Essential Financial Foundations Every Woman Must Have In Place
New Idea|November 16, 2020
It pays to plan for a rainy day. Finance expert and author Helen Baker shares her top tips
Helen Baker

Disaster planning is unpleasant, as is thinking about your own death or the possibility your relationship might end. But not thinking about this stuff at all could land you in strife should a relationship breakdown occur, or worse, it could leave your partner or kids to do the thinking for you if you die. Knowing the extent of all debts, insurance cover and your general financial situation as a couple and individually is vital to your security. There are five basic foundations I recommend being across to ensure you, your partner and your children are protected.

SET UP AN EMERGENCY FUND

No, this does not mean relying on your credit card. This fund needs to be a separate bank account, without key card access, that is your own. Term deposits or high-interest saver accounts work well for this purpose. Set and forget with a direct debit from another account, and build enough savings to cover your expenses for three months.

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