Planning for the future, 3 things all parents should do


family life insurance

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I will be the first to admit that I live most of my life in the present, I don't have a 10yr plan, at the moment my focus is being the best parent I can be while covering all the bills and as life is especially chaotic at the moment with two young kids, my focus is mainly around how to get through each day in a positive way.

Saying that I also know there are a few key things every parent should do, to help future-proof their lives and their children's lives and provide some kind of financial safety even when you are not a big earner or live on a tiny budget and this goes for each parent, not just the main earner. 

When I had my first child I was on maternity leave from a part-time job and my income was minimal, which made me more aware of how I need to have some basics in place, should anything happen to me. Here are the 3 things I made sure to have when becoming a parent. 

1. Life Insurance

This is one of the first things I did after having my first child the sudden realisation that I didn't have anything of substantial worth to leave them, how would their basic needs be met without my income, would their grandparents be able to provide for their needs as they grow should something happen to me. 

Life insurance is designed to pay out a cash lump sum and for parents with no major health issues, sorting out cheap life insurance only takes 10-15 minutes online, costs less than £10 a month and will provide immediate reassurance knowing your children have some kind of financial stability moving forward. 

Regardless of your family dynamic, single parents, two parents, adopting etc all will benefit from all parents or legal guardians, taking out life insurance. 

If you are looking for more advice or the ins and outs of life insurance for parents do check out this blog post

writing a will

2. Create a Will

Creating a straightforward will is just another step to ensure clarity, reassurance and financial security should something happen to you. If you do have anything of value or even sentimental items, a will lets you set out whom you want to receive your money, property or belongings. It also allows you to provide for your partner if you are unmarried as well as appoint guardians if your children are under 18. All of these things can give you real peace of mind 

Again this doesn't need to be an expensive process and you can even pick up a DIY Will kit from your local Post Office, although do ensure it's all filled out correctly otherwise it may be void.

For more impartial advice on Will making then this article from money helper is really useful. 

3. Start a Pension plan 

Even if you are not a big earner, putting a small amount (what you can afford) away for the future is always a good idea. Ensuring that we are parents are financially stable in our retirement ensures less pressure on our children in future and provides more security for everyone.  Being self-employed myself this is the one thing I find harder to do than others but I know it's important. 

Firstly having some idea of how much you need for your retirement is a good place to start and the earlier you start saving towards it the better. However, be careful if you decide to invest in something as investments can rise and fall and you can potentially lose money so speak to a financial adviser before making a decision. 

If you are self-employed like me and looking for more advice, The Guardian recently wrote an article all about the options self-employed people have and it's well worth a read. 


The cost of living has created more financial stress than ever but it's also important that we have a few small safety nets in place for our children and the future. Ensuring these 3 things are at least partially done is a start. I have a life insurance plan that is £5 but provides me with a lot of reassurance should something happen to me, that my kids will be looked after. Also having a will makes sure you can voice your wishes for your children's guardians and having some kind of pension of savings for the future gives extra peace of mind. 

1 comment:

  1. Life insurance is the first thing I got when I became a parent. I don't have a big income so knowing my kids have something if the worse happens, gives me peace of mind. Jess x


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