Starting a Family

Deciding to start a family is very exciting time, but it can also be filled with anxiety and uncertainty because it is basically a dive into the unknown. Some things to come to terms with prior to starting life's next adventure include:

1. Are you ready for a career break?

Having a baby means taking maternity leave. Many couples also decide to then work part-time and share childcare responsibilities. How does it fit with your career plans?

Have you confirmed your maternity leave options from your employer and secondly also looked at the available government Maternity Leave Entitlements?

2. Can you afford it?

Raising a child is expensive and carries many new expenses. Being prepared means looking long and hard at your finances, in advance and working out how you'll manage. There is no right answer.

Once you do have a family you will become reliant on one income. The family budget will be a bit tighter so it is best to ensure a cash reserve is in place along with being prepared to survive on the one income. Importantly are your finances safeguarded to meet your ongoing financial commitments?

3. Have we got room?

Is your home suitable for children? If it's a one-bedroom studio apartment, you might consider trading up first. How far are you from schools, family support and other facilities you'll need? You will have a new view of life with the different facilities available in your neighbourhood when you have children.

At TIPS we draw upon our own experiences to make your lives easier, by sharing our experiences so you informed and prepared in advance.

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