How to prepare financially for starting a family

How to prepare financially for starting a family Starting a family is exciting, but it can also mean big changes to your lifestyle and your finances. As expecting parents, it’s natural to have questions around family finance planning. One of the main questions you may have when starting a family is “how much do babies cost?” According to research, it costs an average of $140-170i. It could help to plan and have a family budget …

Superannuation and divorce | Money & Life

Superannuation and divorce Whatever the age, separation and divorce can be a stressful and painful experience. According to the Australian Institute of Family Studies[1], the divorce rate has been trending down in the 2000s. However, the proportion of couples divorcing who had been married for 20 years and longer has been increasing, with one age group 55-59 doubling over the last two decades. This rising trend is referred to as “grey divorce” or “silver splitters”, …

Planning for the financial care of a special needs child | Money & Life

Planning for the financial care of a special needs child Caring for a child with special needs can place an extra financial burden on families. We speak to CERTIFIED FINANCIAL PLANNER® Jane Campbell about some of the challenges and solutions families might consider. As any parent will tell you, raising a child is an incredibly rewarding experience. But for parents of children with special needs, there is often the added challenge of extra expenses and reduced …

Supporting your kids, without sacrificing your own retirement | Money & Life

Supporting your kids, without sacrificing your own retirement With careful planning, you can give a helping hand to your adult children financially, while still enjoying a comfortable retirement. In the past, wealth was often passed on through an inheritance. But with our longer lifespans, and the higher cost of living (especially housing), the desire to help our kids while we’re alive and well is increasing. If your children are young, you may have twenty or …

Why wellbeing isn’t just for the well-off | Money & Life

Why wellbeing isn’t just for the well-off Are you guilty of putting your health and wellbeing last? Whether it’s for financial or family reasons, you could be costing yourself more than you think. Whether it’s down to a lack of time or money, we’re all guilty of neglecting our own health from time to time. This can be especially true during challenging times, like we’re experiencing with the COVID-19 pandemic. But scrimping on your mental …

Role-reversal: When parents are relying on you | Money & Life

Role-reversal: When parents are relying on you As your parents get older, your whole family will be facing lots of changes. Supporting them during this time can be challenging, with lots of choices to be made. Get some tips to help you prepare for this role-reversal without it becoming a burden or a cause of family conflict. In the later stages of life, many seniors want to stay independent for as long as possible, but …

Troubleshooting family finances

Troubleshooting family finances Are your family finances a battleground where good and bad habits collide?  Find out how to support your family towards better financial wellbeing without risking your relationship. Sometimes money can really drive a wedge between family members. When you have a parent, sibling, child or maybe even a partner who seems determined to sabotage their finances, it can be difficult to know how to help or where to draw the line with …

Get your finances ready to start a family

Get your finances ready to start a family Preparing for parenthood is an exciting time, but don’t let the cots and cuddly toys distract you. Your finances (and everything else) are about to change in a big way, so use these pre-baby days to plan ahead. Here are the key financial tasks to tick off before, and after, baby arrives. Before the baby: 1. Understand your health insurance Before you even start trying to conceive, …

Role-reversal: When parents are relying on you

Role-reversal: When parents are relying on you As your parents get older, your whole family will be facing lots of changes. Supporting them during this time can be challenging, with lots of choices to be made. Get some tips to help you prepare for this role-reversal without it becoming a burden or a cause of family conflict. In the later stages of life, many seniors want to stay independent for as long as possible, but …

Balancing career, family and time (Video)

Balancing career, family and time (Video) Australians who are living their dream are planners. They believe in their ability to create the life they want and they are not afraid to ask for help or seek advice. Balancing career, family and time …. Here Christina and Richard Taylor explain how meeting a financial planner opened their mind to new possibilities for their careers, family and love for travel.  If you have a question you’d like answered …