Preparing for a family?
By Mathew Wilkshire
As you may have read in our latest newsletter, we were delighted to announce our Para-Broker Matthew Bodger and his wife Kelly, recently become parents for the first time. Leading up to the birth of their baby daughter, there was a whole lot of planning required, making sure the baby’s room was prepared, purchasing items such as a cot, car seat, change table etc., not to mention attending the anti-natal classes.
However, there are some other very important considerations one should attend to. These include:
- Budgeting – can we live off one income for the coming 6 - 12 months, or longer?
- Savings – have we saved enough to cater for ‘un-budgeted’ items?
- Personal Insurance – have both parents reviewed their personal insurance needs to make sure there are funds available in the event of accident or illness?
If you have been planning for a family then you may have already attended to the items listed above. However, at times falling pregnant can be unplanned. This could lead to financial stress or not having the necessary personal insurance cover in place, and in time. That is, insurance companies will not accept applications for Mum getting close to the due date, or until 3 months after baby has been born.
Having children is a wonderful experience, whether it your first or your fifth. Being prepared will make the experience even better!