Starting a family.

Starting a family is a big financial commitment.

Your financial priorities can change considerably during this time and your disposable income may be reduced if one of you decides to take a career break to stay at home with the baby or you have significant childcare costs.

You may need to think about the impact of a new family member and how your retirement saving would be affected if you or your partner are not working.

Your finances

• Review your pension and ensure you’re invested in funds that are in line with your attitude to risk.
• Check what your likely retirement income might be based on your current contributions using our retirement planner.  
• You may want to keep your pension contributions steady or take a contribution holiday.  Register or login to manage your account to monitor your pension savings.
• Consider investing to pay for future school fees.  An ISA can provide a tax-efficient way for you to save.
• Organise your finances with an eye on future Inheritance Tax planning.
• Take out protection to cover your family financially should you lose your job, fall ill or die.
• Learn about debt, savings and planning your money with our fun and interactive Cash Family Challenges.

Key events

• Marriage or registered civil partnership. The big day can be a major expense, but it’s the plans you make together that count most for the future.
• Parenthood. Think about how to provide for and protect your family.
• Mortgage or moving house. The biggest financial commitment of many people’s lives, you’ll want to balance your spending with the need to save for the future. There’s also moving  costs to consider.
• Falling ill or becoming widowed. Thinking ahead means you’ll be covered if you fall ill or the unthinkable happens to you or one of your family.
• Inheritance or windfall. Make sure you make the best use of any money you inherit and consider tax-efficient savings options.
• Redundancy. If you lose your job, you’ll need savings to tide you over until you find a new employer. You may also have a redundancy payment you can invest.
• Career change. Your income and your living arrangements can change when you switch careers.
• Private schooling. Giving your children the best possible start in life means making a substantial financial commitment.
• Divorce or dissolution of registered civil partnership. Dividing up your assets can mean the sale of a house, the loss of shared equity and a new need for financial independence.