treats like these chocolate chip sugar cookies for children and adults to enjoy, so nobody feels like they’re missing out.

Cooking at home means that you can be more imaginative about what your family eats as well. You can quickly develop a collection of tasty, high quality recipes that you can whip up. You can even prepare them in advance to save time and effort, not to mention money.

Bond As a Family

One benefit to cooking meals at home that often goes forgotten is that you can bond as a family. Rather than relegating the cooking to one parent, make cooking a team effort. When your children are young, you can use it as an opportunity to teach valuable life skills.

Everyone should know how to cook so that they can be more self-sufficient. Start with cooking things together that everyone enjoys, teaching your children how to work safely and to have fun with it. As they get older, you can ask your child to cook for one night in the week, so they can take on the responsibility of planning and preparing meals for a family.