Do you lay awake dreaming about your kids’ future? Wondering if you are making all the right moves to set them up for long term financial security?
Well, you are not alone. We want our kids to have a good education. We want to pay off our homes, retire early, and spend time with our grandkids one day. Maybe even travel the world?
The hardest thing about creating this future is finding the time to do it all. How do you cut out expenses, save for their education, and pay off that mortgage?
Luckily we live in an age of innovation – where we can use the digital resources at our fingertips to design our family’s financial future.
So, here are 6 no-brainer financial moves every parent should look into. And they take less than 5 minutes.
1. PROTECT YOUR FAMILY’S (FINANCIAL) REPUTATION
Did you know there is one single number that can cost you tens of thousands if not managed correctly. It’s your credit score.
It can also cost you a job as potential employers check your credit score through the interview process.
Whether you are refinancing a house, applying for your child’s student loans, or even applying for a job — your credit is your reputation.
The last thing you want is an error on your credit report costing you, and your family, an opportunity. Over 1 in 5 Americans have an error on their report. When fixed, it can save thousands of dollars and open doors to dream jobs.
An added benefit as a parent is that I can make sure there are no errors on the credit cards I share with my spouse, the kids, or even the grandparents.
Want to check for yourself? It only takes about 90 seconds to sign up.
2. Provide Your Family With Life Insurance Starting At $5/Month
One of the beautiful things about having your own family is knowing your legacy and mark on the world will carry on into the future.
So, have you ever wondered about how you would provide for your family after you are gone? Have you thought about life insurance but put it off because of the time and cost?
Most of us do just that – put it off because it can feel like a hassle.
Luckily, there is a company called Bestow, that has taken the hassle out of this important step. Your application should take less than 5 minutes, and you can do it from your computer.
No medical exams and no pushy brokers. Just answer a few questions and get an instant decision.
Most importantly, you can feel good knowing you are doing everything humanly possible to protect your family. So, if you are under the age of 54, get peace of mind with a free quote from Bestow.
3. Pay Off Your Credit Card [With Some Help]
Have you looked at how much interest you pay each month? Have you wondered how to obliterate high-interest rates and get debt-free?
Nearly all of us have some debt in the form of credit cards, student loans, mortgages, and the sort.
And, not surprisingly, banks charge us a ton of interest to provide these resources for our family. Crazy enough, the average parent pays 16.1% interest on basic credit cards. This despite the fact that interest rates are at an all-time low.
Fortunately, there is a quick way to reduce this debt burden, with a company called Credible. They will pay off your credit card debt (or other loans) of up to $50,000 and give you a lower interest rate loan (starting at 4.99%).
All you have to do is check if you qualify and see what rates are available to you.
Even if you only save 3-5% interest on your credit card debt, that could amount to a savings of $15,000 over the duration of the loan.
4. Lower Your Car Insurance In 2 Minutes
Have you compared your car insurance costs to what others are paying? Most parents are overpaying and can find cheaper options with the same coverage and deductibles.
The average family saves $825 without filling out any forms — simply link your insurance account and enter your drivers license.
And the coolest part? After you sign up, Gabi continues to look for savings so you won’t need to shop to find better rates in the future.
5. [Have Someone] Negotiate Your Monthly Bills
You’re a parent. You don’t have time. So what if someone could negotiate your cable, internet, and phone bill for you?
This is one of the coolest hacks we like. We use Trim, which contacts the cable and phone companies on your behalf and negotiates with them. The best part is it only takes a minute to connect your account and have them start lowering your expenses.
In exchange for lowering your bills they get a 33% share of the savings.
If you want to test drive it first, it is free to sign up and have them analyze your account and even suggest subscriptions you can cancel. It helped me find a second Netflix subscription I forgot to cancel and other areas to save.
If you want someone else to negotiate your bills for you, start saving with a free sign up.
6. Turbo charge your 401(k)
How often do you manage your 401(k) investments? Most parents are too busy chasing their kids and rushing to work to spend quality time on managing their 401(k). Which is crazy when you think about it. With the uncertainty of social security and a looming recession, protecting and growing your nestegg is super important.
That’s why Blooom is a life saver. They will analyze your account for FREE and if you choose you can have them manage your 401(k) investments for $10/month. There is no account minimum and compared to larger brokerage services, this is a drop in the pan.
Most importantly, it ensures that time and energy is spent on one of our most valuable assets. And helps us build our nest egg for when we need it.