Important aspects of planning for your family
January 6, 2014 12:58 PM Subscribe
Belated Happy New Year everyone!
I am a 32yr old single mother of a beautiful 1yr old, and this year I’ve decided to plan ahead to help me fulfill my parenthood responsibilities to the best. We are a US middle-class family of two. Originally not from this country, I need to research several important aspects of planning for a future here. I hope to get some useful suggestions from those of you who are savvy about these things :-)
posted by Spice_and_Ice to Work & Money (15 answers total) 9 users marked this as a favorite
My question is quite broad and open-ended:
“What are the important aspects I need to think about for running a family smoothly?”
My current list includes:
1. Choose good healthcare insurance provider. Related: What is HSA and is it useful? Note: I already have insurance for myself for my li’l one, but I just chose the most popular option selected by other colleagues. Going forward, I am looking for a better decision-making process to choose the best plan for me.
2. Get private life-insurance (I currently have one provided by employer; it’s not great because I lose the premium and coverage as soon as I change jobs).
3. Research home-loan rules and regulations in USA: Hopefully I should be able to save enough to buy something in late 2015 or 2016; fingers crossed on that one.
4. Research best ways/places to invest savings in.
5. How much should I put away in a ‘rainy day fund’? Is this separate from the usual family investments?
Did I miss out on anything important? Planning kids’ education is a biggie, and I am doing that separately. Another important decision is to buy the right car, but I may not want one for next few years, so that’s one less thing to worry about.
Many thanks for your suggestions!