“Let our advance worrying become advance thinking and planning” ~Winston Churchill
Do you think you have a good financial plan for your family? Do you have any doubt on how to start Family Financial Planning? This article intends to give core points of family financial planning to help people to ensure they have not missed anything while planning.
Whenever starts with family financial plan, one should have knowledge on some core points. Proper planning only produces great result. This would help one to plan their finance in a superior way, get out of debts, and complete protection from uncertainties, secure future life of self and family, in a better and disciplined way. Family financial plan can either be done self or by getting help from a professional financial planner. I always prefer to do self because it gives a chance for our family members to be a part of it and lead a disciplined life. This article prepared in a scenario of self made financial planning than doing such by any professional financial planner.
Family Financial Planning Guide
Importance of Planning and Design of your financial plan
To deliver a wonderful financial plan for family, one should start with the first phase, “Planning”. Right planning and design should be there to move further. Identify and draw the goals that you need to achieve with this financial plan. Once your design is ready, your attention must move to the requires steps of achieving it.
When dealing with family financial planning, ensure you have added these points in your design document.
1. Should have proper budgeting in place to control unnecessary money lose. Budgeting should happen in an intelligent way where all the family members should be happy on it and ready to work together to achieve your goals. Draw all the possible expenses – either it is a regular or periodical expense – to make your list enhanced more and ensure any of your family member not losing any facilities they are enjoying till the date. Add control to your expenses in a way that not affecting anyone or the entire family.2. Ensure you are not running out of money all the time. In another way, confirm you have sufficient fund to with you that able to survive your family members without any income for at least next five to six months.3. Ensure you have explored and working with all the possibilities of creating additional income. Also ensure your family members do the same.
4. Make sure your family members are totally out of danger from uncertainties. Get right insurance path to protect yourself, family members from unexpected expenses happening due to health, calamities, accidents, burglaries and loan repayments. This could be done in a way your family members get relief from all in case your absence too. Download my FREE E-BOOK to learn all core points in detail and step by step. In this step by step guide, I have explained all information that a person want to know about protecting self, family, assets, in a structured way! If you are already a subscriber of Money Hacker, just comment under this article with your email and I will send this e-book without any delay. If you don’t want to reveal your e-mail ID, kindly mail to me directly. Kindly be honest to me considering the time I have spend to create this e-book for you all. If you are not a subscriber, you can click on the image to subscribe and immediately download it. I promise, this would be an asset for you.
5. Ensure you have working plan to set controls on your spending and saving money from the possible ways. I have already written some of the most possible money saving ideas in my above E-Book.6. When planning finance for family, you should be debt free. If you have debt burdens, plan to kill all your debts using disciplined approach. Once you have done with it, you are free to move with next step.7. Securing financial future, use the investing path. As a starting, be debt free as early as possible. With a huge debt, any investments are useless. You should give importance to your retirement life, betterment of kids by planning for their education, marriage. Anything else should come into the second preference. Always plan to achieve these most important goals and if you still have options and capacities, go for next goals as secondary.
If you have a well defined plan and disciplined approach to achieve your goals, you are in the safe side. Download my free e-Book for more detailed information on all the core points and step by step guidance to achieve each of your goals.