Ok, I have to be upfront and honest about this. My family would definitely be one of the families in the statistics that state, "70% of people with kids under 18 say that they would be in serious trouble if something happened to the primary breadwinner. And half of Americans say they are under-insured. That is 58 million Americans that do not have enough insurance. And with today's economy I don't see that improving.
In our family we have started savings accounts for each of the children. Even $5 to $10 a month per child over 18 years will eventually add up. In our family you are looking at 8 children hence the $5 or $10. With less children you could start out with more.
My husband is presently looking into health insurance. Thus far the Lord has really blessed us with a healthy family, but with both of us getting older, and I was recently diagnosed with diabetes, he believes health insurance would be a good option. Just seeing the medical bills coming in from my stay in the hospital the end of May tells me health insurance would have been a major benefit.
Experts claim that you should insure 5-10 times your income. Sound like a lot? Not when you start considering a house payment, auto payment (if you have one), day to day living expenses, hospital and funeral costs, the list goes on and on. Here's a little tidbit: 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. Just take a minute to think about that, housecleaning, cooking, child care, accountant, nurse, teacher, etc. Can you think of a few?
What about college expenses? Have you thought about that and considered a college fund? Now here I will deviate a little, none of my daughters will be attending college. They may take courses online or through the mail, but we believe that they are to stay at home. The boys on the other hand might need college depending on the field they choose. Personally at this point they are each considering working for someone we know and learning a trade, but still it could happen. My one son would like to learn to fly a plane, that will cost money, so we need to start preparing for that now.
Are you feeling a little overwhelmed? Did you know that your local Allstate agent is there to help you with planning like this? They can help you plan for your future. They have been doing this 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