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5 Tips to Begin Your Family Financial Plan

If you’re on the road to getting your finances back on track, one must do is creating a family financial plan. Check out these five tips!

Financial Tip Friday is brought to you in partnership with the 1st National Bank of Dennison.  

Thinking about your lifetime financial goals for your family can feel overwhelming. By breaking it down into five different checkpoints, it may seem more manageable. When you sit down and plan for your family’s future, keep these tips in mind.

Create Financial Goals

The first part of any financial plan is figuring out what goals you want to accomplish.

By figuring out what you want for your family, you can decide how to best tackle and achieve those goals. One way to begin listing goals is to figure out how you want to live when you retire. Another goal could be to save for your children’s college. Or you might want to figure out how to help your aging parents in their retirement.

No matter what goals you have, by writing them down, you’re just beginning to make your family’s financial plan.


Perfect Your Budget

A budget has so many benefits when it comes to finances.

When you know what your money is doing, you can see where you can tweak parts of your financial life. Families should work on their budgets together and be transparent about their money issues. Saving money and investing should be talked about with children too. They’re just a part of the family financial plan.

If you’d like a refresher of how to create a budget, check out this post.


Use Other Finance Tools

Even though a budget is one of the most useful financial tools, when creating a financial plan, you should utilize other tools.

Some tools and solutions you can think about to include in your family’s financial plan are:

  • Retirement accounts
  • A living will
  • Taxable investment accounts
  • College savings accounts
  • Tax-advantaged savings accounts
  • Custodial accounts for minor children

These are not the only ones you should consider. There can be other financial resources for other life situations as you and your family change and age.


Stay Flexible

One thing that is for sure is that life always happens.

Hiccups and accidents happen that might derail you from your budget or extend the time range on your financial goals. When you can adapt your budget to fit your family needs in the moment, do it. Change is inevitable.

It’s actually better if you go back through your family’s financial plan once a year, along with checkups throughout it. The overall goal is to benefit your family.


Don’t Give Up

No matter where you are in life, don’t give up.

Your family’s financial goals are reachable as long as you stay determined. Remember why you made a family financial plan in the first place and the rewards to achieving them.

Be in control of your financial destiny.

Financial Tip Friday

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