Growing The Family?

Having a baby is one of the most exciting times in your life. The wonders are endless but nothing can quite prepare you for the changes and that little bundle of joy will bring.  However, one area that you can get a handle on is your finances. With your focus and priorities now different, you have to start thinking about and planning for the future.

Did you know that based on current estimates raising two children from birth to leaving home can cost on average anywhere between $473,000 to $1.1 million dollars.1

With these new costs in mind, protecting your income has never been more important. Personal insurance will ensure that your family will be able to pay for food, the mortgage or rent, bills and other major expenses like education, should you no longer be able to provide for your family; whether that be for a short period of time because of illness or injury or an extended period because of death or disablement.

It’s never too late to start planning for the impact your little one will have on your family financially. Country Wide Wealth can help make sure you’re prepared and ready to meet your new financial challenges.

Our planning can help you with the following areas:

  • Setting a budget with particular attention on meeting new expenses and how your income will look
  • Saving for your child’s education
  • Buying a bigger home or renovating your existing home to meet your growing family’s needs
  • Debt management planning
  • Taking advantage of financial assistance packages such as the baby bonus, child care rebates and the Paid Parental Leave Scheme.
  • Addressing your insurance needs
  • Advice regarding the updating of your will

If you intend to be or are the primary caregiver then you will typically spend more time out of the workforce than your partner. If this is the case then it is important to consider the effect that this will have not only on your disposable income as a family but also any reductions to your superannuation contributions. If you are planning on spending time out of the workforce you may wish to consider making voluntary contributions to your superannuation in order to cushion the impact of time spent out of the workforce.

It’s an exciting time, and with all that’s going on it’s also a time when many people overlook some of the financial implications of having a baby. Our aim is help you develop a plan so you can then sit back and enjoy the new addition to your family.

Make the decision now to take charge of your finances and contact us to make an obligation FREE appointment.

 

 

1: Phillips B, Li, J, Taylor, M (2013), Cost of Kids: The Cost of Raising Children in Australia.

AMP.NATSEM Income and Wealth Report, Issue 33, May 2013, Sydney, AMP