SO, you’re looking to grow your family – how exciting! Whether you’re a first time parent, or you’re just about to introduce more members to the tribe, it’s bound to be a fun and challenging time ahead.
In pursuit of a family, we can often be so caught up in preparing how our lives are about to change from a personal perspective, it can be easy to overlook what we’ll need to adapt financially. We’ve put together a couple of ‘wish I knew that before’ tips that should help.
Upgrading the big ticket items
What we’ve found is that as a parent, it’s tricky to overestimate the importance of space. Kids just need space, and raising them needs space. Space for them to play, for their things, and yes, sometimes, to get away from them. 😀 This is the case both at home and on the road, but often parents don’t realise this until it’s too late.
- Upgrading your home: Your next steps on the property ladder will of course depend on where you find yourself when your family starts to grow. If you’re metro, and renting is the option you’ve chosen, picking up a place an extra bedroom or two shouldn’t represent that big of a jump in price. If you’re looking to stop renting and buy your first place, add extra space to your current place with a renovation or build a new home with all the mod-cons, our Property How-To Guides have all the info you’ll need. Plus, don’t forget to check out our range of Home Loan Property Calculators and Tools.
- Upgrading your Car: You may not realise you need a bigger car until you feel the squeeze on your first Christmas or holiday away as a family. Trust us, though, as soon as you notice the lack of space, you’ll want some family wheels pronto. Get all the info you’ll need to secure the family auto, whether new or used, in our Handy How To Guides and New Car Loan.
Money is important in every stage of our adult life, but when we introduce children into the equation of our lives, the stakes are raised. Suddenly, our income is being relied upon by a child, and in many cases, a partner who may be off work on reduced income, depending on the length of parental leave taken post-birth. Your budgeting skills will come into play now more than ever, so get them right – brush up with our Budgeting refresher course, use our handy online calculator, and open a savings account that will make your money work harder.
Know your entitlements
Many parents overlook what they may be entitled to as they begin to raise a family, especially those who have never received any form of Government support or assistance, or those who have always had two financially comfortable incomes. While it’s true that your financial situation will be taken into account when determining your eligibility for things like Family Support allowances through MyGov, every little helps.
Protect what’s important
It’s usually only once we experience big changes in our lives that we start looking at the need for protecting what we have. Having the right insurance to cover your assets, income and way of life is important, as is planning for your family’s future. Doing all of these on your own would be tough as a single, so as a time-poor parent, it can all become too much and get neglected.
By speaking to a Financial Planner, you and your partner can assess what’s truly important to you and establish a strategy to both protect your assets and grow financially into the future. A Bridges Financial Planner can help with things such as Life Insurance, Retirement and Investment Planning, Superannuation and more. Why not book an obligation free consultation with a Bridges Planner today?