7 Things to Consider as a Mompreneur Planning for the Future

As a mom, you spend a lot of time worrying about the future. Where your kids go to college, who they marry, and what career field they choose are all concerns that cloud your mind. When you’re a mom and running a business, your concerns double and the amount of time you have to spend worrying about them is reduced to a fraction!

Perhaps your biggest concern is whether or not you’ve planned and prepared enough. Have you saved enough money? Did you enroll your kids in the right schools? Do your kids know how to make decisions for themselves? There’s a lot to think about when it comes to the future, but there are plenty of steps you can take to ensure you’re ready for whatever the future has in store for you. Take a look at a few below.

Investing in life insurance

When you’re a breadwinner in your family, it is crucial you protect your spouse and your children by purchasing life insurance. No one likes to think about an untimely death, but any good mompreneur plans for unlikely events. You never know when disaster might strike, so it’s a good idea to ensure your family will be financially taken care of should anything happen to you.

If you’re hesitant to purchase life insurance, here’s a chart with the advantages and disadvantages to getting life insurance. There are many things to consider, but you’d be surprised how much coverage you can get for just fifty bucks a month. Not to mention the peace of mind you’ll feel.

Saving for college

No matter how young your kids are, it’s never too early to start saving for college. The cost of college tuition is increasing. Things can get expensive fast! You should start saving now so your children can get the secondary education they need without burying themselves under student loans.

There are a number of things you can be doing now to save for your children’s college education. Setting up a 529 account, a Roth IRA, or enrolling in a prepaid tuition plan can help you save money for secondary education. Prioritizing your finances to include saving for college can help ensure your kids have some financial help come high school graduation.

Creating a living will

Life is unpredictable, and you never know when disaster might strike, which is why you need a living will. This document helps you prepare for these unexpected events. Specifying the kind of care you do and don’t want ensures your wishes are fulfilled without any guesswork from your family.

Along with your medical wishes, include specific instructions on what you would like done with your estate and finances. If you have small children, specify who should care for them should something happen to you or your spouse. Leaving detailed instructions not only ensures your final wishes are acted upon, but also saves family members from having to make difficult decisions.

Saving for retirement

You might think that you can’t afford to save for retirement, but in reality, you can’t afford not to! The more you save, the more peaceful and enjoyable retirement will be. Consider setting up an IRA or 401(K) account and put a little bit of your paycheck into your retirement fund each week. You’d be surprised how fast your bank account grows when you commit yourself to saving.

If you’ve prepared enough, you’ll have a sizeable chunk of change when you reach retirement age. You won’t have to rely on government welfare to help pay your bills or use food stamps to buy groceries. Better still, you won’t have to burden your children with your expenses. All your bills, food, and activities are covered thanks to your retirement fund.

Opening a “rainy day fund” savings account

Even if you’re putting aside money each week to pay for your kids’ college education or wedding, or contributing to an IRA, you should still set up a “rainy day” fund. No one knows when you will suddenly need to repair a damaged roof, or plumbing in your house backs up, or you suffer a big loss in your business.

Consider making it a teaching moment: If you have young children, get them a piggy bank where they can store spare change or their allowance money. Teach them the importance of saving a dollar. As they get older, involve them in the process of setting up a savings account and making deposits.

Once you’ve set up the account, discuss with your kids the importance of saving money. Teach them to prioritize saving over spending and to show them how you’ve set aside a certain amount of every paycheck. The importance of saving is a lifelong lesson, and it’s never too early to start teaching.

Getting out of debt

Whether it’s student debt, credit card payments, or personal loans, keeping you down, make it a goal to get out of debt as quickly as possible. Doing so ensures you’re more prepared for the future. Instead of spending your hard-earned money to just pay off loans, you can add it to your child’s college fund, instead. To get out of debt faster, consider creating a payment plan. Create concrete steps that are realistic to your lifestyle and that stick to your budget.

Paying off your loans can benefit your children as well. As your kids watch you take steps to get out of debt, they’ll learn better spending habits and how they can stay debt-free in the future. What better way to teach your kids than by example?

Keeping your kids in the loop

When you’re planning for the future, it’s essential to talk to your kids about the decisions you’ve made. It’s not just your future you’re preparing for—it’s theirs as well. Sharing the steps you’re taking with your children to ensure they have a happy, comfortable future. Your guidance can help them stay excited and hopeful.

When your children reach high school, they may start to develop some anxiety about the future. Instead of brushing those worries aside, talk to your kids about them. Figure out what their concerns are and what you can do to help. Encourage them to make their own plans for the future while giving them all the support they need.

Final thoughts

With everything you’ve got going on, planning for the future might be on the backburner. However, most good mompreneurs know it’s essential to you and your family’s future wellbeing. Making the necessary plans and preparations ensures that your kids have a bright and happy future. Following the tips above can help ensure you’re prepared for anything the future brings.

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