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Further
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Taking Back Control Of Your Cell Phone! - Vic Damone
When I opened up the bill I lapsed into what could only be described as shock. Calmly and without saying a word, I meticulously began auditing the document with a subtle yet very real sense of rage building from within. Concluding that the...
Introduction to Hazardous Materials Safety - G Neil Corp
You don’t have to work at Three Mile Island to be exposed to potentially hazardous substances. Indeed, almost all workplaces of any size contain at least a few substances that could pose potential safety hazards to your workers. For example, your...
Succeeding on Project Teams - Kevin Eikenberry
The world of work has changed. It used to be that most of us worked as a part of a process, whether on an assembly line, managing interactions with Customers, or any one of a thousand other processes. Processes are ongoing, repeatable and never have...
7 Tips to Improving Your Cash Flow - Pam Newman
Copyright 2005 Pam Newman Cash is King…That is what everyone tells us and it is true! You cannot function successfully in any business without proper cash flow. So if this Cash Principle is so well known, then why is it that so many businesses...
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Honey I can’t afford the kids
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Written By:
cashzilla
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Sex has a lot to answer for … babies usually … which then, with time and much financial investment, grow up to be beautiful mutations of their parents. Yet as the family absorbs more money as it grows, the need for financial planning and protection becomes more important. So, where do you start and how do you move your finances forward?
First of all there are “The Considerations”:
* If surplus funds become available, could these be invested? If so, will you choose a medium or long term investment?
* Will you need an emergency fund?
* Will you need to save for short-term events such as Christmas, holidays and birthdays?
* Are you ready to save for a pension? Do you need to include your partner in a pension plan?
* How much financial planning do you want to do your children? For example, is private education an option or priority and do you want to start saving for university fees?
* How much borrowing will you need to do for buying a home and is it worth considering a mortgage payment protection plan?
* Is life insurance or life assurance worth considering as security for your partner and family?
* Do you need income protection insurance?
* Are all of your belongings and possessions adequately covered by household insurance?
Then there are “The Resources”:
* Have you taken advantage of all the family finance government initiatives involved? These include Child Benefit, Child Tax Credits, Child Trust Funds (CTFs) and the Educational Maintenance Allowance (EMA) scheme. Directgov is an excellent resource for information on public services (http://www.direct.gov.uk/Homepage/fs/en )
* Do you have the best possible deal on your finances? Including your credit card, any secured or unsecured loans, your mortgage, remortgage and insurance. If you’re not sure, it’s not difficult to do some investigative homework. Moneyfacts ( http://www.moneyfacts.co.uk ) and Moneynet ( http://www.moneynet.co.uk ) are two popular sites for consumer research on financial products. If you're in the - continued below ...
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US, try Lowermybills.
And that’s just when the kids are still young. Once they’re well established at school, you may wish to still evaluate the emergency fund, medical insurance and protecting your income against illness. The risks may change as the family develops so don’t think that financial planning is a one-off event. Keep these issues in mind as your funds change.
As you get older you may wish to consider writing your will and inheritance planning, planning for long-term care, protecting your capital, continuing your income should anything happen to your partner and even indulging your grandchildren. There are a variety of publications from companies such as Which? that can help you tackle what may seem like impossibly complicated tasks.
If you’re aware that one of the above issues needs to be tackled, don’t neglect the gut feeling. Ask around for financial advice, but be aware that you need to be the decision maker, so gather as much information as you can and then make an informed decision. If the advice is conflicting, accept that financial success may always be based a little on luck and risk, though nothing excuses thorough research and planning. Read the papers, surf the web and ask around, the information is accessible.
Resources:
http://www.moneynet.co.uk/ (Moneynet)
http://www.moneyfacts.co.uk/ (Moneyfacts)
http://www.switchwithwhich.co.uk/ (Switchwithwhich)
http://www.direct.gov.uk/Homepage/fs/en (Direct Gov)
About Rachel:
Rachel writes for the personal finance blog Cashzilla: http://www.cashzilla.co.uk
Cashzilla is a personalfinanosaurus.
“Rachel” means sheep in Hebrew: “little lamb” or “one with purity”.
Cashzilla means financially savvy with great fiery ferocity.
* * * * * * * * * * * *
Contact details:
Rachel Lane
http://www.cashzilla.co.uk
rachel@positiveinterest.com
0131 561 2251
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| _Additional Resources ... |
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Secured business loans – equipping your business blue print with concrete groundwork - Amanda Thompson
Somebody once said, ‘Business is not financial science; it's about trading, buying and selling. It's about creating a product or service so good that people will pay for it.’ So you are full of ideas and ready to take on the world. No matter how...
How to Start A Business Plan - John Mussi
A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate...
Pricing Your Products - Marc Singer
In our scramble to find a way to offer the lowest prices on the Internet, we often overlook the basic steps that we should be taking BEFORE we even offer a product for sale. We also overlook something even more important: you don't HAVE to have...
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