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    Default Preparing for the year ahead

    Hi everyone

    Would love to hear how everyone manages their finances and their households etc. I've been going through a bit of a rough patch at work at the moment with an awful boss and I have decided (for now) to stick it out as we are looking at TTC early next year.
    Anyways, to refocus myself I am looking at getting myself organised with mine and hubby's finances to really set ourselves up for when we become a single income family.

    Any tips, suggestions and feedback on how you prepared to become a single income family, structured your finances and general tips would be greatly appreciated. Thanks everyone

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    My suggestion if your ttc later is start paying a little more off bills now ie if phone bill is $80 then pay $100, it's nice to not have to pay those ( or as much) when you go on maternity leave.
    I also created a stock pile of non perishable essentials like tissues, toilet paper, laundry powder when they're on special ( ie half price) at woolies.

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    We started early living on one income before we had the children. In the meantime, while I was still working, I put my money aside completely to build a nest egg. When we were pregnant with twins we didn't know what would happen with prematurity etc and the nest egg was there if we had needed to spend time in the city with them in care etc (we live rurally). We didn't end up needing it so it is now good savings to have behind us.

    During maternity leave and paid parental leave I also saved half of my money so that it paid for an extra six months of living expenses afterwards.

    You may not be able to do this completely but any amount getting put away is good and getting into the practice early helps.

    Leading up to the birth I cooked a heap of meals and froze them. This was handy with newborns of course but it also saved money in groceries when the babies were little, letting us adjust to nappy costs etc on the grocery bill.

    I wish I'd known about Facebook buy swap and sell sites earlier, these are a great money saver when purchasing for baby.

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    Thanks for the great ideas so far ladies. What kind of professional would be best to speak to about structuring finances, income protection etc? Accountant, mortgage broker or financial planner?


 

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