Family Matters

Finances at Different Stages of Family Life

Depending on what stage of life your family is in, our financial planning professionals will take several different factors into account when creating a plan to help you. For instance, we may recommend having a will if your children are school age so that we can protect you even during unforeseeable events. 

Additionally, we may also suggest budgeting for a wedding, if you are in an early stage of family. As events come up in life, the experts at Mansell Financial Services are here to make sure you can handle the financial commitments before they come.

Getting Married

Getting married is an exciting time in life but it can also be a time of significant financial change.

Some questions you may wish to consider include:
  • How do we set a budget for our dream wedding?
  • What are the joint financial decisions we should be thinking about now we are getting married?
  • Do we need a will when we are married?
  • What types of insurance do we need?
  • I am remarrying. Are there any special financial considerations?
  • What is a prenuptial agreement?
  • Are there any tax minimisation strategies for married couples?
How can we help?

As you get ready for a wedding and other related events, it is smart to review your finances and make financial decisions as a couple. Things to consider are your financial situation, needs, goals and objectives, as well as your insurance, investments and wills.

We can:
  • Review and help you set goals and time frames.
  • Review and analyse your joint income and spending patterns.
  • Review financial commitments and debts.
  • Review your individual and joint investments.
  • Identify opportunities to save money.
  • Recommend savings or investment products to achieve your goals.
  • Review, recommend and arrange appropriate insurance.
  • Identify if you need to talk to a solicitor about a new will.
Becoming A Parent 

Having a baby is a wonderful, life-changing experience. Your priorities are subject to change, and you may not look at life the same way you once did. At this time when so many things in your life are changing, the last thing you want to think about is money. Since reducing much of your financial commitment is not an option, our associates can recommend some things you can do to plan and manage your money more effectively.

Some questions you may wish to consider include:
  • What happens to my job while I'm on parental leave?
  • Can I afford to be off work for a year?
  • Will we be entitled to any government benefits?
  • How much do I need to earn to make going back to work worthwhile?
  • What happens to my super while I'm on parental leave?
  • My insurance premiums are paid through my superannuation. What happens to my insurance cover while I'm on parental leave?
  • Do I need a will?
How can we help?

If you are planning to have a family, you may want to consider the financial costs and commitments so that you can budget for these expenses ahead of time. Things to think about are how much money you'll need to live on a daily basis and whether you need a savings strategy. 

Take a look at how we can help you below.
  • Develop a plan for your goals and your time frame.
  • Set a budget prior to having a family or if you're off work with a family.
  • Develop an investment strategy to accumulate money for long-term goals like private education.
  • Review, recommend and arrange appropriate insurances.
  • Recommend superannuation strategies to help you continue saving for retirement and minimise the total tax you are paying right now.
  • Recommend if you need a will or need to review your will.
Child Education 

Education is one of the most important and special gifts you can give your child. A good education can cost a great deal of money, and many parents want to budget for these types of expenses. 

A little research about schools and programs, along with professional planning from our team, could save you some financial worries down the road. We recommend starting earlier rather than later.

Some questions you may wish to consider include:
  • How much will my children's education cost?
  • When should I start investing for my child's education?
  • What types of savings plans are available?
  • Should I put investments in my child's name?
  • My child starts secondary school next year. Is it too late to start saving?
How can we help?

It is commonly known that costs associated with children become higher as they get older. If you want to alter your work arrangements, your income is likely to change. To make a plan for this, our planners can help you make smart decisions now so that you are in good standing later on. We may also recommend protecting your family with insurance and a comprehensive will.
  • Develop a plan based on your goals, situation and time frame (e.g. how much it is likely to cost to educate your child or upgrade your house).
  • Set an investment and budget management strategy to accumulate money for your goals.
  • Review, recommend and organise appropriate insurance.
  • Recommend superannuation strategies to ensure you're still saving for retirement and minimise the total tax you are paying right now.
  • Recommend if you need a will or need to review your will with a solicitor.
    Contact Us

    Are you ready to start getting serious about your financial future? Contact us to sit down with our friendly and knowledgeable team to get started.
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