Budgeting, banking, mortgage, education savings, insurance – these are often issues facing young families. In the middle of this, money is usually tight for the simple reason that your peak earning years are quite a distance away and, sometimes, you are learning how to work together on your finances.
“Start out how you mean to go.” It makes sense to take a little time now to establish some habits and do some thinking so that you can be a deliberate household when it comes to financial decisions making. There are a number of principles that are in your favour. One is dollar-cost averaging. By investing monthly, you don’t have to time the markets to get a good price on your investment unit. Another is the benefit of compounding your returns. By getting started early in life, your money has more time to work for you.
Insurance is a major consideration since you have not had the time to build an estate. Fortunately, insurance is very cheap when you are young so exploring your options is best done at this time.
The most important thing though is to prioritize. You want to do so much but you can’t do it all. A good plan can get you started on the path.
Contact us today to get a good start for your young family.