Our future
Save Spend Invest Keys courtesy of [Stuart Miles] / FreeDigitalPhotos.net
I've been thinking recently about our future. About what happens when I turn old and grey* and need to ensure that I have money put aside for not just me and Neb but for the girls. Their weddings (if they ever do) will probably cost an arm and a leg and as mother of brides we will no doubt have to lend a hand.
So was it fate then that brought through the letterbox yesterday information about life insurances. I don't really understand enough about financial stuff to know what its about. If I'm correct I pay a sum each month and then after say 20 years I get some money back which may be more or less than what I paid in? Is that right? Do I need it? If I die, then remaining dependants get the money?
I'm lucky enough to have a very good pension through work which will also pay out on my death or keep me going when alive. Its worrying to think about our future now when money is still tight, with only one wage coming in.
So my question is if any of you are financial minded what do I do? Do I live for today, spend it all and save none for a rainy day or do I save and invest my money now to be awarded with more in later life?
I hate being a grown up especially when I don't understand it!
BNM
* I may already have a streak of white but I will not go grey!
I've been thinking recently about our future. About what happens when I turn old and grey* and need to ensure that I have money put aside for not just me and Neb but for the girls. Their weddings (if they ever do) will probably cost an arm and a leg and as mother of brides we will no doubt have to lend a hand.
So was it fate then that brought through the letterbox yesterday information about life insurances. I don't really understand enough about financial stuff to know what its about. If I'm correct I pay a sum each month and then after say 20 years I get some money back which may be more or less than what I paid in? Is that right? Do I need it? If I die, then remaining dependants get the money?
I'm lucky enough to have a very good pension through work which will also pay out on my death or keep me going when alive. Its worrying to think about our future now when money is still tight, with only one wage coming in.
So my question is if any of you are financial minded what do I do? Do I live for today, spend it all and save none for a rainy day or do I save and invest my money now to be awarded with more in later life?
I hate being a grown up especially when I don't understand it!
BNM
* I may already have a streak of white but I will not go grey!