At MyBump2Baby we are proud to work closely with trusted financial advisors throughout the UK. Today we share the expert article “Protecting the Pennies” from Rockstone Mortgages. If you are looking for family financial advice in Southampton or Lymington contact Rockstone Mortgages.
We caught up with Guy Layman, one of the friendly family financial advisers over at Rockstone Mortgage & Financial Advice this week, for tips and advice on protecting the pennies and what you could and should be doing to get your finances in order, particularly if you’ve just welcomed a new addition to the family!
Protecting the Pennies – Family Financial Advice Southampton|Lymington
“Firstly, congratulations! Whether you had a baby of the blue or the pink variety you must be thrilled!
Secondly, welcoming precious new life into the world is one of the most exciting times, but it can be a bit daunting too, we get that. So, when it comes to the financial security of you and your family, what should you do when it comes to planning your finances, who do you speak to and where do you start?
Assess the situation
Before working out a plan, here at Rockstone, we like to assess where the customer currently stands financially, as well as talking through where they see themselves in the future. We’ll look at savings, maternity/paternity pay and outgoings – including all those new baby expenses – before working out a financial plan for the future, including suggestions for any changes you could make to current outgoings.
Now you have dependents it’s more important than ever to plan for their financial security. I appreciate you might not want to consider it, but if something does happen to you, wouldn’t you want your family protected in your absence? To help them cover the monthly bills or perhaps a one-off lump sum towards the mortgage? Together we can look at the various options and work out what suits your individual circumstances best.
How do you keep track of your money? It’s much easier to keep control, if you set yourself a weekly budget; food shop, nappies, childcare etc? Then you can work out how much you can save for those treats you previously took for granted?
Take a look at benefit options. Although dependent on your financial circumstances, you might find you’re eligible for government funding to help with your new baby. Check out the UK government website.
Critical Illness Cover
If you become ill or injured and can’t get to work, how do you provide for the family? Wouldn’t you want to be prepared just in case? Critical Illness Cover gives you that added reassurance. Providing the family with a lump sum payment in the event of serious illness like cancer or heart attack, could make all the difference when you’re not sure how you’ll cover the mortgage.
If you become ill or incapacitated and can no longer work, Income Protection can provide a substitute income. Depending on your individual policy, it can cover many health conditions, providing for your family if you can’t work for a time.
Indeed, we’re currently seeing many pre-existing policy holders claiming because they are unable to work due to the recent outbreak of COVID-19. If we ever needed proof that the unexpected can occur, now is it! With the right protection policies in place you can rest assured your family, home, business and income are protected should the unexpected occur.
Whether you’re a first-time buyer, looking for a buy-to-let or taking the next step on the property ladder, we’ll consider what you want to achieve, assess your current income and outgoings, before giving you clear options with repayment schemes sustainable over time.
Our focus is always on providing sound financial advice based on a risk and investment level you’re comfortable with, so your decisions are fully informed.
You might think retirement is a long way off, but it’s worth fast forwarding and considering what your ideal retirement looks like. Once you know, we can look at the most suitable products on the market and put a secure plan in place sooner, rather than later.
Here at Rockstone, our financial advisers offer expert, tailored advice on mortgages, protection, pensions and investments, giving clients the reassurance they’re looking for. Getting to know each client individually so we only offer them products relevant to their individual circumstances and goals.”
Guy’s final tip: “There really are some great protection policies out there, and we’re seeing now more than ever that they really do work when you need them to.”