FINANCIAL CHECKS BEFORE HAVING A BABY

FINANCIAL CHECKS BEFORE HAVING A BABY

You don’t have to be a rocket scientist to guess that having a baby is going to make some changes to your finances…. But there are some really sneaky ones that you probably aren’t aware of that you need to be. So let’s chat about the top three ones.

Tell Me Brent, what impact does having a baby have on

  1. Insurance
  2. Superannuation
  3. Ability to lend

If you are not where you want to be financially, you need a financial coach to help you get there. Do your future a favour, and book a no obligation free chat with the team at Kelly Wealth to find out how they can help you today.

 

The Big Decisions:

  •  How are we going to survive on one income or a reduced Income?  (Budgeting / cash flow management).
  • What one off expenses do we need to budget for?   (Cots, change tables, clothes, car seats , porta cots, Prams ) They all add up.
  • Home modifications??   Do we need more room or a bigger house.
  • Upgrade the car (My partners two door 4X4 is not a “family vehicle” or the small car will no longer meet our needs.)

 

Other Important considerations:

  •  Income support services.  (Paid Maternity & Paternity leave arrangements & Support, Family Tax Benefits part A & B).
  • Personal Insurances.  (Now that I am a grown up you need to consider Life insurances & income protection to protect your family).
  • Also need to consider Estate planning.  Who receives the benefits of estate if you pass away and who do you want to look after  money for the benefit of child and more importantly who would you want to look after the child in the event of parents passing away.
  • Starting a saving or investment plan for the child’s education in the future.

 

How can Kelly Wealth Services Assist:

  •  We provide budgeting and cash flow advice.
  • We can provide a review of your Mortgage and other loans.
  • Lainie can provide finance if you need to upgrade the house or vehicle.
  • We provide personal insurance advice.  (How much do I need? Do you have cover inside your super already?  Is it a good quality cover?)
  • We can provide investment advice on saving for children’s future needs.

 

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