Growing Family

With a growing family the obvious challenge is finding available spare time for each other! Families also often feel financial pressures and it's hard to find the time, let alone the expertise to build and manage your finances based on your family's priorities.

Mortgage repayments, school fees, not to mention the day to day expenses of families, all cost a lot of money and often leave little over for investing in the future. Financial decisions to answer include:

  • What type of education will your kids have?
  • Is there any other sports or leisure activities which are important to you and you want to provide for your children both financially and with your time commitments?
  • Will you be looking to buy a new house, renovate your current home, or perhaps buy a new car to accommodate your growing family (or any other major financial purchase)?

Does your current money position provide you with the opportunity to achieve these things?

  • Are your finances structured to access the Centrelink benefits you maybe eligible for?
  • If you or your spouse were to become unwell or die unexpectedly, would your family be financially secure?
  • Who is your super currently with? Does it match your best interests or is default fund?

Superannuation will provide for your eventual retirement with forced savings as directed by the government. Probably best to ensure you can have your retirement based on your plans and the required level of comfort and not a default option determining your future.

  • Who would look after your family if anything ever happened to you? Have you considered for example who would look after your kids, and how would they afford to do this?

This life stage is the most exciting but also the most demanding on your time, finances and lifestyle. The available options may seem to be stand alone decisions when in reality all decisions are inter related and impact on what you want best for your family.

Are your financial affairs really in order?

At TIPS we can work with you help you create the lifestyle you want by having a wealth management plan in place. The tax effective strategies are aimed at paying off your mortgage faster, providing for school fees but ensuring that you make the most of your hard earned money to be able to lead your lifestyle, your way with your family. While we all take our health and wellbeing for granted, you need to have the peace of mind that your family's financial situation is secure for whatever life throws at you.

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