Growing your family

Your life as a family has started and there are many changes occurring compared to when you were young and independent - the most obvious being more responsibility.

You may have a hefty mortgage. The family budget may well be stretched and getting the best value out of your disposable income can be challenging. One partner may be the main income earner. You want to save for your children’s education.

The challenges you may be facing:

  • Managing costs of living
  • Stabilising career path or business
  • Funding increased consumption or improved lifestyle
  • Changes to family structure, e.g. blended families, separation
  • Continued support of dependants (eg. education etc)

For people at this lifestage, you may want to think about the following strategies:

  • Plan how to pay for your children’s education. Look at options that will give you yields higher than a term deposit would.
  • Consider wealth protection options that will protect yourself and your family.
  • Keep enough cash in your emergency fund. A good amount would be equal to six months’ or a year’s income
  • Save for retirement. The sooner you do so, the more it will grow.

We can assist with:

  • Accelerated wealth accumulation and investment including gearing and tax effective strategies
  • Superannuation strategies, such as salary sacrifice
  • Insurance review in accordance with income and obligations
  • Estate planning considerations