When children arrive it is one of the most exciting times in your life. It also brings additional responsibilities and costs. Kids can have a massive impact on a family’s financial situation. Increased day to day living costs as well as the significant cost of childcare and many other expenses sometimes have to be paid from a reduced family income if one of the parents is taking time off. This is a time when it is vitally important you have your finances in order.
How to build up your reserves for Midlife
Making sure you do not have money in poor investments or accounts paying low returns. Establishing whether or not your mortgage is on a discounted rate. Your protection requirements should also be reviewed to ensure if anything happens to either parent the family will be able to survive financially. Wills need to be reviewed and plans made for future years – especially if your children may be going to university!