Financial Planning For Family & Kids
When we think about the legacy we leave behind, we all know that children are the future. But in order for that to be true, our children need to have a future. The best way to ensure our children have a future to experience is to plan for it.
While having hopes and dreams for our kids is completely understandable, it’s the concrete plans we develop and put in place that will actually make a difference in their lives.
Every family should have a financial plan in place to protect them today, to prepare for tomorrow, and to respond when life’s unexpected circumstances arise. A financial plan should put you, your family, and your children at the forefront and account for current and ongoing needs as you all grow.
Every parent wants the best for their child, but anyone who has kids knows that raising them and providing the best for them can be expensive! Beyond providing the bare minimum, you’ll inevitably encounter a number of expenses that you didn’t expect, but there are things you can do to be prepared when that time comes. With the help of MyFuture, our financial planning for families and kids can help you do just that.
Financial Planning For Family & Kids
It’s impossible to predict what the future holds, particularly if you have kids. After you’ve covered the basics of putting food on the table, a roof over their head, and providing a bed for them to sleep in, you’ve only scratched the surface. Heaven forbid they have any unexpected medical expenses, they outgrow their clothes every 6 months, they take up countless hobbies or sports, not to mention the cost of their education down the road.
That’s why it’s important for every family to have a financial plan. Managing your finances while raising kids is one more thing to do, but it can mean the difference between being able to deal with any unexpected expenses that crop up along the way so your family doesn’t end up in financial despair.
At MyFuture, we’ll help you figure out your financial goals for the whole family and then work with you every step of the way to get there. By creating an easy and comprehensive plan for you to follow for years to come, you’ll wonder how you stayed afloat without it!
Whether you’re just thinking about having kids, a young family trying to start off on the right foot, or a family with older children looking to make the most of your resources, a financial plan from MyFuture will help your whole family get where you want to go.
How To Make A Financial Plan For Your Family
The best place to start when making a financial plan for your family is to identify your goals as individuals and as a family. Do you want to save up for a new home? Your children’s education? A holiday home or a new boat? Or simply have enough savings should a disaster strike?
Once you’ve decided what you’d like to accomplish, you’ll need a plan to put into action. Here are 5 steps to start you off:
1. Review your assets, income, and expenses.
2. Evaluate any debts or liabilities you have.
3. List your short and long-term financial goals.
4. Calculate the balance and possible savings and investments.
5. Put your plan to good use!
At MyFuture, we have a wealth of experience in finding the right balance for families and helping you to identify and reach your financial goals. With proven savings and investment strategies, we’ll do the hard-work so you don’t have to do the guesswork.
Get Ahead With Quality Financial Advice
Our Qualified Financial Advisers can help you achieve your wealth creation goals with a tailored financial plan and proven financial expertise.
What Is Financial Planning For Kids?
Financial planning for kids can begin even before they are born. Many couples start planning for their child’s financial future before they’re even conceived, particularly if money is tight. Having and raising a kid can put a strain on anyone’s finances, but the best way to be prepared is to have a plan in place.
Planning for a baby is an important step when starting a family. Considering the costs of hospital bills and medicines, prams, formula, toys, clothing, and nappies add up very quickly, it’s good to have an idea of how you’ll pay for it all.
But planning for a baby is just the beginning. Most Kiwi couples create a family financial plan that lasts until their youngest child is 18 years old. While that’s a lot of planning, you’re in luck. At MyFuture, our Qualified Financial Advisers are experienced at doing just that so you can enjoy peace of mind while you focus on raising your family.
At MyFuture, we have a wealth of experience in finding the right balance for families and helping you to identify and reach your financial goals. With proven savings and investment strategies, we’ll do the hard-work so you don’t have to do the guesswork.
Why Is Family Financial Planning Important?
We all dream of having a flourishing and happy family life, and, with a little hard work and commitment, family financial planning can help you to achieve these dreams.
Managing your finances is a seminal part of raising a family, but it doesn’t have to be a headache.
When you meet with the team at MyFuture, you might quickly realise there are a lot of things you hadn’t taken into account, but that’s ok; that’s why you can rely on us.
And remember, the best time to start planning for your family’s future is yesterday, but the next best time is today. Get in touch now for a FREE no obligation Discovery Session to find out more.
What is our 6-Step Financial Advice Process?
The 6-step financial advice process is the international benchmark for financial planning. This holistic approach is proven to increase the likelihood of you achieving your financial goals.
Discovery Session
This is our opportunity to get to know you better, understand your financial goals (short, medium and long-term), and what resources you have to achieve those goals.
Research & Recommendations
During these steps, we do the research, run the numbers, document and present our recommendations to you. This can be a comprehensive financial plan focused on long-term wealth creation and/or a statement of advice focused on your more immediate financial needs. We will need to verify the information you provided during the Discovery Session by requesting supporting documents such as loan and savings account balances, payslips, etc. This ensures we are using highly accurate information when developing our recommendations.
Implementation
This step is all about implementing the recommendations. We don’t just provide the recommendation; we take responsibility for helping you implement it. This could involve helping you to complete application forms, working with a broker to restructure your lending, or finding you suitable investments. We understand you’re busy, so our goal is to make your financial world as easy as possible by doing as much as we can in-house for you. However, ultimately, we never have access to your money and cannot sign anything on your behalf, so you need to be an active, willing, and ideally enthusiastic participant in this process.
Ongoing Service & Reviews
This is where the real fun begins—managing and tracking your long-term financial success. We have periodic reviews to ensure your strategy is still appropriate if your goals or circumstances have changed. We adjust when necessary and provide annual snapshots so you can see your progress over time. Most importantly, you have your very own trusted Personal Financial Adviser available anytime to help with the little or big stuff. Worried about making next month’s mortgage repayments? Call us. Your parents gave you an early inheritance? Call us. Broke up with your partner and split all your assets? Call us! We’re here for you every step of the way to ensure that whatever life throws at you, you stay on track with your long-term financial goals.
Frequently Asked Questions