17.11.20

Being Grown Up and Planning for the Worst


When we hit 18, we think we are grown up, when we hit 25 we think we were still a kid at 18. This cycle continues and perhaps always will until we are literally in our 90s. but there are times in live when we do have to admit we need to do “grown up” things whether we feel grown up or not. When we get married, have kids or buy a house we do need to make provisions for those who will be left behind if something happens to us. It is a very depressing though and one of the really bad things about growing up. Doing what we want is great, choosing our own holidays, building a career, being a parent…all great, but the reality that we could pop our clogs and the fact we need to take that seriously is boring at best and terrifying at worst. But it doesn’t have to be that bad, if we just embrace it and get it all done there is actually a feeling of tranquillity that comes with this type of planning, so here is what you need to think about.

Get a Will Sorted!
This is a really simple one and it is so important. No one likes to think about dying but we have to and making sure you have a will is a big one! If you have a partner or kids having a will makes the right people get the right things. You work hard for what you have, and no doubt want it to be left to kids or loved ones so get that written down. Wills don’t have to cost loads and they can make things a lot easier if something did happen.

Funeral
Wow, this one is really depressing and there is no getting away from it. When we die, regardless of how little fuss we may want, there will be some kind of funeral. There are two aspects that are important here. The first is the cost, funerals cost a lot of money, they can easily cost £4000 or more for just something simple. The terrible thing is, that cost is normally left to people who are already trying to cope with your loss! There are a range of ways you can save for this and pre-paid funeral plans can be a handy way to put money aside so its all covered if something happens. Be wary though, there are a lot of different ones out there, if you go down this route choose a company who is registered with the Funeral Planning Authority, they make sure the company is legit and will pay up when its needed. The second part of the funeral issue is leaving some instructions. What cold be more upsetting for a loved one than trying to work out what songs you would want, what sort of burial you want etc. it isn’t hard to make some simple notes and leave two copies with two different people just in case. Its quick and easy and might make the whole process a bit easier!

Life Insurance
This is a simple one…get some life insurance. That is literally it!

Planning Your Finances
More boring stuff sadly but super important. When we are young, we live hand to mouth, we just earn and spend and that’s just fine. Saving may be a thing but normally towards a goal like a holiday that we then spend and go back to zero. The thing about being grown up is you need to save for savings sake. Always be trying to put a little bit away for the proverbial rainy day, it really is dull, but it does help. There is a certain pleasure in building up a savings account though. It is also important to have different savings pots and things you put money into. Look for lots of different tips and ideas on money, things like premium bonds used to be a nice way to do this but things are changing and it may not be worth it. If you are earning really well, shares can be risky but a rewarding way to put just a small portion of your earnings. Pensions can also be very good; the workplace pension scheme is a bit of a no brainer and a great way to save some money for your retirement. The goal here is to build a range of assets so that in the case of your death those around you are looked after. But this one isn’t just about dying, because the better you get at saving the more money you can have for retirement, for holidays and more. So, this one is a double bonus!

It May Never Happen
Hopefully we all live to a ripe old age, but even then, it’s still good to have things planned out. But being careful and sensible with money, having a will, life cover and money in a number of different places is still useful. It is boring, but it doesn’t have to take ages to do. Set aside a week and get most of it done in one go, then you can ignore it for a few years before checking its all still relevant and correct.

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