Are you planning to get married or planning to have your first child? If yes, keeping reading. If No, you would have a family someday, so keep reading.
Today, a lot of couples prepare for the wedding day– the reception party, the guests, the food -more than they prepare for the marriage. Most people put a lot of effort and resources into planning the wedding, how about starting a family? Getting married and starting a family comes with a lot of responsibilities. Newly married couples seldom understand this until it is time to raise a family.
Couples who intend to get married should have conversations about finances before tying the knot. This makes starting a family intentional. The following are some financial questions you should ask your partner before getting married;
‘How much do you make in per annum?’
‘Are you open to having a joint savings/investment account?’
‘Who will take care of so and so bills?’
‘Do you have debts?’
‘How many kids do you want to have?’
Once these questions have been answered, you can start making the plans to start a family. Here are 3 factors you should consider before starting a family — this will save you a lot of money problems in the future.
Family Planning
Yes. Family planning has always been at the top of the list of things to consider before starting a family. With proper family planning, you can determine and plan towards the number of children you would like to have. Also, it helps you plan your family life from start to finish — The house you would live in, the school your kids would attend and the general welfare of your family.
Financial Planning
Couples who create a financial plan before starting a family, tend to do better with their finances than those without a financial plan. The benefits of financial planning include, knowing your current financial situation, having a better balance between income and expenses, investment planning, having an emergency fund for unexpected events, retiring comfortably/securely etc.
Lifestyle Planning
Couples with lifestyle in sync tend to do better when starting a family. Having a partner whose financial lifestyle is different from yours is sometimes not a good idea. Couples should have similar if not unified goals as they try to build a family. If one partner is frugal and the other extravagant, this eventually causes a rift in the family’s finances. It may be wise for couples to consider having a joint savings and investment account as this helps them invest towards meeting family goals.
Whether you are single, planning to start a family soon or already married, it is never too early or late to start planning your finances. Our team of professional wealth advisors are willing to help you begin. Our range of investment and wealth solutions can help you invest towards growing your family.
Send an email to wealthadvisor@cordros or call 07002673767 to begin.