9 Investments Moms Should Make In The New Year

Investments Moms Should Make In The New Year

The new year is upon us, and it’s time to make your resolutions. Why stick with overused ideas like “lose 10 pounds” or “run a 5k?” Make 2021 the year you get your financial life in order! How? It all starts with wise planning. Here are nine investments all moms should make in the new year. We hope that this Investments Moms Should Make in the New Year post inspires you. 

Investments Moms Should Make in the New Year

Disability Insurance

If 2020 taught you anything, it should be that your fate can turn on a dime. You need to prepare. And what insurers don’t tell you is that if you wait until you get sick, they probably won’t provide coverage for the ailments most likely to render you unable to work.

Now, there’s one more reason to invest in disability insurance. So-called COVID-19 “long-haulers” often continue suffering with symptoms for months after they first become infected.

Even if you work for an employer who offers generous benefits and sick leave now, there’s no guarantee your luck will hold — so please protect your ability to have an income.

If you own your own business, you surely comprehend how much you depend on your income to survive, so be sure to invest in self-employed disability insurance before it’s too late.

Life Insurance

While you don’t want to dwell on morbid topics, protecting your loved ones with life insurance is one of the wisest investments you can make. Even if you don’t have children, ask yourself whether your spouse or partner could continue to pay your bills without your contribution.

You don’t want to leave them destitute while they’re already mourning. The right policy can pay off your mortgage and take care of living expenses in the event of your death.

If you worry that you won’t qualify due to health conditions, look into coverage that doesn’t require an exam. Funerals cost a mint — you can always find final expense insurance that won’t leave your loved ones wondering how to lay you to rest.

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529 Plan

College costs continue to soar, and despite promises from some politicians, student loan relief may not occur anytime soon — if ever.

If you don’t want your children burdened with what can become a lifetime of debt, a 529 savings plan can help cover their future educational costs and save them money at tax time.

While contributions to such a plan are not deductible, the earnings grow tax-free and are not taxed as long as you use them for qualified educational expenses.

If your little ones determine that they don’t want to go to school, you can use the funds to further your learning.

Mutual Fund

Historically, the stock market keeps up with the pace of inflation far better than traditional savings accounts. However, there is a risk involved with any investment, and that factor scares many would-be investors away.

Mutual funds decrease your risk by letting experts diversify your money for you. You can select funds that align with your values and support causes like animal welfare while earning substantial returns. Talk about a win-win.

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New Home Savings

If you are a home renter, there’s bad news. Rents rose faster than inflation in 2019, and they don’t show any signs of dropping despite the millions displaced by COVID-19.

If you lease because your job sends you to a new location every few months and helps with relocation costs, it’s one thing — but many renters are already paying as much as they can afford, sometimes more.

The only answer is to get off the rental roller coaster. Start saving for a home in the new year so you can kick your landlord to the curb. If the prospect of buying a home seems impossible given your hourly pay rate versus expenses, you aren’t alone — an affordable housing crisis exists in many regions.

Consider your alternatives. Some people are opting for RV living or investing in rural land to build their homesteads.

Home Office Setup

Even if you didn’t start telecommuting, COVID-19 will likely change the economy and make such arrangements even more common in the future.

A home office setup means you’re ready to hit the ground running if your company later undergoes downsizing or your role in your organization changes.

Make sure you outfit it with a comfy chair and investigate internet speed prices, even if you don’t need to upgrade just yet.

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Fitness App

If you feel fine, you might not realize it, but your health is your number one asset. Please protect it by participating in regular exercise. Today’s collection of fitness apps makes it a snap to find something you love.

You don’t have to get dressed and go to a gym —  which is useful if the possibility of germs still leaves you iffy about sweating with others. You can get buff in the privacy of your living room.

Cookbook

Exercise is only one component of safeguarding your health. Your diet influences everything from your mood to your heart attack risk. The wisest way to get your nutrition is through food.

Your body absorbs vitamins and minerals more efficiently this way than by taking supplements. Invest in a cookbook so you can skip the drive-thru and focus on whole foods as close to their natural state as possible.

Traditional Alarm Clock

Bringing electronics into the bedroom can mean tossing and turning all night — the blue light can interfere with your circadian rhythms. Please stop using your phone as an alarm.

It’s too tempting to scroll social media at midnight. The digital display of many alarms can keep you staring at the numbers when you find Zzz’s elusive.

Instead, go for an old-fashioned dial model that you can’t see in the dark — only slap snooze. You’ll marvel at your increased productivity once you get adequate rest.

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Moms, please consider making the nine investments above in the new year. Make this year the time for taking charge of your financial future! We hope that this Investments Moms Should Make in the New Year post inspires you. Happy investing!