For most adults in Nigeria, work is a necessary responsibility that we all do. It doesn’t matter the scale under which we earn a living; it could be through entrepreneurship or by working as an employee.
Earning a living gives fulfillment; nonetheless another underlying factor why many of us work is to provide for our family.
Every day, circumstances presents itself and these give cause to question whether you and your family are actually good enough in many respects.
If you’re thinking of things to do that can secure your young family’s future, these 4 points are for you;
Practice Balance –
You have to find a balance because it won’t find you. As much as you have to earn a living make sure you enjoy a lovely relationship with your family. Invest in family time, because after you retire from all of the hustle in the world, it’s your family you come back to.
Practice balance with your health too! Don’t neglect your health, eat healthy, exercise, go for regular medical checkups and rest well. As a parent or young adult you have to take good care of yourself especially for the sake of those that their lives will be messed up if you fall under the weather.
There should also be a balance on your finances as a family. There needs to be a stabilized spending habit to make sure the family never goes into debt. As a rule of thumb, you should always spend less than you earn every month. So you will need to be firm on not buying things that add no value to your family.
Ensure you save (Emergency funds are important) –
You must have heard this phrase time and again ‘Save for the rainy day’. As much as you could overlook it, here’s why you shouldn’t. A healthy savings is what you can rely on should an urgent need arise. With this you don’t have to go borrowing and be at the mercy of others.
How do you accumulate this savings you may ask?Firstly, you find out the average monthly expense made by your family. If your family spends an average of N100, 000 every month, you should aim to have about N600, 000 in your emergency savings account by 6 months. As time passes, you can increase this savings to cover 9 months or even a year’s worth of savings.
Allthese allow you something large to fall on in the event that you find yourself out of work for a period of time or having to pay for an unexpected bill.
It’s also important that you don’t confuse this savings any other savings you might have. This is strictly for emergency purposes.
Secure a good future for them
Don’t take chances. Don’t get drowned in all of life’s activities that you forget the future of those who ultimately rely and depend on you and your income.
We advise that a well detailed estate plan be made so as to secure a future for your dependants. When you take this step, their future remains unshaken. Find time to speak with specialists in the service area of Wills and Trusts, so they can set up a well-structured administration plan for the beneficiaries of your assets and properties.
These are actionable plans that you should think about. Imagine leaving a legacy of wealth to your next generation. For more information on estate planning, call us on 01 – 2801420 or send us a message here and we’ll be happy to help as always.