Secure?!

[CPHB2021]

When do you class yourself as secure enough to stop worrying financially?

25 and DH is 29
We are home owners ( shared ownership ) at 75%
2 DC and one on the way
Low double figures in savings
Save every month but we don't have much to spare.

I am questioning when people class themselves as secure or having made it.

Think we will always feel we have a mediocre lifestyle and unless one of us had a sudden career change or inheritance, we will always be in a similar position

Do you have critical illness cover? That gave us some security after Dh was ill in his mid 30s. Imo it not just about material wealth, it's about planning too. So insurance, Powers of Attorney and wills in the immediate term, and investments and pensions long term.

@Thissucksmonkeynuts

Do you have critical illness cover? That gave us some security after Dh was ill in his mid 30s. Imo it not just about material wealth, it's about planning too. So insurance, Powers of Attorney and wills in the immediate term, and investments and pensions long term.

We have life insurance but not CI. Definitely something we should get. Thank you.

Please do, dh has been unable to work full time since then, it takes a whole layer of stress off a shit situation. All the best with baby number 3.

The point where I think I felt fully secure financially is when both my husband and my incomes got to the point where we could survive comfortably if either of us had to give up work.

I would highly recommend listening to Meaningful Money podcast. You are young enough to make a huge difference to your future financial position through compound interest in your pensions and ISA.

I'm nearly 50 and only had an ISA for 2 years. My pension is v low. I didn't know non earners (or non tax payers) can pay in £2880 in a pension and receive tax relief. I hadn't paid into a pension for 15 years.

Vanguard is a great investment platform to have an ISA and a SIPP. Junior ISA for children, even if it's just somewhere to put some Christmas and birthday money.

It is possible to change your future finances. Wish I'd known about this at your age

I’d look into income protection too!

Critical illness cover pays out for specifically listed conditions
Income protection pays you a salary if you are unable to work (it’s pricey but for us it’s the biggest safety net)

@ChocolateHelps

I would highly recommend listening to Meaningful Money podcast. You are young enough to make a huge difference to your future financial position through compound interest in your pensions and ISA.

I'm nearly 50 and only had an ISA for 2 years. My pension is v low. I didn't know non earners (or non tax payers) can pay in £2880 in a pension and receive tax relief. I hadn't paid into a pension for 15 years.

Vanguard is a great investment platform to have an ISA and a SIPP. Junior ISA for children, even if it's just somewhere to put some Christmas and birthday money.

It is possible to change your future finances. Wish I'd known about this at your age

Thankyou. Really helpful advice. I am certainly looking into how best to invest our money. I should add, the savings we already have is split half in immediate assess and the other half in premium bonds. Our DC both have 2k in savings so far and would love find out more about having it in the 'right' place. Perhaps I will seek help from a FA.

I believe that you are supposed to have 6 months worth of wages in the bank, just in case.