The birth of a child
The birth of a child is a major financial event in a household and many preparations should be made:
Unmarried couples should consider the advantages and drawbacks of marriage from a financial point of view.
Additional expenses and a reduction in income at least for a time while one, or even both of the parents stay at home to look after the child
It is worth compiling a short-term and long-term budget for immediate expenses and then long-term implications for maintaining and educating the child.
Changes to protection products such as life assurance and health insurance
There may be a requirement to move to a larger home
The wills should be made or reviewed if the parents have not already done so.
Parents or grandparents may wish to invest funds for the benefit of the child
Financial Planning Areas
- Advice on life assurance and other financial protection
- Budgeting with new income/expenditure
- Saving for future costs such as child care, education
- Mortgage advice on moving to a larger home (Achieve Financial Planning Ltd does not offer mortgage advice)
- Reviewing wills