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Honey I Can't Afford The Kids
By Rachel Lane, Fri Dec 9th
Sex has a lot to answer for … babies usually … which then withtime and much financial investment grow up to be beautifulmutations of their parents. Yet as the family absorbs more moneyas it grows, the need for financial planning and protectionbecomes more important. So, where do you start and how do youmove your finances forward? First of all there are “The Considerations”: * If surplus funds become available, could these be invested? Ifso, will you choose a medium or long term investment? * Will youneed an emergency fund? * Will you need to save for short-termevents such as Christmas, holidays and birthdays? * Are youready to save for a pension? Do you need to include your partnerin a pension plan? * How much financial planning do you want todo your children? For example, is private education an option orpriority and do you want to start saving for university fees? *How much borrowing will you need to do for buying a home and isit worth considering a payment protection plan? * Islife insurance or life assurance worth considering as securityfor your partner and family? * Do you need income protectioninsurance? * Are all of your belongings and possessionsadequately covered by household insurance?
Then there are “The Resources”: * Have you taken advantage of all the family finance governmentinitiatives involved? These include Child Benefit, Child TaxCredits, Child Trust Funds (CTFs) and the EducationalMaintenance Allowance (EMA) scheme. Directgov is an excellentresource for information on public services(http://www.direct.gov.uk/Homepage/fs/en ) * Do you have thebest possible deal on your finances? This includes your creditcard, any secured or unsecured loans, your mortgage, remortgageand insurance. If you’re not sure, it’s not difficult to do someinvestigative homework. Moneyfacts ( http://www.moneyfacts.co.uk) and Moneynet ( http://www.moneynet.co.uk ) are two popularsites for consumer research on financial
products. If you livein the US, the website Lowermybills may prove helpful(http://www.lowermybills.com/ ). And that’s just when the kids are still young. Once they’re wellestablished at school, you may wish to still evaluate theemergency fund, medical insurance and protecting your incomeagainst illness. The risks may change as the family develops sodon’t think that financial planning is a one-off event. Keepthese issues in mind as your funds change. As you get older you may wish to consider writing your will andinheritance planning, planning for long-term care, protectingyour capital, continuing your income should anything happen toyour partner and even indulging your grandchildren. There are avariety of publications from companies such as Which? that canhelp you tackle what may seem like impossibly complicated tasks. If you’re aware that one of the above issues needs to betackled, don’t neglect the gut feeling. Ask around for financialadvice, but be aware that you need to be the decision maker, sogather as much information as you can and then make an informeddecision. If the advice is conflicting, accept that financialsuccess may always be based a little on luck and risk, thoughnothing excuses thorough research and planning. Read the papers,surf the web and ask around: the information is accessible! Resources: http://www.moneynet.co.uk/(Moneynet) http://www.moneyfacts.co.uk/ (Moneyfacts) http://www.switchwithwhich.co.uk/ (Switchwithwhich) http://www.direct.gov.uk/Homepage/fs/en (Direct Gov) About the author:About Rachel: Rachel writes for the personal finance blog Cashzilla: http://www.cashzilla.co.uk Cashzilla is a personalfinanosaurus. “Rachel” means sheep in Hebrew: “little lamb” or “one withpurity”. Cashzilla means financially savvy with great fiery ferocity.
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