As parents, you want to do what is best for your child. You choose the best food, the best clothing, the best toys, the best books, and the best schools. But, are you really doing what is best? Have you started to think about protecting your family nest, too?
When I was a work-at-the-office wife, I contributed the maximum my employer would allow to our 401(k) plan. I also purchased stock options with each paycheck. These funds were immediately taken out of my check, so I did not “miss them.” Now that I am a stay-at-home mom, it is even more important for me to plan for my son’s future and the future that my husband and I will have when The Boy leaves home. {I am dreading that day. I already feel sad about it.}
Saving a small amount each week is a wonderful way to build your family’s nest egg. Did you know that putting away $20 a week will save you $1040 in just one year. Investing those funds into a CD or high-interest savings account is a smart way to build up your savings.
Protecting your nest egg isn’t just about saving money. It also means being properly insured. You probably already have auto insurance, and a home owner’s/renter’s insurance policy. How are you in the life insurance policy department? Did you know that half of Americans say they are under-insured? That’s 58 million* of us. And 70%* of people with kids under 18 say they would be in serious trouble if something happened to the primary breadwinner.
Experts say a good rule of thumb is to insure 5 to 10 times your income. It sounds like a lot, but it’s really not. Think about what you’re really worth. Life insurance will help cover the cost of your mortgage, medical & funeral expenses, continuing childcare, living expense and college tuition.
How many people would have to be hired to do all the things you do for your family? Salary.com estimates the average stay-at-home mom would earn $117,867 per year if she were paid for all the work she does. I think I’d be worth a little more than that, given my expertise in the kitchen and cleaning department!
Most people feel overwhelmed when they think about this stuff, and often put it off. Don’t delay. Get in touch with your local Allstate agent today. He or she will be happy to talk you through your situation and help you plan for your family’s future today. Allstate and their agents have been helping customers protect their families for over 50 years.
I wrote this blog post while participating in the SocialMoms and Allstate blogging program, for a gift card worth $50. For more information on how you can participate, click here.
