--- title: Help Your Kids description: Help Your Kids Services --- - 02 9091 0080 - contact@strategyfirst.com.au - - [![lzsk3cui](https://www.strategyfirst.com.au/hs-fs/hubfs/lzsk3cui.png?width=400&height=104&name=lzsk3cui.png "lzsk3cui")](https://www.strategyfirst.com.au/?hsLang=en) - About us - [Who we are](https://www.strategyfirst.com.au/our-values-0) - [Meet the team](https://www.strategyfirst.com.au/en-au/meet-the-team) - [Why partner with Strategy First](https://www.strategyfirst.com.au/partering-with-us) - [Client testimonials](https://www.strategyfirst.com.au/testimonials) - [Investment commitee](https://www.strategyfirst.com.au/investment-commitee) - Information - [Who we can help](https://www.strategyfirst.com.au/who-we-can-help) - [Our services](https://www.strategyfirst.com.au/how-we-can-help) - [Packages & pricing](https://www.strategyfirst.com.au/service-offerings) - [Financial planning process](https://www.strategyfirst.com.au/process) - [Our community](https://www.strategyfirst.com.au/our-community) - [Learn more](https://www.strategyfirst.com.au/information) - [FAQs](https://www.strategyfirst.com.au/faqs) - [Aged Care](https://www.strategyfirst.com.au/aged-care-strategy-first) - [Blog](https://www.strategyfirst.com.au/blog) [Contact Us](https://www.strategyfirst.com.au/contact-page?hsLang=en) [![Strategy First](https://www.strategyfirst.com.au/hs-fs/hubfs/INDEPENDENT%20FINANCIAL%20ADVICE-3.png?width=150&height=56&name=INDEPENDENT%20FINANCIAL%20ADVICE-3.png "Strategy First")](https://www.strategyfirst.com.au/?hsLang=en) [Contact Us](https://www.strategyfirst.com.au/contact-page?hsLang=en) - About us - [Who we are](https://www.strategyfirst.com.au/our-values-0) - [Meet the team](https://www.strategyfirst.com.au/en-au/meet-the-team) - [Why partner with Strategy First](https://www.strategyfirst.com.au/partering-with-us) - [Client testimonials](https://www.strategyfirst.com.au/testimonials) - [Investment commitee](https://www.strategyfirst.com.au/investment-commitee) - Information - [Who we can help](https://www.strategyfirst.com.au/who-we-can-help) - [Our services](https://www.strategyfirst.com.au/how-we-can-help) - [Packages & pricing](https://www.strategyfirst.com.au/service-offerings) - [Financial planning process](https://www.strategyfirst.com.au/process) - [Our community](https://www.strategyfirst.com.au/our-community) - [Learn more](https://www.strategyfirst.com.au/information) - [FAQs](https://www.strategyfirst.com.au/faqs) - [Aged Care](https://www.strategyfirst.com.au/aged-care-strategy-first) - [Blog](https://www.strategyfirst.com.au/blog) [Contact Us](https://www.strategyfirst.com.au/contact-page?hsLang=en) # Help Your Kids Over the last 10 years, the term, the "Bank of Mum and Dad" (BoMaD) has becoming increasingly common. Amongst our clients, it is no different, with our Sydney and Melbourne clients concerned about their children’s ability to buy a property. From our client’s experiences, here’s some financial planning advice that has worked:   ## Assess Your Financial Situation - **Budget Review**: Ensure you have a clear understanding of your own financial health, including income, expenses, savings, and investments. - **Emergency Fund**: Maintain an adequate emergency fund (usually 3-6 months of living expenses) before committing funds to support others. ## **Define Your Goals and Limits** - **Set Limits**: Determine how much you can afford to give or lend without impacting your financial stability. - **Purpose and Terms**: Clearly define the purpose of the support (e.g., a home deposit, education) and whether it will be a gift or a loan. ## **Communicate Clearly** - **Discuss Expectations**: Have open discussions with your children about their needs and your capacity to help. Clear communication helps prevent misunderstandings. - **Written Agreements**: For loans, consider formalizing the terms in writing, including repayment schedules and interest rates, to avoid potential conflicts. What is the impact on borrowing from a bank. ## **Consider the Tax Implications** - **Gifts**: Be aware of gift limits and implications. - **Loans**: If providing a loan, understand the potential tax implications of interest payments and documentation. ## **Plan for Your Future** - **Retirement Savings**: Prioritize your own retirement savings to ensure that you’re financially secure in your later years. - **Healthcare Costs**: Consider potential future