Did you know that half of Americans say they are under-insured? 70% of people with kids under 18 say they would be in serious trouble if something happened to the primary breadwinner!! Getting and staying prepared for the future has always been an important goal for my family. This year though we have gotten very serious about it and have taken some drastic steps to really protect our family. We have been making sacrifices and working hard to meet our goals.
We recently started paying off our debt with as much extra as we can with the goal to have our student loans and our van completely paid off in the next 3 years. That may not seem extremely fast but they would be paid off in 9 and 5 years respectively so it’s actually quite a bit. My husband has been putting in overtime where he can to even help us work down our debt faster and we’re making really great progress! We’ve already paid off our smallest student loan and are halfway through our next smallest loan. It is extremely fun to cross them off and know we are working towards something. After we have completely paid off those debts we will be pouring that extra income that we no longer have to pay towards a monthly bill into a retirement fund. We also are starting our 401k in September as well as my husband just got hired on full time instead of as a contractor so he will get a match up to 6%! It makes me feel so much more secure to know we are working towards something and have a plan in mind for our future. My husband does have life insurance on himself as well in case something were to happen to him, but we have been talking about how we need to up the coverage and as well get coverage on me as if I were to die he would need a lot of help with our three little boys. We also do have a small “rainy day” fund so if something were to happen like our tires need repairs, rather than getting off track and feel disappointed in our goals.
I think it is a great idea to have some cash on hand, insurance to cover you from any major issues including home, car, and life, as well as getting serious about wiping out any debt to really be able to feel secure and comfortable with your family.
Allstate Life Insurance is the nation’s largest publicly held insurance company. They are reinventing protection and retirement to help households to be able to insure what they have today as well as prepare for tomorrow. Life insurance is easier and more affordable than most people think, in some cases as low as $20 a month! Your target insurance level should be 5 to 10 times your income. While this sounds like a lot, it’s really not.
What things are you doing to protect your family nest? Do you have a 401k or retirement plan? Are you investing in your children’s college funds?Â
Disclosure: I wrote this blog post while participating in the SocialMoms and Allstate blogging program, for a gift card worth $50. For more information on how you can participate, click here.