Starting a family


Starting a family is always an exciting time but it is crucial to start thinking about building a solid financial plan to cover associated costs, whether these are expected or not.

Things to consider

Beforehand it is a good idea to start to put money aside to top up your maternity, paternity or adoption benefits. Perhaps workout what your income and outgoings will be using our budget planner , once you have an idea of what you will be spending you will know whether you will have a deficit and how much you will need to save to make up for this. An adviser may be able to recommend a suitable regular savings plan so you can prepare for when the child arrives.

Starting a family often causes people to think to the future, you may want to save or invest for future plans like childcare, education or further in the future like your child’s wedding or university costs. It is even possible to start to invest in a pension for a child, it really is never too early to start saving for retirement! Whatever you are planning it is a good idea to speak to an adviser to ensure your money is in the best place for you.

When your family grows it is really important to review your protection provision, people often take out more life cover if they increase their mortgage but forget to look into it when they increase their family. No one likes to think about it but it is really important how your family would cope financially if you or your partner were to become sick, have an accident or die. A financial adviser can help you to protect your family and ensure they can continue to have the life style you want them to no matter what happens.


You might want to consider a professional who advises on some or all of the following product areas: Investment and/or Protection.