In today’s episode Sally and Vanda talk about family finance, the costs and joys of bringing up children, the various questions that need to be asked and the different approaches parents can take when it comes to not only managing family finances but also teaching children about money. 

Resources mentioned in the episode:

https://www.compareukquotes.com/money-saving/everyday-money/cost-to-raise-a-child-in-the-uk

https://www.co-oplegalservices.co.uk/media-centre/articles-may-aug-2018/60-of-people-dont-have-a-will/

https://www.survivedivorce.com/common-reasons-for-divorce

https://www.thisismoney.co.uk/money/pensions/article-8483671/Womens-pensions-biggest-hit-divorce.html

https://www.moneyadviceservice.org.uk/en/articles/how-to-talk-to-your-children-about-money

Questions to get you started:

1. How much do we want to spend on a wedding? What else could we do with the money?
2. Do we want to privately educate our children? If so, what do we need to do to achieve that and what are we giving up?
3. Will one of us take a career break and if so, who - and how are they going to be protected if something goes wrong?
4. When will we introduce pocket money and how much? Will we pay children to do the chores or is it something they are expecting to do as a contribution to family life? 
5. What would I do if my partner suddenly wasn’t there?

Questions to consider when choosing a life insurance

1. Are there people who rely on my income and what would happen to them should I die?
2. What else is in place should I suddenly die? 
3. Are there enough assets to last till my children / dependant have independent income?
4. Is there anybody else who would step in financially? (grandparents, siblings, etc) – how would they manage financially with the increase spend on my dependants?
5. Do I have any work related benefits? E.i. Death in Service?
6. How long would the money need to last? E.i. how young my dependants are at the moment and how many?

https://www.moneyadviceservice.org.uk/en/articles/do-you-need-life-insurance

Contact Sallywww.resetmoneycoaching.co.uk

Contact Vandawww.vsfinancialcoaching.co.uk

See acast.com/privacy for privacy and opt-out information.

In this episode Vanda and Sara tackle the subject of ‘how much is enough’. They explore their feelings on what ‘enough’ means for each of them,  unpick the idea of ‘lifestyle creep’ together with ideas on how to avoid it, and tackle the importance and challenges of the much-vaunted emergency fund.   On the practicalities - Vanda shares some ‘how much is enough’ questions you can ask yourself, and Sara introduces a way to break down your income and spending in a way which enables you to really get to know your money, as it is now, as well as reflect on changes you will make in the future.

The downloads referred to in the episode can be located here: www.wealth-coach.co.uk/podcast-downloads

Open Up: the power of talking about money, mentioned in the episode: https://uk.bookshop.org/

Contact Vanda:           https://www.vsfinancialcoaching.co.uk/

Contact Sara:           https://www.wealth-coach.co.uk/

See acast.com/privacy for privacy and opt-out information.

See acast.com/privacy for privacy and opt-out information.