There are approximately 400 checklists for having a baby.
Hospital bags. Prams. Car seats. Tiny socks that somehow disappear within three days.
But there’s one checklist that doesn’t seem to get nearly as much attention: getting your family’s finances organised.
Not the exciting stuff, admittedly. But when you’ve got kids depending on you, a few simple conversations and decisions can make a big difference.
Here are six things worth sorting, whether you’ve just had your first baby or your kids are already running around the house.
1. Know what it actually costs to run your household
Most of us have a rough idea of what comes in and goes out each month.
But could you tell someone exactly how much your family needs to get by?
Mortgage or rent, groceries, power, childcare, transport, insurance, all the usual things.
It’s worth sitting down and working out your essential monthly expenses.
Not because you need a perfectly colour-coded spreadsheet, but because knowing your number makes it much easier to plan for the unexpected.
Ask yourselves: If our household income dropped tomorrow, what would we need each month to keep things ticking along?
2. Build a bit of breathing room
An emergency fund isn’t particularly exciting, but having some savings tucked away can take a huge amount of pressure off when life doesn’t go to plan.
A broken-down car, an unexpected bill or a few weeks off work can be stressful enough without worrying about how to pay for everything.
A common starting goal is to build towards three to six months of essential expenses, although that’s not realistic for every family straight away.
Even a smaller savings buffer is worthwhile.
The important thing is starting somewhere.
3. Have the conversation about what happens if one of you can’t work
It’s not exactly a conversation anyone looks forward to having over dinner.
But if your family relies on one or two incomes, it’s worth asking what would happen if one of those incomes suddenly stopped.
Could you manage on one income? For how long? Would savings cover the gap?
This is where income protection or other personal insurance might be worth considering.
Not every family needs every type of insurance. The important thing is understanding where you’re financially vulnerable and deciding what you want to protect.
4. Sort your wills and think about guardianship
Having children is often the point when people start thinking seriously about wills.
A will helps set out what happens to your estate when you die, while also allowing you to express your wishes about who should care for your children.
In New Zealand, naming a testamentary guardian in your will is an important consideration. A testamentary guardian has responsibilities relating to a child’s upbringing, but the appointment doesn’t automatically mean the child will live with that person.
It’s worth getting proper legal advice to make sure your arrangements reflect what you want.
And if you’ve already got wills, consider whether they still reflect your current family situation.
5. Make sure you both know where everything is
Here’s a question: if your partner was suddenly in hospital, would you know where to find all your important financial information?
Insurance policies, mortgage details, bank accounts, wills, KiwiSaver information and key contacts.
In plenty of households, one person tends to manage most of the admin.
That’s fine, until the other person needs to find something urgently.
You don’t need an elaborate filing system. A secure shared record of where important documents are kept, who to contact and what policies you have can make things much easier.
Just avoid storing passwords or sensitive financial details in an unsecured document.
6. Review things when family life changes
The arrangements that worked before kids might not make sense anymore.
And what worked with one baby might look very different after a second child, a bigger mortgage or a change in working hours.
It’s worth revisiting your finances and insurance whenever something significant changes.
You might discover you need more protection in one area, less in another, or simply a better understanding of what you’ve already got.
The goal isn’t to have more insurance. It’s to make sure your family is prepared for the things that would affect you most.
A little peace of mind goes a long way
Nobody expects you to have every financial detail sorted the moment you become a parent.
Most of us are busy enough keeping the kids fed, dressed and vaguely on schedule.
But getting a few of these things organised can make family life feel a little less uncertain.
And you don’t have to tackle everything at once.
Start with one conversation, one document or one small change.
A free resource for Kiwi families
We’ve created a free guide called Tricky Conversations for Families, designed to help parents talk through some of the important things that are easy to put off.
It covers family finances, insurance, important documents, planning for the unexpected and more.
Read our free Tricky Conversations for Families guide
And if reviewing your family’s insurance is on your list, we’re always happy to help you understand what you’ve got, what you might need and what you probably don’t.
Canvas Insurance — straightforward insurance advice for Kiwi families.
