- March 8, 2017
- Posted by: Ethica Private Wealth
- Category: Blog
Most of us know how expensive life can be just for adults, but throw kids into the mix, and the expenses often seem as though they have tripled. It is supposed to be one of the happiest times of your life, and it can be, with some of the proper planning in place.
Start with Your Finances
No one can be fully prepared for every scenario in life, which is why it is important to plan ahead as much as possible to help make challenging times much easier to endure. Anyone can get started on their family planning by starting with their finances first. It’s probably the best place anyone can start.
It’s important for couples or anyone involved in raising the family to talk about money. It’s important to discuss how much money couples feel they will need to put aside to help them prepare for bringing children into the world. It’s important to understand who will be the primary caregiver, who is going to work, and if childcare costs are necessary.
If couples can clearly answer these questions, they will know what they need to do to prepare financially, how much to save, and where to cut costs and spending. Developing these habits beforehand, will help keep priorities in check well after baby arrives.
It’s Never Too Soon to Start Planning
Couples can make these preparations during pregnancy as well, and should start as soon as possible, whether before pregnancy or after. To help you get started, you can also try talking with anyone who has already had children and ask them what you will need and what kind of cost savings you can take advantage of. It’s best to check with the “experts” before rushing out and buying the latest, and probably the most expensive, baby supplies. It can also be helpful to know what other types of savings you can find even after your baby is born.
It’s also important for soon-to-be parents to check into the different childcare options available, especially if both parents intend to work after baby arrives. Planning parents should also check into possible entitlements and any government programs available, especially in the case where the mother might be a single parent.
As mentioned earlier, it is not possible to plan for every single life event because life often throws unexpected curve balls, but starting with our finances is actually the one place where we can have the most control when it comes to anything in life. If you’re thinking of starting a family, or about to start one and you live on the Sunshine Coast, consider talking with one of our financial planners to help you get started on your financial planning right away.