Australian Finance Podcast Financially planning to start a family: buying a family home, cash flow during parental leave & big expenses
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Jun 27, 2024 
Financial advisor Alex Luck and Owen Rask discuss financial planning for starting a family, covering topics like buying a family home, managing cash flow during parental leave, and dealing with significant expenses. They emphasize the importance of budgeting, creating an emergency fund, and taking advantage of employer benefits and government entitlements. The podcast explores strategies for managing childcare expenses, choosing between public and private healthcare, and highlights the need for personalized financial advice.
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Plan Two Years Ahead
- Start planning financials and logistics about having kids about two years in advance.
- Early preparation offers more options and flexibility during pregnancy and early parenthood.
Boost Emergency Fund Size
- Increase your emergency fund significantly when planning for a child; $50,000 is a good starting point.
- Having sufficient savings helps manage unexpected costs during pregnancy and early parenthood.
Smart Baby Essentials Buying
- Buy baby essentials wisely by leveraging baby showers and the secondhand market to save money.
- Invest in a lightweight, quality pram, as frequent use demands durability and ease of handling.