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Planning for the future


Forum: 2011 Playroom

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  #1  
February 26th, 2012, 07:17 AM
Urchin's Avatar Loving every minute.
Join Date: Sep 2009
Location: Atlantic Canada
Posts: 8,307
Have you started an educational savings plan for your little one(s)?

Do you have life insurance for yourself and spouse?

Do you have a will?


When I am working (I'm on mat-leave for a year), I work for an insurance company. I've learned just how important all of the above are, and now that I have a little one, it's really hitting home that I need to make sure she is looked after in the future!

We have started her RESP (educational savings plan) already. Dan and I have been seriously talking about insurance and will's over the last week too. I will be making sure we go meet with my boss soon to set up some life policies and then see a lawyer regarding a will!
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  #2  
February 26th, 2012, 07:45 AM
geogeek's Avatar Marsi's Mommy
Join Date: May 2009
Location: In yonder mountains
Posts: 9,339
With DH being unemployed, we have only been able to set up a will. I am planning on getting the pother 2 set up when DH is able to get a job. We are unfortunately in the position of using our savings to pay our bills and we are just glad that we are not needing to put our bills on credit.
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  #3  
February 26th, 2012, 07:48 AM
Stefanie1023's Avatar Super Mommy
Join Date: Dec 2008
Location: NC
Posts: 697
Have you started an educational savings plan for your little one(s)? We have a 529 college savings plan started.

Do you have life insurance for yourself and spouse? Yes, we got a better policy after I became pregnant with DD #1

Do you have a will? Yes. We flew to Vegas when DD#1 was 7 months old and did the will before we left because you never know.
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  #4  
February 26th, 2012, 08:31 AM
Platinum Supermommy
Join Date: Apr 2008
Location: Sitka
Posts: 8,182
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Both dhand I have two life I.surance policies and a will set up
We don't have a structured. Savings plan but both girls have a savings account we put money in each month
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  #5  
February 26th, 2012, 10:43 AM
Irish_Wristwatch's Avatar Running with Scissors....
Join Date: Dec 2009
Location: Ontario, Canada
Posts: 16,275
Have you started an educational savings plan for your little one(s)? Yes, both boys have an RESP

Do you have life insurance for yourself and spouse? yes, but only because it is included with the insurance at DHs work

Do you have a will? no, we should
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  #6  
February 26th, 2012, 12:23 PM
ashj_1218's Avatar Hiya!
Join Date: Jul 2010
Posts: 11,392
We don't have college savings for them as of now. It is just not in the cards right yet. We will start them when we can contribute on a regular basis. We do have savings accounts for them, although we don't put into them regularly.

We do have life insurance. We have it thru DHs work.

And we do have living wills, advanced directives, and power of attorney set up. We are good about getting that stuff done. We had them updated now that kieran is here.
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  #7  
February 26th, 2012, 04:44 PM
MommaLexi's Avatar Adoptive and Foster Mommy
Join Date: Nov 2011
Location: The Desert ;)
Posts: 587
Have you started an educational savings plan for your little one(s)? Opened a RESP for Avery.

Do you have life insurance for yourself and spouse? I have 2 life insurance policies.

Do you have a will? I have a will, living will and advanced directives. Just updated them recently to add in Avery stuff (custody, etc).
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  #8  
February 27th, 2012, 09:16 AM
MeganMomof5's Avatar Platinum Supermommy
Join Date: Mar 2008
Posts: 11,772
Have you started an educational savings plan for your little one(s)?Nope...With having 5 kids, in a one income family we just can't afford it...Even if we had only one or two kids we probably wouldn't...My DH got good grades, worked and got loans for school, and our kids will have to do the same ( I didn't go to college)...We will of course do all we can to help our kids, but IMO I think it's good for them to work for what they have.

Do you have life insurance for yourself and spouse? I don't have life insurance, but I think DH does through his work

Do you have a will? No we don't, it's something we've talked about a lot, just never did...The only thing I worry about is where our kids go if something happens, and i've already told my mom that I want her to take the kids...I'm sure it will be something we do, eventually.
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  #9  
February 27th, 2012, 09:53 AM
Mega Super Mommy
Join Date: Feb 2011
Location: Northeast Georgia
Posts: 2,144
We have several thousand dollars in a savings account for college for them and we're going to start adding to it again when my husband gets a job.

We don't have a will, which we do need to get done.

I don't have life insurance but my husband has a inheritance that, if he were to die, would get passed to Nathaniel (we weren't married when he made Nathaniel his heir and Norah wasn't born yet).

I'm pretty happy with our savings, especially since they are really young still. Though I'm going to expect them to try for scholarships to help with their schooling since their savings are going to be grouped together and we'll have around 4-5 children so they'll have to share lol
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  #10  
February 27th, 2012, 12:56 PM
RobinX02's Avatar Crazy mom of 3!
Join Date: Jun 2010
Location: Arizona, USA
Posts: 4,171
We have not yet started college funds yet. I feel bad but Im sure we will at some point. Not to mention help push our kids to be the best they can be and get scholarships.

DH has life insurance on us all through his work

No will yet either. Sometime I wish we had something incase something happened to both of us. But I can imagine trying to decide who gets out kids if that happens. Other then our kids, right now we dont have much of value.
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  #11  
February 28th, 2012, 09:22 AM
Anna.Loves.Toast's Avatar Mega Super Mommy
Join Date: Apr 2010
Location: Az
Posts: 1,612
Logan has a piggy bank with his savings in it so far For his first birthday, I'll go to the bank and start a savings account, or 529 for him. His grandfather said he would match whatever we put in. My mom also got him one of those Gerber life insurance plans when he was born. When he reaches a certain age, he can take the money and use it for college.

I don't have a life insurance policy, but SO does from when he was in the military.

Neither of us have wills, but we really need to make them.
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