5 financial tips for starting a family with children

Below are five areas that can help you to prepare for the future.





Most of you may want to start a family with children sometime in your life, if raising children is on your to do list, you probably already know that raising a child can cost you a fortune. From maternity to schooling and maybe moving to a bigger house. Below are five areas that can help you to prepare for the future.

1) Check your current benefits at work

Most companies offer employee benefits such as medical insurance or more to retain the best talent within the company, it can be a good idea to check what benefits you're entitled too, if you do not already have maternity benefits from your company, maybe you can take up the opportunity to see if you can have that covered and if your future child will be included in the health care plan.

2) Build up an emergency fund

We all face unexpected emergencies at some point in our lives, you don't want to be in the situation where you put your family in a difficult situation. So is important to save up at least 3-6months salary as emergency fund when you need it.

3) Make more money for your family

We all want to make more money, but do you know it takes money to make money?

There is the old saying time is money, as you have time on your side, using compound interest can help your money grow by placing your money into an investment that is suitable for you. You should check with a professional financial advisor for more advice to find out what's the best fit for your situation

4) Planning and budgeting the cost of baby gears and child care

Most women enjoy spending money as that brings out the joys, sometimes we can overspend without notice, hence is important to budget the cost you will need for the baby and the family. Also is important to include regular child care in your budgeting if you want to go back to work later after child birth.

5) Get Critical Illness cover and life insurance cover

Life insurance and critical illness cover is a very boring topic but is essential for the protection of your family. I am sure you would want the best for your family, you shouldn't take any chances of putting your family in the situation of financial difficulties should the worst happen, the cover will help your family get through the difficult time .

For more information please contact Jharneet@globaleye.com


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