Financial Planning for Parents

Are you expecting a new family member? 

 

Starting a family is an exciting and momentous occasion for any couple, however the need to provide for your new family and give as many opportunities as possible is quite overwhelming.
The expense of raising children becomes quickly apparent but you shouldn’t lose sleep over it. We've got a few tips below on how to welcome the newbie in to the family. 


Financial planning for new parents and young families is critical at the early stages of parenthood.

If you’re new to the concept of financial planning – check out our blog on “How financial planning works” for a basic overview. 

If you’re an expectant parent then some key things to talk to your financial adviser about are:Re-working your budget in advance

o  Review your goals with your child in mind
o  Estimate childcare costs
o  Review insurances
o  How you will manage surviving on only one income

 Forbes has come up with a “checklist” for new parents as a start, below are a few keys points that we agree with that we think you should read.

o  Add your baby to your health insurance – for those unexpected doctor’s visits
o  Draw up a will and assign a guardian, to make sure your new baby has a home to go to should the worst happen to you

forbes 
Click to view checklist 

 

 If you need someone to talk to and guide you through our planning process why not contact on of our advisers today. 

 

Happy Parenting!

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