How to make a financial plan for a family

As a parent, you want the best for your family. This might mean providing the best start to life with a safe and comfortable roof overhead, or it might include helping them with the costs of studying at university, getting married or buying their first home. Whatever your situation, if you want to make the financial dreams for your family a reality, you need to make a financial plan.

Financial planning is a comprehensive evaluation of your current pay and future financial state. It uses current known variables to predict future income, asset values and withdrawal plans and goes beyond just ‘making money’ by identifying strategies and solutions to building your family’s financial wealth.

No matter the age of your children, financial planning will help you understand the intricacies of investment, taxation, rules and regulations and it takes advantage of the opportunities available to you and your family. Engage a financial adviser in your financial planning early on and you can significantly impact your financial future. You can do this by:

Talking openly about your finances. If one partner has a poor credit history or large debts or has different spending habits to another, it can lead to resentment and problems down the road. Discuss where your money goes and set the tone for financial openness in your relationship.

Meeting regularly to talk about money. Whether this is with your financial adviser or at your kitchen table, setting aside time to discuss finances is important. Use this time to mark your progress towards long-term goals and propose any changes or major purchases you want to make.

Sharing the load. Don’t make just one person the sole manager of your family’s money. This places an unnecessary burden on that person and leads to others being unaware of the family’s current financial situation. Split tasks between you and share decision-making with your financial adviser.

Deciding on long-term goals together. Help coordinate your savings and investment efforts by agreeing on the amount you need for major purchases or life stages.

Choose a budget format. While some families get away with just a notepad and pen, others find it easier to track spending through a spreadsheet, financial software system or app. Explore the options available to you and choose the one that will work well for your family.

Create a budget. Look at your compiled spending habits. Are you spending more than you make or do you have a surplus? Categorise your spending into major expenses (home, car, food, travel etc) and see where you might be able to cut back. The more money you free up, the more you have for your family’s savings fund.

The actual task of preparing a financial plan is the easy part. However, if you need help sticking to the plan, talk to us at Prime Financial Group.

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