It’s all very well just going along in life, dealing with things as they arise, but think how much better it would be to plan for the future of your family.
|Childcare and education|
Your choice of childcare will obviously depend on your particular circumstances. Even when one parent has made the decision to stay home and care for the family, you may still need some help.
You could also feel that your child would benefit from socialisation with other babies and toddlers.
Some things to consider when choosing a childcare centre include:
|Health and safety|
There are so many issues concerning the health and safety of our children that it’s impossible to canvas them all here.
Medicare Australia (13 20 11) for access to information concerning Medicare benefits and childhood immunisation.
Kidsafe is an internationally recognised non-profit, non-government charity providing a wealth of information about keeping kids safe from accidents in the home.
St John Ambulance Australia is a self-funded charitable organisation and the largest first aid training organisation in the country. St John runs practical courses in first aid and has a specific course for parents and carers.
Australia’s immunisation infoline - for answers to questions on schedules for children, side effects and government benefits available. Call 1800 671 811.
|Understanding the costs of raising children|
Feeding, clothing, sheltering, nurturing, educating, entertaining. These are some of the direct costs in raising children. But there are also many indirect costs, such as the foregone income of parents, either leaving the workforce or performing a lower paid job that suits child raising, and lost employment opportunities.
In 2009, the cost of raising a child to the age of 18 in an Australian household was estimated by the Federal Government Department of Families, Housing, Community Services and Indigenous Affairs (FHCSIA) at $384,543.
Adding the cost of electronics, private tutoring, music, sports and dance classes, and considering the average child now stays at home until age 24, the real cost to the Australian parent of raising children was more like a million dollars, according to one social researcher. You need to set your own budgets and try to stick to them. Maybe ballet will have to be forsaken if your child wants to start tennis – the costs for activities add up, and you need to work it out in the context of your means. The money drain doesn’t end at teen years – they can get more expensive. Encourage your teenager to get a part-time job as soon as practical, legally it’s age 14, but often kids are seeking their first part-time work at around 16.
They’ll be wanting the latest phones, electronic gadgets and clothing, but the costs are high. Teach your children how to budget, and to understand the household finances. Encourage them to save for things like a car when they turn 18 and help them out if you can.
Living with teenagers can be challenging, so parents need to educate themselves, go to seminars, read books, talk to other parents with similar values and set boundaries for teens. Arm yourself with strategies about things like parties, phone plans, pocket money, boyfriends/girlfriends and cars.
|Finding the money|
There are steps you can take to help you successfully manage the responsibility of providing for your children, and meeting the goals you have for their lifestyle and education.
Here are five basic things to consider.
1. Have a plan
2. Protect the things that matter
3. Build up your assets
4. Manage debts carefully
If you’re raising a family some other areas you may like to consider are:
There are high costs involved for both childcare and education, especially if you select private schooling, so investigate these costs and plan for them. Don’t forget your children may go on to university, and that could also have financial implications for you.
Check if you’re eligible for Government assistance
There are a range of government assistance schemes available. Don’t assume you don’t qualify. For information on things such as the Family Tax Benefit, Child Support and the Maternity Payment, contact the Family Assistance Office.
|How we can help|
ANZ has a range of products and services that can assist when you’re planning your family’s future.
An A-Z Review® - sitting down with one of our professional personal bankers could help ensure your banking is structured to meet your needs and help you reach your goals sooner. Request an A-Z Review® at your nearest ANZ branch.
An ANZ Financial Planner – why work hard to earn a living and support yourself and your family and not take the next step of having a tailored plan in place to help create wealth and secure your financial future? Your initial discussion is complimentary and without obligation. Book an appointment with an ANZ Financial Planner.
ANZ Home and Investment Loans: an ANZ Home Loan specialist can help explore your options and find the right solution that best suits your needs. And remember, ANZ is Australia’s most awarded home lender1. Contact us today.
Insurance solutions – with a family depending on you, now is not the time to take risks with your insurance. Make sure you have enough of the right protection in place, not just for your physical assets but also for things like your ability to earn an income (income protection) or your family’s lifestyle (life insurance). Find out more about ANZ Insurance.
®A-Z Review is a registered trademark of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522.
ANZ Financial Planners are representatives of Australia and New Zealand Banking Group Limited, ABN 11 005 357 522, the holder of an Australian Financial Services licence.
1. Money magazine Home Lender of the Year Award 2010, 2008, 2007, 2006 and 2005, and AFR Smart Investor Magazine Home Lender of the Year Award 2005, 2004, 2002, 2001, 2000 and 1999. Australian Lending Awards, Mortgage Lender of the Year 2011 and Best Investor Lender 2011. The Australian Lending Awards is an independent initiative of The Adviser and specialist research and advisory firm RFI.