You are a parent now. You are no longer just looking out for number 1. Being a parent can often consist of surviving, not thriving. Sometimes you just need to take each day as it comes and if everyone is alive and fed by the end of the day then that counts as a win. When this is the stage of life that you’re going through, it can be easy to forget about important life admin that you would normally otherwise have under control. Here are 7 admin topics that need your attention now that you are a parent:
Writing a Will
A bit morbid to start off with but very important now that you have dependents. In the event that something fatal befalls you, a Will ensures that your wishes for your dependents are carried out correctly. Your Will can include who will inherit any assets that you currently own and also who will be the guardians of your children, should the fatal incident involve all primary caregivers.
Insurances
Having dependants is a big responsibility, even more so when unexpected inconveniences happen, that’s where insurance comes in. Life insurance, building and contents insurance and health insurance are the main ones to put in place. Life insurance helps cover you financially should anything terminal happen to you. Buildings and contents does what is says on the tin, it covers you financially should anything major happen to your home or valuable contents in your home. Health insurance varies depending on which country you live in, but can help towards medical bills and treatments. When taking out any insurance policies, make sure to check that your family ie. partner and children (where applicable) are included in the cover.
Register With Medical Professionals
Some of us have the good fortune of rarely needing medical treatment and can often let things like being registered with a doctors practice or dentist slip by the wayside. However, now that you’re a parent, you are responsible for your children’s health too. Make sure you and your children are registered with a doctor and dentist and be sure to keep up to date with health check ups. Your children’s health is obviously extremely important but now your own health too matters more. You as a parent need to be in good health to be there for your children throughout their childhood and adulthood.
Budgeting
Being financially secure is a goal for anyone whether you are a parent or not, however you do need to be able to support your children financially which adds stress to this goal. Writing out a budget is a good starting point. Take note of all your income and all your expenses. Then from there you can make cuts to expenses or factor in childcare and extra curricular activities for your children.
If you are not sure where to start with budgeting, we have created a handy Annual Budgeting Template to aid you in this process Upon download you will also receive a tutorial video on how to use the template from start to finish. Download it here.
Christmas and birthdays can often be more expensive when you have children, one way to prepare for these is to save a small amount towards them every month which can also be factored into your budget.
Check What You’re Entitled To
Depending on where you live and also how much income you make, you may be entitled to financial benefits. For example in the UK there is a ‘tax-free childcare’ scheme and a ‘child benefit’ for parents who earn under a certain threshold – these are paid by the UK government. Make sure you check with your own government to see if you are entitled to any financial benefits now that you are a parent.
Children’s Savings Account and Pension
Opening a savings account or stocks and shares ISA for your children can help to give your child the best start in life financially. There are many reasons to save for your children, whether that is to pay for University/College fees or to help them buy their first house or car. You can open accounts in their name, then when they come of age (usually 18) they gain access to the money in the account. If you want a little more control over the money, you can open an account in your name but you know that the money in that account is for your child to use how you see fit when they are old enough. The downside to the latter is that you will be subject to tax on the money in that account as you would any other money.
If you have quite a bit of spare change, you can also open a private pension for your child with platforms. Retirement is a long way off for your children, but just think how much time their money has to compound if they start their pension when they are children – living the high life when they retire!
Home Safety
Finally, make sure your home is up to date with all necessary safety regulations. Check your smoke and carbon monoxide detectors regularly to ensure they are fully functioning. Make sure any security systems are working correctly. Be sure to fix any potential hazards around your property before they have the chance to cause and incident – your family’s safety is paramount.
