With a young family, monthly commitments are going to make all the difference so it is essential to make sure that you get the best deal. It may be time to review your mortgage to hopefully reduce your monthly payments. Or alternatively you may wish to increase the size of your home and secure additional funding.
Insurance and Protection
Once you start a family insurance becomes even more prevalent because you are not only covering yourself and your spouse but also ensuring that your children’s quality of life is not hindered if the worst was to happen. Family protection insurance would provide a lump sum or income so that if the main breadwinner/s were to die then there would be money left to the children or survivor to be able to continue to live the life they have become accustomed to.
Savings and Investments
Disposable income may be low but you will have the children’s future to be thinking about. We can help you to devise a strategy to be able to pay for university or private school fees. This may be either as a regular contribution or through lump sums. Saving tax efficiently will enable your pot to grow quicker.
When starting a pension it is essential that you receive advice to ensure that you have the right strategy in place so that you have a realistic chance of getting the income you will require in retirement.
If you already have a pension or pensions it is essential that they are reviewed at least annually.