Building a family
Whether you’re getting married or having a baby, there are specific plans you need to have in place. Taking a step back and looking at your finances can really help you feel in control and stay on top of your spending.
Building a family
Planning a wedding and getting married can be a financial strain on any loved-up couple as it introduces changes in a new couple’s financial situation that will affect all aspects of their life together. Before you walk down the aisle it’s important to take the time to understand your partners financial upbringing and their current and past holdings, to avoid causing significant strain to the future of your relationship.
By planning ahead, new couples can tackle everything from personal financial goals through to credit card debt by setting the basis for a transparent, cooperative financial future.
Couples getting married abroad may choose to keep a joint bank account for household spending or shared savings goals. When living overseas, new couples should look into international bank account options or if saving is the main aim, a joint savings fund could be the best way to help ensure both of you put your hard earn money to work to secure peace of mind for your joint-financial future.
Having a baby
Having a baby is an exciting, but expensive time for new parents. By planning ahead, you can manage your money to ensure both your budget and lifestyle is ready for your new baby’s arrival.
Ensure you draft both your pre-baby and post-baby budget to stay in control of, and on top of your spending.
Start or check your emergency savings fund. Regular savings vehicles are an easy way to ensure you and your new family are prepared for an emergency or unexpected event that may come your way.
If you haven’t started saving already, simply work out a monthly budget, set a goal, start saving a fixed amount every month and watch your savings grow.
- Health Insurance
It’s important that you understand your health insurance and anticipate the costs. You may be surprised to learn there’s a huge range in prices involved with being pregnant and having a baby depending on whether you have insurance or not. Labor and delivery can be especially expensive for individuals and families who are living overseas.
Fortunately, health insurance can greatly reduce the costs of international healthcare when you are expecting.
- Life insurance
Once you become a parent, the importance of having life insurance grows considerably. It’s a milestone in life that provokes you to consider how your family would survive if the main breadwinner in your family died.
By planning for the unthinkable, you can ensure that if you die or become disabled, your family will be able to pay for food, shelter, and healthcare; handle debts and major expenses (including college tuition); and generally maintain the lifestyle they're accustomed to.
- Estate planning
Parents do all they can to make sure loved ones are adequately provided for. Don’t put off arranging the transfer of your wealth and assets for when your children have grown up. Life is unpredictable, and should anything happen to you whilst your children are young, you want to ensure everything you have built, saved and owned is passed on to your nearest and dearest. Estate planning isn’t just for the wealthy, it’s necessary to make sure your assets are passed on to your chosen persons without the interference of the IRS or third parties.