healthcare costs and plan accordingly. ## **Explore Financial Products** - **Family Trusts**: For significant amounts, a family trust might be a useful tool to manage and distribute assets. - **Joint Investments**: Explore investment options that can benefit both you and your children, such as joint accounts or investment bonds. ## **Seek Professional Advice** - **Accountant**: Consult an accountant to revie and confirm tax implications for all parties. - **Legal Advice**: Get legal advice for drafting agreements or setting up trusts to ensure all legal aspects are properly handled. ## **Review and Adjust** - **Regular Check-ins**: Periodically review your financial plan and adjust as necessary based on changes in your financial situation or your children’s needs. - **Flexibility**: Be prepared to adapt your support strategy as circumstances change, whether due to market conditions or personal situations. ## **Educate Your Children** - **Financial Literacy**: Encourage and support financial education for your children to help them make informed decisions and manage their finances responsibly. ## **Plan for Inheritance** - **Estate Planning**: Consider how your support fits into your overall estate planning to ensure that your assets are distributed according to your wishes. Supporting family can be rewarding but requires careful planning to balance generosity with financial stability. [Back to All Services](https://www.strategyfirst.com.au/how-we-can-help?hsLang=en) ![summer-adventure](https://www.strategyfirst.com.au/hs-fs/hubfs/summer-adventure.jpg?width=2000&name=summer-adventure.jpg) ### Dream Plan Achieve At Strategy First our mission is to encourage you to dream a little to set your financial goals, and help you develop a structured plan around smart financial decisions to achieve your aspirations. [Get In Touch](https://www.strategyfirst.com.au/contact?hsLang=en) [![Copy of Copy of INDEPENDENT FINANCIAL ADVICE](https://www.strategyfirst.com.au/hs-fs/hubfs/Copy%20of%20Copy%20of%20INDEPENDENT%20FINANCIAL%20ADVICE.png?width=302&height=93&name=Copy%20of%20Copy%20of%20INDEPENDENT%20FINANCIAL%20ADVICE.png "Copy of Copy of INDEPENDENT FINANCIAL ADVICE")](https://www.strategyfirst.com.au/?hsLang=en) *Strategy First is an independent, fee-for-service financial planning firm specialising in long-term wealth and retirement strategy for Australians.* *Copyright © 2021 Strategy First Financial Planning Pty Ltd.  All rights reserved.*  Contact us:  02 9091 0080​ Office Address: Ground Floor, Front Suite 55, 117 Old Pittwater Rd, Brookvale  |  PO Box 7418, Warringah Mall NSW 2100 Australia [Financial Services Guide (Version 37 – 30 April 2026)](https://www.strategyfirst.com.au/financial-services-guide?hsLang=en)|  [Privacy Policy](https://www.strategyfirst.com.au/hubfs/20260911%20Client%20Privacy%20Policy.pdf?hsLang=en) |  [Public Complaint Policy](https://www.strategyfirst.com.au/hubfs/20211001%20Complaints%20Policy.pdf?hsLang=en) | AFS Licence No. 290771  |  ABN 69 114 540 528  |  **[Disclaimer](https://www.strategyfirst.com.au/hubfs/20230921%20Website%20Disclaimer.pdf?hsLang=en)** [Homepage - Strategy First Financial Planning](https://www.strategyfirst.com.au?hsLang=en) [Who we are](https://www.strategyfirst.com.au/our-values-0?hsLang=en) [Meet the Team - Our Independent Financial Advisers](https://www.strategyfirst.com.au/en-au/meet-the-team?hsLang=en)  [Why partner with Strategy First](https://www.strategyfirst.com.au/partering-with-us?hsLang=en) [Testimonials - What our clients have to say](https://www.strategyfirst.com.au/testimonials?hsLang=en)  [Investment Commitee](https://www.strategyfirst.com.au/investment-commitee?hsLang=en) **[Our Clients - Who We Can Help](https://www.strategyfirst.com.au/who-we-can-help?hsLang=en)**  [Our Services - How We Can Help](https://www.strategyfirst.com.au/how-we-can-help?hsLang=en)  [Packages and Pricing](https://www.strategyfirst.com.au/service-offerings?hsLang=en) [Processes - What to Expect](https://www.strategyfirst.com.au/process?hsLang=en)  **[Information and Documents](https://www.strategyfirst.com.au/learn-more?hsLang=en)  [Our Community](https://www.strategyfirst.com.au/our-community?hsLang=en)  [Blog](https://www.strategyfirst.com.au/blog?hsLang=en)** [Independent Financial Advice Sydney - Contact Us](https://www.strategyfirst.com.au/contact?hsLang=en) All Rights Reserved. © 2023-2024 [| FThemes](https://fthemes.net/)