How can I ensure the financial security of my family?

When you think about money matters, you probably think of things like investing in the market or saving for your retirement. These are certainly important goals and ones to which we all aspire. But when working towards financial security, we believe it's also important that you take steps to help protect your financial health.

Have you ever thought about what would happen to you or your family if you lost your job or became disabled? And if you were to die, would your loved ones get burdened with your debts and tax bills?

It's certainly not a pleasant thing to think about. But these are important considerations when it comes to your financial security.

Where to Begin
The first thing you can do, if you haven't already, is establish an emergency fund. A reserve with at least three months of income can offer a cushion for any unexpected situations such as an extended illness or the loss of a job. But to really help protect yourself, your family and your assets, you should consider additional measures.

The Big Picture
If you're young and healthy, you might initially scoff at the idea of disability and life insurance. But as they say, accidents happen. If you are involved in one, you undoubtedly want to help to ensure that you and your loved ones are protected. Even if it's a brief disability, the result of an accident or a serious illness, having a short- or long-term disability policy and/or life insurance is key.

Another important step in helping to ensure your financial security is avoiding debt. While it's easy and tempting to buy a new TV - or even a whole new entertainment system on your credit card or by hire purchase - debt can be crippling to your financial health. Credit cards should be used for purchases that you can afford to pay off; the "buy now, pay later" philosophy can be a trap. The best thing you can do is to remember that if you can't afford to buy something, don't.

Get Started
Gaining financial security might mean different things to different people. To learn how Edward Jones can help identify and prioritise your needs and develop a plan to help make you more financially independent, contact your local financial adviser.