by simon tarrant, private client adviser at morgans financial limited
Raising a young family can be one of life’s most financially demanding journeys. With mortgages, school fees, childcare, and the ever–increasing cost of living, it’s no surprise many families feel like they’re constantly treading water. Even with a decent income, the day–to–day pressure of bills and budgeting can make it hard to see whether you’re truly making the most of your money.
The issue isn’t always about how much money is coming in but how effectively it’s being managed.
Common financial challenges
- Rising cost of living
Groceries, petrol, rent or mortgage payments, and utilities have all gone up. For growing families, the cost of simply existing has outpaced wage growth. - Childcare expenses
For working parents, childcare can feel like a second mortgage. Many families struggle to justify going back to work when much of the income is eaten up by care costs. - Lack of time
Between work, school drop–offs, and late–night feeds, there’s little time left to plan finances properly. Often, important financial decisions get pushed aside. - Lifestyle creep
As income increases, spending tends to rise too often without conscious thought. A few extra streaming services or takeaway meals each week can quietly eat into long–term goals. - Uncertainty about the future
Many young families worry about affording education, owning a home, or being able to take holidays, but don’t know where to start building toward those goals.
5 Ways to take control of your finances
- Get clear on where your money goes
Tracking your spending is the first step to control. Use a budgeting app or spreadsheet to categorise your expenses over a month or two. You might be surprised by what adds up. Once you know where your money is going, you can begin to cut back or reprioritise. - Build a buffer
If you don’t have a cash buffer (also known as an emergency fund), start building one. Even a few thousand dollars can offer peace of mind when unexpected expenses pop up like a car repair, dental bill, or school cost. Aim for at least three months’ worth of living expenses. - Don’t ignore superannuation
For young families, retirement feels a lifetime away but ignoring your super means missing out on years of compounding growth. Make sure your super is invested appropriately, consider consolidating multiple accounts, and check whether you’re paying unnecessary fees. - Protect your income
Many families insure their cars but forget to protect their biggest asset –their ability to earn. Income protection, life, and total and permanent disability (TPD) insurance can make sure your family is financially secure if something unexpected happens. - Get advice early
You don’t need to be wealthy to benefit from financial advice. A good adviser can help you make the most of what you already have, set realistic goals, and build a plan for the future. Whether it’s saving for a home, investing for your children’s education, or getting out of debt faster, starting sooner can make a huge difference.
It’s easy to fall into the trap of living week to week, especially when kids, bills, and work all compete for attention. But with a little time and planning, you can take control of your financial future and make sure your money is working as hard as you are.
Simon Tarrant (AR: 001270872) is a Private Client Adviser at Morgans Financial Limited (AFSL 235410 /ABN 49 010 669 726). Simon is passionate about creating quality financial strategies that are tailored and customised to a clients’ lifestyle, financial goals and risk profile. Disclaimer: While every care has been taken, Morgans Financial Limited makes no representations as to the accuracy or completeness of the contents. The information is of a general nature only and has been prepared without consideration of your individual objectives, financial situation or needs. Before making any decisions, you should consider the appropriateness for your personal investment objectives, financial situation or individual needs. We recommend you see a financial adviser, registered tax agent or legal adviser before making any decisions based on this information.