This is not something that automatically comes to mind. But if you have a child, a will is essential to designate guardians. We recommend you engage a lawyer to draft a will in which you name an executor who would pay your debts and distribute your assets and a guardian for your child(ren).
Raising children and paying for their education can be expensive so it helps to have good planning and money skills. Recent studies (AMP.NATSEM Income and Wealth Report 2013) have shown that the cost of educating a child to tertiary education level can be up over $190,000.
Once you become a parent, having insurance is absolutely critical. After all – if something were to happen to you or your partner, you have to make sure your dependents will be provided for. You need to consider how much money would be required if one of you were no longer around, no longer earning an income or no longer able to look after yourself or your children. This can be affordable and more importantly provide you with the peace of mind to enjoy your new baby.