S2 Ep2: Starting a Family

In the second episode of the Key Life Stages season, Simon and Bex discuss various finance related matters that come to the fore when starting a family. As well as covering the significant changes that inevitably occur with the arrival of children, points relating to hybrid families and managing finances jointly are also explored.

Some key points of interest covered in this episode include the following:

• Simon explains that he will be considering three key elements in this episode: joint finances; children; and hybrid families. [00:52]
• In response to a question from Bex, Simon talks about the importance to family life of couples discussing financial issues and goals so that they can jointly plan and manage their use of money, even if they each have different roles within that process. Simon’s comments on this topic include a quotation from Gary Chapman’s book, Things I Wish I'd Known Before We Got Married [01:52]
• Simon describes some of the financial consequences that have been identified in connection with having children. [05:51]
• Mention is made of some options that are available for saving or investing on behalf of a child. [08:11]
• Various family related financial planning priorities are identified, including the importance of wills, insurance, Power of Attorney arrangements and discussing money matters with your children. [12:12]
• Communication is also a key factor as far as hybrid families are concerned, and it is suggested that, within that context, a trusted friend or relative can sometimes provide helpful input. Financial issues that can arise in connection with elderly parents are also mentioned. [14:20]
• When making some concluding remarks, Simon highlights how complicated and challenging it can be to try to apply the principle of fairness to money matters affecting our children. [17:45]
• The next episode in the Key Life Stages season will be ‘Your First Job’ while the next episode to be published (in a week's time) will be ‘Your Longest Holiday, on the subject of Pensions, in the Practical Financial Planning season. [20:19]

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