5 Things You Need to Consider Before Starting a Family

Starting a family is one of the most important decisions that you can make in your life. It requires a lot of planning and preparation, as your responsibilities will multiply exponentially. For young professionals, this means that from focusing solely on your day-to-day responsibilities, you now have to think about managing the household, supporting your partner, and in the future, ensuring that you’re able to take care of your child.

Some make careful preparations before starting a family, while others are propelled into it. Whatever the case, the important thing is that you and your partner are emotionally and financially prepared for this important transition. You need to consider your streams of income, savings, and insurance policies so that you are fully prepared to start building your own family.

The Cost of Starting a Family

There are many factors to think about before starting a family. Taking these into proper consideration will help you and your partner have a clear and realistic idea of what you will need to prepare yourselves for moving forward.

First, you need to have an honest and in-depth talk with your partner about finances, because admittedly, starting a family will come with its own share of expenses. Both of you will need to plan how to manage your home and the corresponding bills. More importantly, you will need to discuss if both of you will continue working, or if one of you will stay home to look after your child - if it is the former, then you need to make provisions for household help.

All these may already seem like a handful but we’ve only just begun to scratch the surface. This is why you have to prepare even before the baby is on the way, so that you and your partner are physically, mentally, emotionally, and financially ready to handle your obligation as parents and providers.

If you think you are ready to begin your journey in having a family, here are the 5 things you need to consider:

1. Relationship with your partner

It is important that you and your partner are clear and aligned on how you wish to build your future together. So before even taking the plunge, you must be able to openly talk with your partner about the many realities that you will have to face. These include when and where you both plan to settle down, how soon you want to start having kids, and yes, even finances, no matter how awkward it may seem.

Discussing your finances openly will help both of you adequately prepare for your future, while managing both of your expectations. Marriage means that you and your partner will now be facing all challenges together, so you also need to learn to come up with solutions as a couple.

Having an open and truthful conversation with each other is one of the best ways to ensure that you and your partner are well-equipped to handle any adversities that life may throw at the both of you in the future.

2. Savings

As we have mentioned early on, starting a family comes with its own share of expenses, from medical check-ups, prenatal vitamins, and hospital bills, to the vast number of items that your baby will need to grow up healthy and strong.

As such, it will greatly help if you and your partner start saving up for these expenses prior to having a child. This way, you can be able to allocate financial resources for the expenses that are bound to come, even those that you haven’t even thought about. Having a savings fund will give you the peace of mind that you have enough saved to provide for your family, as well as your personal needs.

3. Streams of Income

These days, it has become normal for both partners to continue having careers, even after having children, so that they can better provide for the needs of their growing family. However, it’s also important to have multiple streams of income to further augment your savings, and to prepare you and your family for any untoward circumstances, such as a medical emergency or sudden loss of employment.

Aside from having a full-time job, you may consider starting an online business, taking on consultancy projects, or even investing in real estate or the stock market. As respected American investor and philanthropist Warren Buffett said,

4. Home

Where do you plan to stay and raise your family? Though many couples would want to live on their own, not all can do so. Rent tends to be a challenge, especially if you’re living in the busier, more upscale areas of the metro. Moreover, having children means having to invest in a more spacious home.

If you and your partner wish to live independently, may it be in a condominium unit or your very own house and lot, it is best to discuss your needs and wants at the soonest so that you can start preparing - and saving - to buy your future home. Who knows? You may just chance upon a pre-selling project that can allow you to buy your dream home at a lower price.

5. Insurance Policies

If anything, starting a family requires you to expect the unexpected. Given this, you and your partner should consider getting insurance policies so that in the event of a critical illness, accident, or death, your loved ones can be duly provided for. In addition, there are now insurance policies that come with investment options, such as variable unit-linked insurance policies (VUL), which can help you grow your money while providing you with the benefits of a traditional life or health insurance product. This way, you get to build and sustain financial stability while guaranteeing that you and your family are ready for life’s possible surprises.

Starting and growing a family is no walk in the park, which is why you need to be fully prepared as early as now. Finding the right partner for your family’s protection is equally important, which is why Allianz PNB Life is here for you.

As one of the largest and most trusted insurance companies in the world, Allianz PNB Life is ready to help you prepare for one of the most important steps that you will take in your life. We offer you AZpire Growth, the insurance solution that will help you prepare for your family’s future by growing your money through well-managed investment funds.

Build a more secure future for yourself and your loved ones, with the help of an experienced and trustworthy partner like Allianz PNB Life.