Starting a Family
You just had a child or have one on the way? Now is the time to plan a healthy financial future for your entire family. A few smart steps now can go a long way.
Budget for baby
To get started, take stock of your family's financial resources-your assets, debts, income and expenses-and put together a budget that accounts for your newest member.
Be sure to include both one-time and ongoing expenses for your new family member, such as health care, day-care or school, baby furniture, items like car seats, clothes, shoes and diapers.
Our Budget Calculator can help you start working out figures.
Check your safety net
It sounds like a cliché, but no matter how well you take care of yourself, your family and your property, the unexpected can always happen.
If you don't have a good safety net in place, an accident, illness, major car or home repair or job loss could severely deplete your family's finances.
To protect your family, be sure you have:
An emergency fund. If your situation is typical, you probably want this fund to be able to pay all your expenses for three or more months should you temporarily be without income.
Your emergency fund doesn't have to be in cash-you may have it in low-risk, liquid investments, such as an online saving account or a cash management trust.
Insurance. Make sure your family always has appropriate health, car, life and homeowner's insurance. This stage of life is one where a sound financial foundation is essential to protect the financial well being of your family.
A will. Now that you have children, make sure your will is updated to include them. If you don't already have a will, now is the time to make one.
Appointed guardians. When you update your will, be sure to set up a guardian or guardians for your underage children should you become unable to care for them.
Current beneficiaries listed on your financial accounts such as your superannuation account (ie your spouse and/or your children).
Consider your goals
Even though you're focused on your newest family member right now, don't forget that you still have financial goals-goals for your child's future, but also goals for your family as a whole and goals for yourself.
Write down all of your financial goals, both shared and individual. Do you want to buy a larger house? Take regular family vacations? Save for your child's education? Go back to school yourself someday? Write down how soon you hope to achieve each goal, and try to prioritise them as well.
Be sure to consider:
Private School. You may think you don't have enough to start saving for your child's education right now-but with time and compounding, even a small amount can grow into a significant fund down the road. It's okay to start small-what's important is starting.
Your future. Don't forget one of the most important goals for which you can plan: retirement. Don't neglect your retirement savings when you start saving for your children's education.After all, you or your child may be able to borrow money for tuition-but you probably won't be able to borrow money to retire. If you're funding a child's education, don't rely on the child to take care of you financially in your old age, either-your child may have financial or health issues of their own at that time.
Don't be afraid to ask for help
Striking a balance between a comfortable family life now and funding everyone's future needs can be tricky. But it doesn't have to be impossible. We can help you with goal setting and planning to get you on the right track, making your dreams a reality and staying the course.
To plan a course of action which will ultimately lead to a better life style in my retirement
To work on my business strategy, manage my business for greater profitability and help with my ongoing taxation compliance obligations
When I need help to negotiate the maze of options available to me and to make sure I am fully informed before making any decisions.
 | Financial Planner Dip FP, CFP Licensed Dealer in Securities & Registered Life Insurance Broker. Winner of the prestigious National "Securitor Adviser of the Year" Award for 2008. |
 | Financial Planner Dip FP, CFP, Grad Dip Mgt Licensed Dealer in Securities & Registered Life Insurance Broker. |
 | Accountant BA(ACC) CA FTIA AICD Member of the Institute of Chartered Accountants and Justice of the Peace for SA |
 | Financial Planner Dip FP Licensed Dealer in Securities & Registered Life Insurance Broker. Winner of the prestigious 2009 Securitor "Rising Star of the Year Award" |
 | Mortgage Specialist Cert IV Mortgage & Finance Services, AMC. Winner of the prestigious SA/NT Rookie of the Year Award 2008/09 |