You not only want to enjoy life today, but you want to safeguard your family going forward. Sure, a money lender Singapore can offer you a short term loan; however, if you wish to plan for the future, save, and want to make sure your spouse and your kids are taken care of, there are a few things you can do now, when planning for your future, in order to ensure this does occur. So, how do you plan, and what can you do so you can secure funds for your family? These are a few things to consider, as you plan for your life today, and as you are planning for saving into the future as well.
1. Emergency savings are key
Many people do not plan or think about emergencies; so, if and when they do take place, people really do not know what to do. It is important for you to plan for them to occur, and hope they never do. You should have some money set aside in the event you lose your job, or if there are cut backs where you work, so you are not earning as much as you presently earn in your line of work.
You should have a minimum of six months emergency funds set aside. So, if your family spends $3000 each month, you should have about $18000 set aside, in the event of an emergency. This is the only way to know you are going to have money to pay the bills and to take care of them, if you do lose work. And, while you are searching for a new job, you can at least have the peace of mind in knowing your family is taken care of, you do not have to go without essentials, and that your spouse and your kids are going to be properly cared for, until you can get back on your feet. For those with low income, you may turn to Comcare for urgent financial assistance.
2. Health insurance
Make sure you have it, and make sure you have a sufficient amount when it comes to buying a plan. So, you know if you have to go to the hospital, if you require surgery, or if there is a medical emergency, you are not going to have to go crazy figuring out how you are going to pay for it. This is the type of thing you purchase, and hope you never have to use; but, in the event you do, you want to make sure you have enough insurance in place, so that it will take care of the hospital bills and all costs, so you do not have to dip into your savings in order to pay these bills.
Medical bills are costly; even a small surgery or a visit to the office can cost several hundred, if not thousands of dollars. Singaporeans are protected by Medishield and MediSave. However, if you are a foreigner and unfortunately do not have enough medical insurance set aside, where are you going to turn to when you need to pay the doctors and your bills? How are you going to go about taking care of these expenses? You should not have to worry about these things when you are ill or when you are going through a procedure. So, you have to make sure you discuss your options with an employer, know how much you need, and make sure you have that paid on a monthly basis, in the event you ever have to undergo a procedure.
3. Life insurance
As with health insurance, you do not want to think about this. But, the only sure thing in life is that each one of us is going to go at some point in time or another. So, if you are the individual in the home who is in charge of finances and of taking care of the family, you need to make sure your life insurance premium is enough to take care of them when you are no longer here. You want to buy enough so they will live a comfortable life, which they have grown accustomed to, without having to worry where money is going to come from.
You have to calculate how much you spend each month, what your expenditures are, and how you are going to go about covering these costs if you are no longer here to pay them. You will do this with a viable life insurance premium in place. A domestic helper may be required, or end of life treatment may be required. You can plan accordingly for each of these expenses, so that your loved ones do not have to worry about this when the time comes.
The more you set aside and plan, the easier it is going to be to afford the premium, and also to know you are going to leave your family with more than enough to survive, even though you are no longer around to take care of them.
4. Estate planning
From the will, to choosing beneficiaries and what will happen to your assets at death, you have to discuss this well in advance of your death. You do not want to leave fighting family members, but rather, want to leave everything to your family who was present during your life. So, devising a will, and taking care of what will happen to your estate now, is going to prove beneficial when you are no longer able to care for them, and can no longer do this.
There are some things you simply do not want to discuss, but it is imperative that you do as a family. Not only so you can avoid fights and worries, but also to ensure your family is well cared for, when you are no longer here to take care of them. Even though these are tough conversations to have, they are the ones you must have as a family. And, these are the only ways to ensure your family is cared for, and will not have to worry about money in the future, in the event an emergency does happen, or at the time of death, when you can no longer do anything to care for them.