Having a Baby
Having a baby is an exciting time so you don’t want money worries spoiling things. But the new arrival is likely to mean some big changes to your family finances. With a bit of planning you can keep your finances under control and enjoy all the great things about parenting. There are also plenty more changes ahead as your child grows older or if you have new additions to your family.
Protecting your new family
You may not have seen a need for life insurance before but now is the time to consider it. If you or your partner died, how would your family cope financially?
If you already have life insurance, it’s a good idea to check your policy before your baby is born. You may need to increase it.
Other types of insurance may also be worth considering, such as income protection for the working parent. However this can be expensive so check your budget first.
If you haven’t already, now is the time to make a will or update your existing one. It’s never nice to think about, but it is important to nominate a legal guardian for your child in case you and your partner die. If you have a more complex personal or financial situation – for example you own your own business or are recently separated, you may need to consider other types of asset protection such as a family trust. Start your budget planning now, don’t leave it until the last minute.