As a parent, juggling family life, work, and everything in between can make financial planning feel like just one more thing on your ever-growing ‘to do’ list. But spending just a little bit of time on your family’s financial wellbeing can bring huge peace of mind and long-term security. Here are five practical steps to focus on in 2025:
5 Top Tips
1. Prioritise Protection for Your Family
Life is unpredictable, and ensuring your family is financially secure no matter what happens is essential. Look into life insurance to provide for your family if the unexpected occurs. Don’t overlook income protection or critical illness cover – these can help safeguard your household finances if illness or injury prevents you from working. A little preparation now can avoid major stress later.
2. Get Your Pension on Track
It’s easy to put your pension on the back burner, but your future self will thank you for making it a priority. Check how much you’re contributing and whether it’s enough to meet your retirement goals. If you’ve taken time off work to raise your children, make sure you’re not missing out on valuable contributions. A financial adviser can help you make sense of it all and ensure you’re on the right path.
3. Build an Emergency Fund
Having a financial safety net is key to reducing stress when unexpected expenses pop up. Aim to save three to six months’ worth of essential living expenses in an easily accessible account. Start small if you need to. Even setting aside a little each month can make a big difference over time.
4. Start Saving for Your Children’s Future
Whether it’s university, a first car, or helping with their first home, putting money away for your children’s future can ease their path into adulthood. Junior ISAs (Individual Savings Accounts) or even a simple savings account can be great options. The earlier you start, the more time those savings have to grow.
5. Talk Money with Your Kids
Teaching your children about money management is a gift that will last a lifetime. Involve them in simple tasks like budgeting for the weekly shop or saving for a toy they want. As they grow, introduce them to concepts like saving, spending, and even investing. Building financial literacy early can set them up for success.
Take the First Step
2025 is the perfect time to take control of your family’s financial wellbeing. If you’d like help with protection, pensions, or planning for the future, feel free to reach out. A little expert guidance can make all the difference.
Here’s to a secure and stress-free year ahead!
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Taxation advice is not regulated by the Financial Conduct Authority.
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 10/01/2025
About the author: David is a highly regarded financial expert, known to many as BBC Radio Kent’s “Money Mentor,” where he shares practical advice and insights on managing money effectively. As the founder of Citrus Financial, David has built a reputation for providing tailored financial guidance to individuals and families, helping them achieve their financial goals with confidence.
You can hear more of David on BBC Sounds.
