5 tips to get your life in order before having a baby
When you hear the news you’re going to be a parent it might dawn on you: you’re entering grown-up territory.
We’ve put together some tips to help you get organised before your little one comes along.
Make a financial plan
You may be going from two incomes to one, or losing your income altogether. Now is an important time to put your finances under the microscope. Look at what you have coming in now, what your bills and outgoing are and what you’re saving (or not saving). Do you have superannuation which you need to roll over? Do you have money owed to you? Or have you got some hefty debts to settle?
If you’re not sure how to manage your finances before having a baby
it’s worth seeking independent financial advice.
Create a life plan
There’s little that makes you feel more in control than knowing where you’re heading and what you want to achieve. If you’re not sure where to start perhaps chat with a loved one and write down all the things you hope to achieve in the next year, five years or in your lifetime. It could include ambitious things like a promotion at work or moving to an area you’ve always wanted to live. Or personal goals like spending time with a partner or practicing mindfulness.
It may seem daunting to start with, but knowing where you’re heading and what you want in life creates the building blocks for goal setting and managing your finances.
Prepare a will
Creating a will is more than just making arrangements for your assets. Once you become a parent it’s a chance to make sure your children are cared for by someone of your choosing if you pass away. It’s also an opportunity to make arrangements for their future education, finances and trusts you’d like to set up.
A will can be written or amended by private trustees and solicitors or you can buy one from the post office. Some public trustees prepare a will at no charge, but accessibility to the service varies from state to state.
Take out life insurance
It’s important to get life insurance when starting a family to protect those who depend on your income; so that your partner and children have financial security in the case of terminal illness or death. It also helps fill the financial gap if any injury puts you out of action for a while.
There are many different types of life insurance products
; a lump sum payment to protect your family if you pass away or become terminally ill, income protection, serious illness, accidental death, injury payments and funeral insurance.
A relationship check-up
Just like we see a doctor or a dentist for a check-up, it’s a good idea to make sure your relationship is healthy before embarking on the new journey of parenthood. It might be as simple as sitting down together and talking about how things are going and how you’ll cope as a couple with the changes ahead.
If there are underlying, unresolved or reoccurring issues perhaps it’s worth considering a visit to a relationship counsellor. While it might seem scary at first, it’s easier for you long term to find ways to manage issues before the baby comes along.
Bupa Life Insurance is issued by ClearView Life Assurance Limited ABN 12 000 021 581 (ClearView) AFSL 227682. It is promoted by Bupa Australia Pty Ltd ABN 81 000 057 590 and Bupa Australia Health Pty Ltd ABN 50 003 098 655, which are Authorised Representatives of ClearView (AR Nos. 354269 and 256686, respectively). Any advice provided is general only and does not take into account your personal circumstances, objectives, financial situation or needs. Consider the relevant Product Disclosure Statement (PDS) for further details about the terms and conditions that apply to each life insurance product to determine if the product is right for you.
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