Deciding to have children can be stressful when considering all of the extra financial decisions and sacrifices that potentially need to be made.

This can be a much easier process by implementing some simple planning and receiving some sound financial advice. Some questions you may wish to consider include:

  • Can we afford to live on one income for a period of time?
  • Can we get government benefits?
  • Where do we want to send our children to school and what are the costs involved?
  • Can we continue to live a similar lifestyle if something unforeseen happens to one of us?
  • If we die, is there a provision in our will for the guardianship of our children?

How we can help when planning to have children:

  • Review your financial commitments and debts to identify possible areas to free up cash flow.
  • Discuss social security benefits and establish what is available to you.
  • Help put in place a long term savings strategy for schooling commitments.
  • Review and recommend appropriate insurance cover to protect you and your family against unforeseen death, disability, major illness or trauma. 
  • Identify the need for a new or updated Will.

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Our Financial Planning Hub Calculators & Forms

Caution: These calculators are provided by the Financial Planning Hub and are not provided, approved or endorsed by AMP Financial Planning. Using these calculators may provide a useful starting point. However, they are guides only and do not constitute expert, licensed financial advice. Calculators should not be used as the basis for any financial or investment decision. You can build a full understanding of your financial position by working with a qualified financial planner to develop a plan based on your personal situation. Contact us for advice tailored to your goals and needs.

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