Helping you succeed in life's financial journey

Dollars & Sense (No. 5) - Thinking about family

22 November 2017

Written by:

Mike Murray - Director/Authorised Financial Adviser


How to create a positive financial outlook to safeguard your family into the future is a common and regular conversation we have with our clients. 

Creating a safe financial future usually means considering insurance and a savings plan to cover our children’s expenses as they grow up.

Anyone with children will know they cost money. Usually a lot of money. Protecting them however is incredibly important.

Here are 5 simple ways you can plan for their future:

Family financial planning Hawkes Bay - Dad & toddler at beach
  1. Teach your kids about money. Show them by example that being organised pays off. Encourage them to participate in their financial life by setting them up with their own savings plan and help them manage their expenses.
  2. Get a financial plan. By having a structured plan that accommodates savings, you’ll be able to meet your children’s ongoing expenses including schooling, tertiary education and the dreaded car.
  3. Consider enrolling your children in KiwiSaver. Although their retirement seems an age away, if you have the ability to make regular contributions, they will have a nest egg by the time they stop working, or they could use it towards buying their first home.
  4. Get a Will. With a Will, your wishes are clear both financially and for the guardianship of your children. It’s an important act of love for your family.
  5. Protect yourselves correctly. For instance, life insurance isn’t your children’s inheritance – it’s protection for your family should you leave this mortal coil. Learn what type of cover is right for your current situation.

When times are tough or uncertain, insurance and savings are often the first things to go. But is that really a wise decision?

Talking to an expert is a good place to start before you take any drastic steps. There could be a way to reduce insurance premiums so you are still covered, but to a lesser extent. And with life insurance, premiums don’t have to rise automatically every year – there are ways to fix the premium and pay less overall.

Would you like advice on how best to plan for your children’s future? 

Call us at Cole Murray and we’ll make a plan together that works for you.

Contact us


More articles in the series:


'Dollars and Sense' is a monthly column Mike writes for the Hastings Leader and Napier Courier. This column is general in nature and should not be regarded as personalised financial advice. A disclosure statement is available on request and free of charge.


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