142. Financial Wellbeing at Work - Planning for a Family with Aadil Abbas and Prina Shah

In this insightful episode of the Ways to Change the Workplace podcast, host Prina Shah welcomes back Aadil Abbas, financial planner and co-owner of Own Financial Planning in Sydney. Together, they tackle one of the most significant life events – family planning – and its impact on careers, finances, and emotional well-being.

Adil shares practical financial tips for navigating the costs of starting and raising a family, including budgeting for planned and unplanned expenses, stress-testing your lifestyle on a single income, and understanding the financial implications of reduced income. He also discusses the importance of investment structures like bonds and the value of family support in managing childcare costs.

Prina brings her expertise as a leadership coach, emphasising the importance of resetting workplace expectations, planning for a return to work, and the mental adjustment required after becoming a parent. Together, they stress the importance of financial wellness in the workplace, calling for more open discussions about financial planning as a critical part of employee well-being.

Key Takeaways:

• Raising a child can cost between $750,000 to $1 million in Australia by the time they turn 18.
• Plan your finances ahead of starting a family – not just when the baby arrives.
• Create a budget that includes planned expenses and a buffer for unplanned, emotional purchases.
• Stress-test your spending plan on a single income to prepare for potential financial changes.
• Seek family support to manage childcare costs, which can be a significant financial burden.
• Explore investment options like education and investment bonds to save for big-ticket items like school fees.
• Financial planning in the workplace should extend beyond basic parental leave discussions to cover employees’ overall financial well-being.

Connect with Adil Abbas:

• Past episodes with Aadil.
• Own Financial Planning

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