While becoming a family is an amazing experience, it is also a life changing experience. Nothing is ever the same again! And it costs a fortune!!
At a time when every aspect of your life is changing, the last thing you want to think about is money.
But while there may not be ways to reduce the financial commitments, there are things you can do to plan and manage them more effectively.
Some questions you may wish to consider include:
- What happens to my job while I’m on parental leave?
- Can I afford to be off work for a year?
- Will we be entitled to any government benefits?
- What is the Baby Bonus tax refund?
- How much do I need to earn to make going back to work worthwhile?
- What happens to my super while I’m on parental leave?
- My insurance premiums are paid through my superannuation. What happens to my insurance cover while I’m on parental leave?
- Do I need a Will?
- Is there insurance cover for my child in case of accident or illness.
- Develop a plan for your goals and your timeframe.
- Set a budget prior to having a family or if you’re off work with a family.
- Develop an investment strategy to accumulate money for long term goals like private education.
- Review, recommend and arrange appropriate insurances.
- Recommend superannuation strategies to help you continue saving for retirement and minimise the total tax you are paying right now.
- Recommend if you need a Will or need to review your Will.
- Advise you when you need to see an accountant or solicitor.