Essential Financial Family Planning

Posted on 26. Jul, 2013 by in Your Wealthy Life

New baby

For any couple, the decision to start a family is a huge one. This is not just because of the social and care giving responsibilities that you face as new parents but also because of the financial implications, both immediate and future.

Even if you feel that you are in a stable enough position to cater to a new baby’s immediate financial needs, it is important that you also think about the future when it comes to your new family. You need to ensure you will be in a good financial position on a long term basis, which means looking at factors such as any debt you owe and how you can get this cleared before you start your family. If you have debt problems and need advice about the best route to take, try speaking to experts at places such as consolidation companies for advice.

If you do decide that you are going to start a family, some of the financial considerations you will need to think about include:

Opening a savings account

After you have your child, you should look at opening a savings account for him or her as soon as possible to get the ball rolling. You can look at opening a Junior ISA, which allows for tax free savings on a long term basis. In the run up to your baby’s arrival, take some time to look around at different options. This account can be used to save money for your child’s education, first car, or even towards their first home.

Amending your will

If you already have a will in place, you will need to look at getting it amended once the baby comes along. It is all too easy to forget something like this when you get caught up with your new baby, but if you fail to make the necessary changes your child’s life could be more difficult in the future in the event that something happens to you or your partner.

Making amendments to your insurance

It is also important to look at things such as your life and health insurance in order to ensure your new situation is reflected and your new addition is catered for. Again, failure to do this could impact on your child if something happens to you, or them further down the line.

These are three very simple, but key financial considerations you will need to look at before or when your new baby comes along. By doing this, you can ensure you are looking out for your child’s financial wellbeing now and into the future.

What steps have you taken to ensure a secure future for your family?

Image by clevercupcakes

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