Sub-navigation

• « Previous
• Next »
• Back to features list »

The financial implications of having children

Having children will make a difference to how you think about money. Your outgoings will increase substantially, and you’ll also need to start thinking about savings and providing for your children in the event of you, or your partner’s death.

Savings

With the current costs of education and rising house prices, you may want to put away savings to ensure that your children have a resource to help them get started in life. In the short term, it’s a good idea to put away some easily accessible ‘rainy day’ money to cover any emergency expenses that crop up for your family.

Making a will

When you start to have a family it’s time to also think about putting a will in place. Dying without leaving a will is known as ‘dying intestate’ and it can take months or sometimes even years for the administration process to finish and for money to be released to your family. In the meantime, they will still have all the usual financial burdens to manage. As well as making a will, think about taking out a life assurance policy. This would pay out a lump sum to your family on your death. For help making a will, speak to your family solicitor. For life assurance, speak with your financial advisor.