A Breadwinner’s Guide to Long-Term Financial Security

by | Sep 20, 2024 | Live Secure, Life Insurance

Are you the breadwinner in your family? While you might take this role very seriously, it’s a task that is not getting any easier in the fluctuating economic climate. Fortunately, there are well-researched and tested methods to succeed at achieving long-term financial security. Others have done it; they are still doing it and you can too. 

This breadwinner’s guide offers hope in the form of long-term financial security for your family so you can confidently provide for their financial needs when you are not around.

Start Budgeting

A great place to start when planning your financial future is to create a budget that is unique to your income and your family’s needs. You may find helpful budgeting guides and templates online or you could ask your financial advisor to assist, but this is really something that should be tailored to you. 

There is no one-size-fits-all budgeting solution. According to the 50-30-20 rule, 50% of your post-tax income should cover your needs, 30% can be allocated to your wants, and 20% is for savings. Try this rule out and customise it to match your financial goals.

Build a Rainy-Day Fund

Every breadwinner needs to have a rainy-day fund. This is essentially an emergency fund that you save for every month and don’t touch except in case of an emergency such as hospital bills or urgent home repairs. 

Another tip when considering the long term is to start saving for retirement early. Don’t be fooled by your financial security now because you won’t be employed forever. Both you and your family deserve to be well taken care of even after you retire, and by investing now, you will have peace of mind, especially if you have to retire early for medical reasons.

Consider Life Insurance

Life insurance is a very real and advisable option for breadwinners. It can help you secure your family’s financial well-being in the unfortunate circumstance you are no longer able to. 

For example: With the Life and Live Secure Benefit from Workerslife, your dependents will be covered with up to 80% of your monthly income in the event of  your death. It also provides funeral cover. 

Highlights of the Life and Live Secure Benefit:

  • No medical examinations
  • Premiums starting at R100 per month

Protecting Your Family is Easier Than You Thought

The most important thing to remember when planning your family’s long-term financial security is to take it one day at a time—just start. Talk about it with your spouse and your life insurance advisor and be patient. You may not see results immediately, but with an experienced team like Workerslife by your side, you’ll get there. 

Speak to our accredited financial advisors today and protect your family’s future.