Blog: Planning for a family
Beginning a family is one of life’s great rites of passage:
everything you thought you knew is about to change forever. Whilst a joyful and wondrous time, beginning a family is also
a costly adventure (the average cost of raising two kids being currently a little over $800,000) – so in between painting the
nursery and buying the crib, take time to plan for your child’s future.
Have you thought about the immediate costs of taking time off work? Check your leave entitlements early (hopefully you’ve some holiday leave tucked away), then formulate a savings plan around any income gaps in advance. Don’t forget to check-in with the Government’s Department of Human Services to see what parental benefits may be available, too. Every little bit helps, particularly if it helps you stay away from those all-too-convenient credit cards.
Have you thought about future schooling for your little darling? You might like to invest in a small property on your child’s behalf, or purchase shares to be later cashed in to pay for a private school education.
Remember – sleepless nights put enough pressure on happy relationships: alleviate any additional new-parent stress by tackling some key financial issues now.