Financial Planning Guide
Financial Planning Essentials for Families
Key areas for Australian families to consider, from insurance and wills to education funding and retirement.
General Information Only. This guide is intended as general information and does not constitute financial, legal, or estate planning advice. Every family's situation is unique — we strongly encourage you to contact our team for advice tailored to your circumstances.
Building a Financial Foundation
- Start with a clear picture of your household income, expenses, and debt
- Build an emergency fund of 3 to 6 months of living expenses before investing
- Prioritise paying off high-interest consumer debt such as credit cards
- Set clear short-term, medium-term, and long-term financial goals as a family
- Review your budget at least annually or after any major life change
Insurance: Protecting What Matters
- Life insurance provides a lump sum to your dependants if you pass away
- Total and permanent disability (TPD) insurance covers you if you can no longer work
- Income protection insurance replaces up to 70% of your income if you are unable to work due to illness or injury
- Trauma insurance pays a lump sum on diagnosis of a specified serious illness
- Review your cover levels as your family grows, your mortgage changes, or income increases
- Super often includes default life and TPD insurance — review whether the level is adequate
Wills and Estate Planning
- Every adult should have a current, valid will — especially once you have children or assets
- A will without an up-to-date beneficiary nomination on super may not direct your super as intended
- Consider appointing an enduring power of attorney to manage your affairs if you become incapacitated
- Guardianship of children should be documented in your will
- Estate planning considerations become more complex with business interests, trusts, or blended families
Education Funding
- Private school costs can exceed $500,000 over a child's schooling life — early planning matters
- Savings plans, investment bonds, and family trusts are commonly used to fund education
- Consider the timing of contributions to align with when fees are due
- Government assistance such as Family Tax Benefit may reduce the cost burden in early years
Planning for Retirement as a Family
- Both partners should have super in their own names to access tax benefits in retirement
- Spouse contribution splitting can help equalise super balances between partners
- Understand how Centrelink rules may affect age pension eligibility based on joint assets and income
- Consider the role of the family home in your retirement plan
- Begin retirement income projections at least 10 to 15 years before expected retirement age
Build a plan for your family's future
Our financial planning team specialises in helping Australian families create clear, personalised plans. Let's have a conversation about what matters most to you.
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