Financial Advice for new families
I know you pain, anxiety and exhaustion!! You have no free time, no spare energy and less money than ever. It’s probably the hardest time to get your finances together, but we look at those little faces and know that it’s our responsibility to create the best future we can. I implore you to get a financial adviser, even if it’s not me! Your adviser will help you, and do the work for you, and they should then be your trusted consultant for life, navigating and adjusting as your situation changes.
And it’s not just about the kids! Anyone who has young children has spent time day dreaming about their retirement when there is peace and quiet, freedom and spare money!
Firstly, and most boringly, you need to get your insurance in place. You’ve probably got 30 years or so to work before retirement (scary) and if you think about how much you’ll earn in that time it’s a serious amount of money. If you are not able to work because of death, injury or sickness then your family go from a comfortable life to living on the breadline. There’s some great life insurance and income protection products out there and they’re more affordable then you think.
Let’s get that pension working for you too, so one day those day dreams of bubbly on the beach can become a reality. If you’re employed we need to maximise your employers contributions, and if you’re running your own business we need to look at moving money pre tax from your business account into your pension.
And I know you’ve got no spare money…. But anything you can invest for the future will make a big difference. What have you got in mind, Private School, University, holiday home or just a solid rainy day fund? Maximise your tax allowances, particularly in ISAs and invest your money in a portfolio that has the same goals as you!
These things don’t just happen, but you can get someone to guide you, work for you and support you in making these dreams come true. Parker Financial Advice are independent (IFAs) based in Cheltenham, who choose products from the whole of the market. We want to be your trusted advisers for 20, 30, 40 years… for life. Get in touch with us if you’ve got something on your mind or want to get a plan in place, or read about our Mid Life reviews: https://www.parkerfa.com/mid-life-finances