Starting a Family
Posted on 02/08/2016
Author: Nicholas Kourouvanis
Congratulations! You’re about to start a family. This is a very exciting time, but it’s true to say the game changes when you have children. Financial matters that once upon a time may have seemed trivial are now of the utmost importance. The good news is, with some savvy financial planning, you can secure your family’s future in the years to come.
The cost of raising two kids from birth to age twenty-one in Australia is $821,000.
By following these 5 DOs and DON’Ts you can ensure that you make the most of every opportunity. Amega Financial Solutions specialises in financial planning and debt strategies designed to assist the hard working Australian family enjoy life and build a secure financial future.
- Meet with a Financial Planner to discuss your financial goals and review your cash flow position.
- Start a SAVING PLAN NOW and CUT UP the credit card because income is affected when a primary carer takes time out of the workforce
- Start an achievable BUDGET for life with a baby, factoring in new expenses such as day care etc.
- Ensure you INSURE as life with a dependent is a totally different ball game
- PLAN YOUR ESTATE and nominate a guardian if a tragic event prevents you from being there for your child
- LEAVE THINGS TO THE LAST MINUTE as you will be overwhelmed. It’s amazing how quickly a baby comes along.
- USE THE CREDIT CARD to purchase things like the cot and the pram
- THINK THINGS WON’T CHANGE and you will continue to live life without sacrifices.
- GO OVERBOARD and spend beyond your means
- GO IT ALONE and neglect to source appropriate professional financial advice to create a plan.
Put your mind at ease and start planning your financial future now. We offer a complimentary consultation so you don’t need to do it alone. Together we can get you BABY READY!
*According to a report from AMP and the National Centre for Social and Economic Modelling
General Advice Disclosure:
This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person.
You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser,
AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.