The importance of financial planning for your family
Financial planning can mean more freedom to focus on spending time with your new family. By considering things like your budget and savings, you can build a plan to work towards achieving your financial goals.
What to consider financially when planning a family
When you’re planning on starting or expanding your family, here are some things to consider:
- what are your parental leave entitlements?
- who will take parental leave?
- who will be the primary caregiver?
- whether you can manage on one income
- if not, what are your childcare options, including the cost?
- do you need a mortgage repayment holiday, and if so, can you get one?
- when and how you’ll return to work?
- insurance and healthcare to make sure your family is properly protected
- a financial review (do you have a plan? Is it current?)
- what family assistance subsidies, if any, you’re entitled to.
With this many things to consider, and a lifetime of goals to achieve, getting some professional help from a qualified financial Adviser may be just what you need.
Get prepared with a financial review with someone you trust
Starting or growing your family is a great time to consider having a session with a qualified financial Adviser. This will help you to get clear on your goals and the plan you need to put in place to achieve these for your family.
How an Adviser can help
An Adviser can help you by:
- Identifying and articulating your goals – Your Adviser will spend time getting to know you and understanding your goals and what this means in terms of financial considerations.
- Identifying your priorities – With your goals in mind, your Adviser will consider your lifestyle, needs, dependants, debts, occupation, income and health.
- Balancing your risks – Your Adviser will work with you to understand where your areas of risk are and talk through ideas on how to be protected from these.
- Planning your savings and investment goals – As well as understanding your exposure to risk, an Adviser specialising in risk and investments may also look at what could be put in place in terms of savings and/or investments to help achieve your goals.
- Staying within your budget – Insurance cover and savings won’t help you if it makes your day-to-day finances too tight for comfort. Your Adviser should be able to provide guidance on how to get the most out of your available budget.
- Offering options – Once your Adviser understands your goals, risk and budgets they can talk you through your possible options.
- Keeping in touch – Your Adviser will be in touch with you regularly to make sure you are getting the most out of your solutions and to make sure what you have is still relevant over time. If the time comes for you to make a claim, you can call your Adviser for help. Their knowledge and advice can make all the difference at a stressful time.