Having Kids
The arrival of a new baby is a wonderful cause for celebration, and with so many changes occurring in new parents’ lives, it’s easy to overlook an issue like financial planning.
However, overlooking the financial implications of starting a family can lead to big problems down the road.
If you are about to have a baby or have recently had one, it’s likely that you’ve already thought about some of the obvious expenses, like food, clothing, and nappies. But what about the hidden costs of raising a child?
Now is the time to consider:
- Budgeting the costs of having a child
- Will you be able to support your desired lifestyle on one income and for how long?
How Can a Financial Planner Help?
Consulting with a financial planner can help your answer and prepare for the following:
- When can we afford kids? And how many kids given our goals?
- What’s the best way to save for my kids?
- How do we improve our budget?
- Can we afford to upsize our house?
- When do I need to go back to work to meet my financial commitments?
- How much do I need to earn?
- What does starting a family now mean for my long term retirement?
- How can I optimise KiwiSaver opportunities while on maternity leave?
- Can we afford private schooling?
- What happens if I cannot work – is there protection for that?
- What effect does going on maternity leave have on my income protection insurance?
- What insurance changes do I need to make to ensure my family is protected?
- Do we need a Will?
- Do we go on contribution Holidays for kiwiSaver?