MAXIMISE YOUR MONEY
5-DAY CHALLENGE
SORTED MONEY MONTH
1 – 31 AUGUST 2023
Maximise your money in your 30s: 7 – 11 August
Day 1: Be financially prepared when starting a family
Becoming parents is an exciting new chapter in your life that comes with its share of responsibilities and financial considerations. Whether you are in your early 30s or any other stage of life, being financially prepared is essential for a stable and secure future for both you and your family.
Ensure your family’s financial security with this useful tip:
Shape your future and your family’s well-being by having a plan
Starting a family is an exciting milestone and being financially prepared is essential as it lays the foundation for a stable and secure future for both parents and children. Some areas to consider include how you will manage parental leave and potential loss of income, childcare costs, extracurricular activities, and other child-related expenses that lie ahead. You might also contemplate how to balance your short-term financial responsibilities with long-term goals. Take time to assess your current financial situation thoroughly. This honest evaluation will help you identify areas that require attention and potential improvements.
Seeking guidance from a professional financial adviser can be beneficial during this phase. A financial adviser can provide a comprehensive financial analysis, create a tailored plan and offer expert advice on budgeting, investments and risk management.
Have you considered, for example, how you’d cope if one of you became sick or injured and couldn’t work? Re-evaluating your life and health insurance is also part of the process of becoming a family, and is especially important if you’re going to be a solo parent. Talk to a financial adviser about what life insurance options are available to meet your needs.
Working with a financial adviser can give you the confidence to make well-informed decisions and help you make positive changes that will shape your future and the well-being of your growing family.
Having a child is a life-changing experience and being financially prepared can alleviate stress and provide peace of mind. With careful planning and discipline, you can ensure your family’s financial security, allowing you to focus on the joys and responsibilities of parenthood while building a bright future together.
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