Financial planning for parents-to-be: creating a secure financial future

Becoming a parent is the biggest life-change most of us go through.  It’s hugely enjoyable – but it’s also a huge responsibility.  And part of that is making sure that your family is provided for, no matter what the future holds. 

Becoming a parent can be a big wake-up call.  Living for the day and not worrying about tomorrow is no longer an option.  So, if you haven’t already, now is the perfect time to make sure you are looking ahead and have successful financial planning in place so that your family is taken care of, no matter what.  Here are my top tips to secure your baby’s future:

Start saving early

Little and regularly is the key.  Finding £5,000 to invest in a lump sum is a push for most of us, but squirrelling away £100 a month is not only manageable, it’s best practice.   The small sums soon add up to create a significant pot so you can help your child in the future – maybe with university fees or to help them onto the property ladder – and make sure they will be provided for should anything happen to you.

Sort out life insurance

If you already have it in place, review it to make sure it is adequate for your changed circumstances.  If you don’t have any life insurance, get expert advice about what’s available to find the best option for you and your family.

 Make or review your will

Again, if you already have a will, now is the time to review it to make sure it would cover your baby’s needs should anything happen to you; at the very least, you will probably want to consider who should be appointed as your baby’s legal guardians if you are no longer around to care for her.  And if you don’t have one, take one out.  No-one likes think about worst-case scenarios, but thinking about it now will mean your baby will be well looked whatever the future holds.

Becoming a parent means new responsibilities on all sorts of levels, and securing your baby’s future is an essential part of this.

For expertfinancial planning advice, call Graham on 07740 192505 or email gkinns@coreifa.co.uk to book a no-obligation consultation at our expense