Do you have a financial plan for your family? follow these dos and don’ts to get off to a good startSep 03, 2021
So, you’re finally married, and ready to start a home with your one-and-only. The future is bright, and you have a good feeling about the way your life is headed. If you want this optimism to last, there’s one crucial thing that should be at the forefront of your mind. Financial planning. Budgeting for the future as an individual, is a completely different ballgame from budgeting for family life. Anything you put off or underestimate can snowball into a dilemma down the road.
Take a long, hard look at the future
Author Carol Trehearn suggests that, “When you decide to settle down and start a family, it can be a hectic time. The future can seem a long way away, but people don’t realize how easily time can creep up on you. That’s why it’s important to prepare your family for the future by planning ahead. By thinking ahead, you can help to deal with those big events in your family’s life.” Here are a few smart tips on how to plan financially for your family:
Do think about major life-events first
What are the chances that your children will need braces? How much do you want to pay for their college? Do you want to chip in for their weddings? Brainstorming about such major life-events will give you awareness of just how much you need to prepare for.
Don’t forget to do a head-count
How many people do you have in your family at this very moment? And regardless of what this number is, how many family members will this grow into, assuming everything goes according to plan? The bigger the family, the more you should expect to make financial compromises and sacrifices.
Do make health a priority
As you make plans for the future, it’s important to remember that physical fitness declines with age. Be careful not to expect that you’ll never have to face any health issues. Do everything in your power to remain able-bodied, and healthy enough to earn a living.
Don’t forget to take notes
Regardless of what goals you set for yourself and your family, don’t just let them exist in your imagination. Put pen to paper so that you can remember your strategy, and build upon it with new knowledge.
Financial planning feels intimidating because it involves a lot of tough questions. But the truth is that taking the bull by the horns makes the whole process a lot easier. All you have to do is answer one question at a time, and solve one problem at a time. This will give you a conceptual framework you can use to make smart choices as time goes by.
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