Starting a family

Starting a family can be an exciting and rewarding time of your life. With the birth of a child, the new life stage ideally should be accompanied by a new budget.

Preparations in the lead up to the arrival of your child could include furnishing the nursery, investing in a pram and numerous day-to-day costs of looking after a baby. This may be closely followed by child care costs and, before you know it, schooling and tuition fees.

Financial decisions need to be made and it certainly helps to plan ahead for such an important life-event. Particularly because the financial costs associated with having and raising children can be surprising. You may also take into account that starting a family could mean a change from two incomes to one for a period of time.

An adviser can ensure these expenses are planned for and that your family is well protected.