Most parents would like to provide their children with a life that they can enjoy. What that looks like can differ greatly from one family to another, and even from one parent to the other. Many parents would like to provide financially for their children into adulthood, and then there are others who prefer to focus on life skills, and have a sink or swim attitude (no prizes for guessing where I sit on the spectrum).
One of the things that we always ask at Achieveit Financial Planning is what your ambitions for your children are. Your answers can tell us a lot about where you sit, and what kind of allowances that will need to be made for your own personal financial plan. For instance, if you would like to help your children attend University, then we need to establish what that assistance will look like, and work that into your future cash flow considerations. Or perhaps University isn't a priority, but giving the children a leg up into the property market is? Others still may provide board-free accommodation until the children are in full time work, and then they're out on their own. There really is no right, or wrong choice, as long as the expectations between the child and the parents are communicated.
Having this conversation about your children, with your partner is essential. There is the chance that you may not be on the same page, in which case, you will need to negotiate to find some common ground. Once you have these goals in mind, then we can start planning for them. What is your timeline, and how can we best use your resources to accomplish your goals? As always, the earlier you start with these things, the better.
*Authorised Representative of Securitor Financial Group Ltd ABN 48 009 189 495 AFSL 240687
This is general information only and does not consider your personal circumstances. You should not act on any recommendation without obtaining professional advice specific to your circumstances. We recommend you speak to a financial adviser before acting on any of the information you read on this website.