PLANNING FOR THE FAMILY:
Contents:
Raising children can put huge pressure on the family purse strings. Astoundingly, it can cost anything up to £250,000 to bring up a child. Given the vast expense, it makes sense to start planning early - possibly even before they are born. Talk to us, we will give you impartial advice.
At a time when you and your partner are firmly focused on the new arrival, the last thing you want to consider is your finances. Which is why it's a good idea to have a chat with us in the earlier months of pregnancy, rather than leave it to the last minute.
Pension arrangements.
If you've been paying into a pension, whether it's a company scheme or your personal one, a career break could significantly affect what you receive in retirement. We can advise you on the costs of "topping-up" your pensions, or help you with looking at all the options available to do this, as these will depend on what type of scheme you originally belonged to as well as your personal circumstances. However long you take off, it's important to re-start your pension as soon as possible.
If you've started a family, you and your partner might want to think about some form of life cover to feel more financially secure. There are all sorts of different products available: term assurance; whole of life assurance; critical-illness cover - the choice is endless. We can take you through all the differences, advise on costs and recommend the best policy or policies for you.
Investing money for your child.
On top of the day-to-day expense - nappies, baby equipment, childcare costs should you go back to work - there is the question of long term financial planning for your child's future. With many savings plans open to you, the best option is to seek independent advice. We have all the choices at hand from National Savings Children's Bonds, With Profits policies through to tax efficient ISAs. He or she will also be able to advise you on the tax advantages. Children currently have their own income tax allowance of £4,535 a year, and a capital gains allowance of £7,500 (tax year 2001/2002).
As a woman thinking of starting a family, it's well worth your while asking about your statutory employment rights. As a rule, you're entitled to Statutory Maternity Pay (SMP). The amount you receive largely depends on the length of time you have been with your current employer. We will be able to put you in touch with someone who can give you the details.
It seems a pity that having a baby usually goes hand-in-hand with juggling your finances. Some of the stresses can be easily and quickly resolved with a friendly chat with us. We feel sure you'll find it extremely helpful and...productive.
Some questions you might want answers to.
In some cases a child inherits
some money that needs to be invested in their name.
We can take you through a range of options that will enable you make that contribution to the child’s future.
Anthony Chambers Limited (registration no 3985717) is an Appointed Representative of Financial Solutions 2000 Ltd, 136 High Street, West Wickham, Kent, BR4 0LZ, which is authorised and regulated by the Financial Services Authority
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