FindaWEALTHMANAGER.com has put together ten top wealth management tips for new mums, covering everything from childcare to IHT planning.
The birth of a new born has commonly led to clients of findaWEALTHMANAGER,com to, without delay, seek a wealth manager. Lee Goggin, co founder of findaWEALTHMANAGER.com, said: "When you have children your financial objectives change completely. Your new priorities need to be reflected in your financial plan, so taking proper advice is vital."
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Proper allocations of funds are vividly displayed throughout these ten financial pointers. Taking out adequate life insurance should be a priority, and is first on findaWEALTHMANAGER.com’s list. This is followed by writing a will. Surprisingly, 60% of the UK population are without a will; even with them being the only guarantee that your last financial wishes are granted. The subsequent tip is being able to fund a secure retirement, rather than just relying on your partner. Unfortunately, we live in a world today where the divorce rate is nudging 50%. Next was using the income childcare tax break, which could result in savings up to £2,000 a year per child.
The fifth finance tip for new mothers was the consideration of nanny sharing. Childcare costs are high, so sharing a nanny with another family could be a viable economic option. Next was facing up to the true cost of education. Average private schooling fees of £10,000 a year are a significant burden, not to mention university tuition fees of around £30,000 and living costs during a degree. And these costs are only per child, so start saving! This ties into another tip found on the list, don’t ignore your child’s financial education. Proper education is important, especially in instilling a healthy attitude towards money, which has to start early
The final three tips were as followed: start building a nest egg, enlist the grandparents, and view family wealth holistically. Following these 10 clever money moves can make your financial experience as a mum much easier!
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