Having a family is a costly affair. Not only do you have the initial outlay of prams, cots, nappies and everything else that comes with a newborn; then there is the reduction in pay if you are taking time away from work, the cost of childcare if you are returning to work and much more to consider. Take a look at our Quick Guide to Financial Family Planning to give you some pointers of what you should be taking into consideration.
Work out a budget
If you create a budget you will have better visibility over your finances. You will see a clearer breakdown of where your income is distributed, between bills, mortgage/rent costs, weekly shopping etc. You’ll be left with an amount that you can then save or use for particular items, or use towards costs that you will have to factor in, such as childcare, or to pay off any debts you may have.
Are you protected?
Do you have insurance cover in case of illness, redundancy, accidents or death? It is important, especially when having a family to ensure that you are adequately covered by insurance for such circumstances.
Have you made a Will?
It’s not the nicest thought but it is a sensible one. Making sure that you have a Will in place will ensure that if the worst should happen, your wishes will be fulfilled in terms of next of kin for your child/children and where/who your assets such as property, businesses etc will be turned over to.
Benefits you may be entitled to
Make sure that you look into what benefits you may be entitled to, as you may be missing out of additional allowances that could assist you in your financial situation.
Savings for your children
We all want to make sure we give our children the best opportunities and one way you can help provide for their future is by setting up a Junior ISA. This can be accessed by your child when they turn 18. Education can also be a costly outlay to plan for. You know that you have 11 years until your child will go to senior school, and 18 years for University. With this in mind, if you are really organised with your financial planning, you can set aside a certain amount of money each month, that will go towards school trips, books and tuition fees in the future.
Do you need to upsize?
If you are planning on having additional children, this may mean that you will need a bigger house. This is also something to consider, and factor into your financial plan.
There are so many factors to consider, but don’t be overwhelmed. Our team of financial advisors are equipped to offer you advice and guidance on these areas. If you would like some advice and guidance on family financial planning, our trusted and knowledgeable advisors at Cotswold Financial Planning are here to assist you in your financial queries. Contact us on 01608 651608 or via our enquiry form and we will be happy to discuss your requirements.