- As your family grows, its needs change. Soon, you may need to buy a home, take family holidays, pay for your children’s education and grow your wealth and retirement nest egg. It’s important to put in place a plan for these future goals to help ensure that you are able to achieve them.
- Many couples start their married life with a loan for their wedding. This impacts their wealth creation and they struggle to meet their own goals such as buying a house, car, etc. Setting a realistic wedding budget that is affordable and won’t break the bank or your parent retirement fund is crucial.
- Create a budget
- Include medical expenses in your family finance planning;
- Consider other upfront and ongoing costs such as pram, cot, clothes, childcare, food, and nappies;
- Research your employer entitlements and explore the government’s paid parental leave scheme;
- Investigate other government assistance options such as family tax benefit;
- Create a family budget with the information you’ve collected; and
- Remember that having the most expensive everything is not what matters in the long run
- Prioritise reducing your existing debts if you can, especially high-interest debt, prior to starting a family.
- Establish an Emergency Fund, which ideally, should cover at least three months.
- Consider your will and overall estate plan to ensure that your estate and superannuation is distributed according to your wishes.
- Consider protecting your family’s financial future with Life and Income Protection Insurance.
https://moneysmart.gov.au/getting-married
