How do you make a family financial plan?
There are a lot of things on your mind when it comes to starting a family. Amidst all the baby books, nursery decorating and choosing which pram is best, there’s a need to manage the financial framework that will support all this and more. Learning how to budget is a big part of this (and you may think you’re OK at it). However, when you have a baby it’s time to level up!
We can show you how to create a family budget planner. You can use this as an exercise in accounting for unplanned expenses. Lining up your plan with your actual spending can allow you to track where you are going right, or wrong. This sets you up to be more disciplined, forward-thinking and flexible enough to know where you need to be financially in order to support your family’s future lifestyle.
The role of insurance in your financial plan
Your financial plan will extend to such aspects as insurance. Obviously, this is because many medical expenses come with pregnancy, childbirth and raising a family. From prenatal to antenatal care, there is a slew of ultrasounds, check-ups, procedures and vaccinations that will need to be taken care of. You’ll need to factor in the cost of medical cover and out-of-pocket expenses even if/when you have the right coverage established.
While it can feel like a bit of a dent in your finances, taking out insurance (particularly life insurance) has its silver linings. It’s the assurance in knowing your family will be taken care of should something untoward happen to you/your partner. You can lay the groundwork for such things as pre-funding your children’s education and maintaining a mortgage on the family home. We can help you to decide on an insurance policy that suits your circumstances and your budget.
