When it comes to investing for your family, it is all about security and savings. You want to safeguard all that you already have and keep your family protected. Saving for the future is equally crucial so that you can tackle whatever unexpected situations come your way, as well as be prepared for retirement.
Here are some specific investments you should be making for your family in 2021.
Invest in Device Security
In an age where nearly everything can be done digitally, it has never been more important to protect yourself online. One crucial element of a good plan is comprehensive identity theft protection. Other things to look for are in a device security plan are parental controls, password management, secure VPN and cloud backup.
Norton device security is a sound option, especially if you opt for Norton 360 with LifeLock identity theft protection. This integrated plan option minimizes the expense of comprehensive protection while streamlining your access to all of the most critical digital security features.
Create an Emergency Savings Plan
If 2020 has taught us anything, it is that there is ample merit in preparing for the unexpected. And while many people may focus on keeping a backup stash of food and personal essentials, an emergency savings fund can be even more beneficial.
This can be a conventional savings account, a stash of cash in a home safe or both. However you choose, the goal is to create a safety net of money to help get you through any unexpected times of need. Evaluate your monthly spending habits and see where you have some excess budget to allocate to savings. Set up a direct deposit from every paycheck to automate the process and make it as easy as possible to build your nest egg. Your goal should be to have a minimum of three months’ expenses or up to six months’ worth of expenses, according to financial experts at Wells Fargo.
Secure Your Home
Invest in your peace of mind by adding a home security system. While you may have spent a record amount of time at home in the last year, as travel picks up again, a smart home security system is a solid investment to help ensure all is safe back at home.
SimpliSafe has great options for families looking to get the most out of minimal investment. With packages starting at under $200 and the flexibility to build your own package based on your specific needs, a SimpliSafe home security system doesn’t require a phone line or restrictive monitoring contracts. The system is designed for easy DIY installation and you can choose to monitor it yourself or pay $15 per month for professional monitoring. Kits include a base station, keypad, motion sensors, entry sensors, HD cameras, sirens, video doorbells, temperature sensors, water sensors, smoke detectors and a panic button, depending on your specific needs.
Make Real Estate Investments
For those looking to make a more substantial investment, real estate remains one of the safest bets. Whether you are currently renting and looking to buy your first home or you already own a home and want to invest in a rental property, real estate is a lucrative and relatively safe place to invest in your family’s future. While it may involve some extra work, investing in real estate rental properties can be a great way to add additional streams of income to your household earnings. This is especially beneficial if you are a single-income household, or if you are self-employed. Another option is to invest in an REIT, a real estate investment trust, which allows you to diversify your investment into the real estate market without actually purchasing any property yourself.
You may not know what the future holds, but investing in home security, emergency savings, device security and real estate can help you protect your family. By prioritizing security and savings, you can buy yourself the satisfaction of knowing that you are prepared for whatever life throws your way.