What are some of the things I need to consider when planning for a family?

Having children is one of the most rewarding things we can do in our lives. Whilst it is hard work, watching our children learn, grow and interact with the world is an amazing thing. We all want to provide our children and give them the best which can quickly add up. Ensuring that your financial fitness extends to your children will mean that you can focus on the other important aspects of being a parent and give them the tools to grow up financially fit also.

F-empowered ideas to help you take control and:

• Know your parenthood values – which strongly align with money values. This is a good one to do with your partner.
• Understand the cost of children– Raising children will obviously increase your expenses, but you should also understand and factor in lost income from time taken off work and lower retirement savings
• Manage expenses and save for future costs– how to budget and manage expenses and save for large future expenses such as education
• Build resilience for the future and to cope with the unexpected– Ensuring that your children will continue to be supported if the family suffers financial setbacks or something unexpected happens to your or your partner