Sex has a lot to answer for ? babies usually ? which then with time and much financial investment grow up to be beautiful mutations of their parents. Yet as the family absorbs more money as it grows, the need for financial planning and protection becomes more important. So, where do you start and how do you move your finances forward?
First of all there are "The Considerations":
* If surplus funds become available, could these be invested? If so, will you choose a medium or long term investment?
* Will you need an emergency fund?
* Will you need to save for short-term events such as Christmas, holidays and birthdays?
* Are you ready to save for a pension? Do you need to include your partner in a pension plan?
* How much financial planning do you want to do your children? For example, is private education an option or priority and do you want to start saving for university fees?
* How much borrowing will you need to do for buying a home and is it worth considering a mortgage payment protection plan?
* Is life insurance or life assurance worth considering as security for your partner and family?
* Do you need income protection insurance?
* Are all of your belongings and possessions adequately covered by household insurance?
Then there are "The Resources":
* Have you taken advantage of all the family finance government initiatives involved? These include Child Benefit, Child Tax Credits, Child Trust Funds (CTFs) and the Educational Maintenance Allowance (EMA) scheme. Directgov is an excellent resource for information on public services (http://www.direct.gov.uk/Homepage/fs/en )
* Do you have the best possible deal on your finances? This includes your credit card, any secured or unsecured loans, your mortgage, remortgage and insurance. If you're not sure, it's not difficult to do some investigative homework. Moneyfacts ( http://www.moneyfacts.co.uk ) and Moneynet ( http://www.moneynet.co.uk ) are two popular sites for consumer research on financial products. If you live in the US, the website Lowermybills may prove helpful (http://www.lowermybills.com/ ).
And that's just when the kids are still young. Once they're well established at school, you may wish to still evaluate the emergency fund, medical insurance and protecting your income against illness. The risks may change as the family develops so don't think that financial planning is a one-off event. Keep these issues in mind as your funds change.
As you get older you may wish to consider writing your will and inheritance planning, planning for long-term care, protecting your capital, continuing your income should anything happen to your partner and even indulging your grandchildren. There are a variety of publications from companies such as Which? that can help you tackle what may seem like impossibly complicated tasks.
If you're aware that one of the above issues needs to be tackled, don't neglect the gut feeling. Ask around for financial advice, but be aware that you need to be the decision maker, so gather as much information as you can and then make an informed decision. If the advice is conflicting, accept that financial success may always be based a little on luck and risk, though nothing excuses thorough research and planning. Read the papers, surf the web and ask around: the information is accessible!
Resources:
http://www.direct.gov.uk/homepage/fs/en (Direct Gov)
http://www.direct.gov.uk/homepage/fs/en (Moneynet)
About Rachel:
Rachel writes for the personal finance blog Cashzilla:
Cashzilla is a personalfinanosaurus.
"Rachel" means sheep in Hebrew: "little lamb" or "one with purity".
Cashzilla means financially savvy with great fiery ferocity.
* * * * * * * * * * * *
Contact details:
Rachel Lane
http://www.direct.gov.uk/homepage/fs/en
http://www.direct.gov.uk/homepage/fs/en
0131 561 2251
Karen, a single never-married thirty-year old attorney has a four-year... Read More
If you are like most people today, you do not... Read More
Do you feel like someone has abducted your sweet, innocent... Read More
It can be hard being a parent with a teen... Read More
Reading is the most efficient and economical way to help... Read More
The snow was getting heavier with each lift of the... Read More
In today's mental health system there is a pattern of... Read More
Dining in a restaurant with kids can be very enervating... Read More
Is there anything wrong with lying, cheating, stealing, shop-lifting, taking... Read More
This past holiday season Canadians spent over $45 billion-with parents... Read More
The First Reason: For one thing, child development experts are... Read More
For every season, check, check, check, There is a chart,... Read More
"Now don't you go getting any ideas, Harold.""Don't you get... Read More
Teaching kids to deal with conflict effectively and peacefully is... Read More
A common problem many times facing parents is Colic. Estimates... Read More
My daughters and I went to the beach several weeks... Read More
I have three children, ages 19 and 16 (yes, the... Read More
Researched through personal experience!Budget Your Money. Even if you are... Read More
A growing body of scientific evidence shows that the way... Read More
People always ask my wife and I: "How did you... Read More
Advocate: you've probably heard the term before. But what does... Read More
I am in pain. I've been in pain all day.... Read More
The biggest complaint you hear from parents about their children... Read More
From criticizing a spouse, to claming up about one's own... Read More
Why Is Spending Time with Your Child So Important?For children... Read More
Antigo wedding limo ..The brightly colored plastic mobile dangles lazily overhead in the... Read More
By the time your children reach their teens, there is... Read More
So, the thing is? I am feeling a little guilty.I... Read More
Parents play a critical role in their child's success. These... Read More
As Mother's Day approaches I would like to give a... Read More
The least flexible character in all of the stories of... Read More
Until about the age of six, children do not generally... Read More
Public-school teaching is structured in such a way that it... Read More
In my opinion, these things matter...1. Enjoying childlike delights before... Read More
Children think money grows on trees. Maybe not literally, but... Read More
Is your weekly shopping trip with the kids an absolute... Read More
Dear Camille,As I thumb through the photographs that I carry... Read More
Whether children attend public or private schools, they benefit when... Read More
Home, home on the range, Where never is heard A... Read More
It was blisteringly hot last Saturday. As I took that... Read More
It's hard to explain to the uninitiated the changes that... Read More
Having a babysitter take care of your kids is sometimes... Read More
Does your child pout, blame and brood? Does he gripe,... Read More
Everyone loves penguins. And now, everyone has a chance to... Read More
It was no contest. Given a choice between a ball... Read More
I was in the life insurance sales industry for over... Read More
What is in a name?The answer is everything!Jo J. of... Read More
Are you worried about your child's reading habits? Perhaps you... Read More
Congratulations on your new baby! You have just brought your... Read More
AD/HD (attention deficit disorder) is one of the most common... Read More
Parenting |