As a mom, you are not just responsible for yourself, but for your kids, too. Mother of two, Michelle Human, from Liberty, shares some tips on how moms can protect their kids and family.
- We don’t like to think about death, but we must think about how our kids would survive without us. A will is a good way to choose guardians for your children. It’s crucial to consider who will manage your money and assets once you’re no longer around to do so yourself.
- Life cover is essential. Of course, it cannot replace you, but it can be used to pay off any outstanding debts you may have and put your family in a position to survive without you. If you depend on your husband’s income, he should have life cover, too, so you can pay off any debts you incurred as a family if he passes away.
- Life cover will protect your family in the case of death, but what if you don’t die, and become disabled? How would you survive without being able to work? Income disability cover pays part of your income if you become disabled and can no longer work. Make sure you have this benefit in your policy.
- The cost of medical care is very expensive on a cash basis, so medical aid is a smart move, especially as kids are prone to illness and accidents. It’s also an essential safety-net if something major goes wrong with their health. Medical aid may seem expensive but, as mothers, we can’t put a price on our family’s health.
- Education is not a luxury but a necessity — but have you seen the cost of a good education? It’s not getting any cheaper, and is unaffordable for most of us. Take out an education plan as early as you can to start saving for education now. Fundisa is a government incentive to help parents save for education, and is a good helping hand.
- Don’t forget about yourself. Save for retirement so you won’t depend on your kids one day. Retirement savings will ensure you are independent even when you no longer work, and let you live own your life.
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