Top Financial Tips for Tired Parents

My mother is an awesome and formidable old bird who can swear like a trouper in the poshest voice ever and yet remains strangely old-fashioned in many ways. She still talks about ‘pink jobs’ and ‘blue jobs’ around the house. Suffice to say the bins ain’t pink!

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I talk to people about finance and investments on a daily basis and it’s clear to see that Brits almost universally see investments as a blue job. Although many women cheerfully confess that the stock market leaves them cold, many guys find this harder to admit. If you’re one of the millions of time-poor UK blokes who finds finance deeply dull, your secret is safe with me. But let’s rattle through a few tips for the financially bored!

If you’re a Dad, possibly the most important two things you can tackle from the mass of things on your Financial To-Do list are wills and life insurance.

Just two-thirds of Brits have a will and one-third of us die without one. Sadly, family lives are not as simple as they used to be. If you are not married, separated or have kids from a previous relationship, not having a will is frankly silly. (I’m not lecturing here – it took my divorce to push me into doing one). Here’s just an example of why. If you live with a partner and you have children, the bureaucrats would hold your money in trust for your kids if you die without a will. What sort of mortgage have you got? Could your girlfriend/wife continue to pay this without your salary coming in too?

Even finance is not immune from the digital revolution and it is possible to do a will online in less than 20 minutes for less than £100. Many charities offer free will writing services in the hope that you leave them something. And you can get a kit from WHSmith for £10. It is important to get things right and Irwin Mitchell offer a half-way house – you can complete things online and get it checked by a professional. This starts from £145+VAT. Check out our Guide for more tips and suggestions.

Next up is life insurance. Brits are more likely to insure our pets than we are ourselves! 44% of pet owners insure the critters and just 40% of us have life insurance.

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There’s a chance you may have this covered at work so do check in with HR if you’re not sure.

Some people think this costs more than it does. If you haven’t hit the fags since Bananarama were on your bedroom wall then you can probably get decent life cover for about £10 a month (for a healthy 40-something). We think AIG have a nice simple online journey with decent cover OR you can visit Lifesearch and opt to speak with an adviser if you want that human touch. Our free independent Guide covers all these options and more.

More help and tips for all Tired Parents out there can be seen here:

 

Holly Mackay is the founder and MD of Boring Money. She has 2 kids and a troublesome cat.

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