In today’s day and age, it's not uncommon for people to put off starting a family because of the costs involved. In fact, research from Mortgage Choice shows these days one in three Australians delay plans to have children because of the expense associated with raising a family.
This is unsurprising, given a typical middle-income family could expect to spend up to $812,000 1 raising two children from birth to their early 20s.
While 57% of families with children said they weren’t financially prepared for family life 2, there is one sure way to combat this - good planning. By planning even just a little in advance, many Australians could more comfortably embrace family life, without compromising on financial wellbeing.
So let’s see what you can do to give your family a strong financial future.