Crushed Pink

My husband and I have finally taken the first step in securing our future. We finally bought our first life insurance.

But what is life insurance?

Life insurance will protect your family from financial devastation in case the breadwinner dies.

It is a must for families with small children.

Our family has two small children – our eldest is only 7 and the youngest 1 year old. God forbid, but in case something happens to my husband then that would leave our family no income for the first few months. I would need to find a job and leave my young children and we’ll try to live on one income.

So you can imagine the loss our family would feel – losing our loved one is hard enough and the last thing we need is financial ruin.

If we have life insurance then we’ll have a lump sum that we can spend to get back on our feet. I can use the money to start a business or use it on our needs while I search for a job.

So now that you know what life insurance is and what you will need it for my question to ask you is, do you need life insurance?

Being a wife and a mom it’s my responsibility to keep a budget to track our monthly expenses.  Unfortunately, I have been remiss in my duties and have failed to do so.  In our five years of being a couple I have never tracked our expenses.  We’re just so lucky that we have survived five years without incurring a huge debt even though we were living with one income.  I credit that to us being frugal and not having a credit card for the most part of our married life.

Now, things have changed.  We have a credit card and we are now a two-income household.  Although we are still debt free I am frustrated because we haven’t been successful in saving.  I think it’s because we are not living on a budget.  That is why I’m going to change things by budgeting our money.  I have started at the beginning of the month by writing down all our expenses.  Unfortunately, I had a hard time tracking our expenses by group this way.  So I’m changing my strategy by downloading YNAB. YNAB is a budgeting software that allows you to track your expenses each month. What’s good with this software is you can have a report of all your expenses at the end of the month. The downside is the price – it’s almost $60. My husband would definitely disapprove if I told him I bought this. So I’m trying the 7-day free trial first. Will let you know about my experience in future.