Financially planning to start a family?
Owen Rask and financial adviser Alex Luck discuss key aspects of financial planning to start a family, including buying a family home, managing cash flow during parental leave, and preparing for big expenses.
âś… Here are some of the topics the duo cover:
- Emergency fund sorted and in order?
- Are you eligible for Centrelink entitlements?
- Does your workplace offer any maternity pay? do you need to be there a certain period of time first? Do they offset what they pay against Centrelink entitlements?
- Is it a good idea to upgrade your PPR prior, or is it better to wait until after?
- Likewise looking to purchase your first place before Mat leave or rent and buy later?
- Do you have a really good idea of your current cash flow?
- What effect will Mat leave have on your cash flow in the first 12 months? What about after this with a return to perhaps only part-time work?
- Is there going to be a cash shortfall as a result of Mat leave? S can you save prior to covering this period of time so your lifestyle isn’t impacted?
- Preparing for an initial outlay of some one-off cost, i.e pram -> look at using the second-hand market to keep costs down
- Post-Mat leave, have you considered any additional costs, such as daycare?
