Financial planning tips for couples with kids
Financial planning is a very important aspect of everyone’s life, however even more so if you have a family of your own to consider because you need to think about their futures as well as your own. For this reason, I think it is important to start considering all of these points as soon as you get married or have children. The earlier to start saving for your children the better, try not to put this off for too long!
Get Insurance in place for your family
If you have a family, then it may be a good idea to insure yourself in case of any unforeseen circumstances affecting your income, also consider making a will. It may sound morbid, but once you have children to think about it is best to make sure things are put in place for them. It may also be useful for you to read this article on taking out Income Protection Insurance.
Save for your child’s education
If you start factoring for your child’s future 18 years down the line then it will make things easier in the long run. It may be a good idea to try and plan investments for different milestones i.e 18 or 21 so you can get to them at different times.
Another good idea would be to set up a savings account especially for emergency funds. I know how tempting this would be to dip into once the end of the month starts creeping up on you, but try and avoid this as best you can! You can use this as a bit of a security blanket.
Teach your kids about money
Read my article on how to teach your child about money. It’s a valuable lesson to learn, especially if learned from a young age. This will help them to appreciate the value of money.If children can associate work with earning money that can also be a great way for them to earn their pocket money.
Prioritise your finances
Make sure you prioritise your finances and make a clear plan of how much is going towards each account and how often.