The birth of a child

Lifestyle

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