Better Safe than Sorry – 5 Important Things for Financial Security*

As I’m getting older I’m starting to look at ways to ensure both Little Miss and I live out a comfortable life, both now and in the future. It’s something I have avoided for a long time as it makes me feel far to grown up and adult like. However, now with a steady income and with recently loosing both my Grandfather’s it’s time to be practical. Today I’m sharing five important things I have been looking into to ensure financial security and making sure that neither myself nor LM have any unexpected extreme expenses.

Pet Insurance. This isn’t something I’ve been looking into, it’s something I already have. When I adopted Elsa I knew what I was getting myself into and how expensive pet bills can be so for the first time in my life, I actively took out some insurance. I went with Pet Plan as it was a familiar name and I was given a good quote that would cover any expensive vet bills. Elsa is like my second child and I wanted to make sure I could always afford any treatment she could need.

House Insurance. Even though I have lived in many houses since leaving home at 18, this is the first I have ever taken insurance out on, strange since this is probably the safest area I’ve ever lived in.. however all the contents are my own so it seemed like a smart move. My house insurance is actually through my bank, I took it out when I applied for a credit card with them before I went travelling last summer. The monthly payment just comes off when my credit card payment does.

Pension. With the current state of the economy I have been toying with the idea of a private pension from Nutmeg, especially now that I’m self employed. As of yet I don’t have one but it is something I am looking into as a future investment. I don’t want to have to rely on LM in my old age, I want her money to be her own. It would be something that would give me peace of mind for the future.

Will. As a single mother I do have a will. It was advised for me to make one when I received full custody of my daughter. Although I do have very little to pass onto her when I go, it may not always be that way so my will has clauses for future children, property and finances so it I don’t have to constantly pay to amend it. At the moment the only time I’d have to do this should I ever get married. I had a lot of help with mine as I was already dealing with a solicitor, but if you want more information you can find out about making wills here.

Life Insurance. Again, this is another one I don’t have but I have been really looking into as now I know first hand how it helps cover the insane cost of burying a loved one. As of yet I haven’t really found a great one for someone my age and within my budget but Beagle Street have put together an entertaining video about the history of life insurance which will really encourage you to consider taking it out!