Expenses to consider for Family and Business Insurance and Financial Planning
When considering insurances you need to look at a variety of information and expense. It is not only paying the mortgage but buying the food, kids sport, etc. So when thinking of which expenses to cover, remember everything you can to help you more.
Some examples are:
Repaying debts:
Credit cards,
Personal loans,
Mortgages,
Business loans,
Family loans
As well as:
Cost of Weekly food and petrol
Monthly Bills – rates, electricity, insurances
Kids schooling – sport, uniforms, excursions, shoes.
Other considerations are:
Any capital gains tax or personal taxes due
Funeral Expenses:
Church/parish/cemetery
Costs related to burial,
WAKE - get together afterwards
Emergency 50% of annual income to cover expenses
Children’s education
Some thoughts can also be towards about 10 x annual salary – which is income for about 10 years.
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