Growing your family
Understandably, having children leads to new parents re-assessing their life style and changing their priorities. With this comes importance of re-evaluating your financial priorities to suit this significant change.
Things to consider
Having more dependents will essentially mean that money is tighter, you have more people to feed and clothe and may need to pay for child care along with other costs that come with parenthood. It is always worthwise to put money aside for both planned and unplanned expenditures, especially now that it's not you who depends on your income. Having money put aside can be a big help when your child has grown out of another pair of school shoes!
Along with the increased costs many people see a drop in income, this may be over the short term due to maternity leave, or could be longer term if one of both partners decide to reduce their hours or give up work all together in order to look after the children. The best way to prepare for this is to work out a budget How to prepare so you can see where you stand.
When faced with additional costs or a lack of income many people are tempted to offset this deficit by cancelling their insurance. This is always risky and could make matters worse should something unexpected happen. Protection plans are designed to help your family should anything happen and an adviser can always help you in determining you protection needs, review your situation and make certain that you have the correct cover.
If you do find that you have money to spare, you or other family members may wish to save or invest for your children’s futures. You may wish to help them through university, plan for a wedding, help them buy a first car or even a home. A financial adviser can help you find the best way to do this depending on your needs and time frame.
You might want to consider a professional who advises on some or all of the following product areas: Investment, Pension and/or Protection.