Financially Plan For Your Family
Life changes. From getting married to your special someone and deciding you and your family will have a baby to the moment your nest empties out as your children go to college and start their own journey, your financial goals change as your family grows.
The Basics of Family Planning
Financially planning for your family is crucial as you think about your future and how your goals align with your spending habits, income, investments, and other assets. Here are a couple of the milestones you should include in your family’s financial plan.
Financial Planning For Marriage
Marriage is likely one of the biggest financial transitions you’ll make as an adult. In this step, financial planning is a great step towards setting expectations around joint-finances.
For many couples, finances are one of those topics that they shy away from discussing while dating. Now that your finances will be legally combined with your partner’s, it’s critical that you honestly disclose financial details and establish mutual goals. Being on the same page as your spouse can avoid plenty of financial headaches down the road. If, for example, one of your goals is to pay down your student loans, being honest with your partner with this goal can empower you to make better decisions. When planning financially for marriage, be sure to establish a joint budget, talk through how expenses will be divided, establishing a joint emergency fund, and perhaps even saving for a home together.
Financial Planning For A Baby
For at least the next 18 years, you’ll be providing financially for your child. Starting a family is one of the most important times to sit down and plan for your financial future. For new parents, your old budget more than likely doesn’t include the many additional expenses that come with a baby. In order to spend and save responsibly, a family budget as part of your financial plan is imperative. Saving
Financial Planning For College
Paying for college can be a big challenge for students and their families. The New York Times reported that parents are taking on more debt than ever to afford their children’s education. Federal loan program limits impede students from borrowing the entirety of their university’s cost, so many parents end up going deeper into debt to pay tuition fees, which ends up derailing their own long term financial goals and even their retirement! That’s why it’s important to start financially planning for college as early as you can.
Financial Planning For Empty Nesters
You’ve raised your children to the point where they are heading out into the world to chart their own lives! Transitioning to being an empty nester comes with a whirlwind of emotions. Consider how your budget, emergency fund, and financial goals will shift now that you’re no longer financially responsible for your children. This can be an exciting time to reevaluate your expenses and hone in planning for retirement.
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Do We Need Family-Focused Financial Planning?
A fiduciary financial advisor focused on family-focused financial planning works with your family to ensure your financial decisions are active steps towards your long term goals. A holistic financial plan designed for each of life’s important moments means you can spend time enjoying them – instead of worrying about achieving your financial dreams. A great financial plan enables you to see your growing or evolving family as just one aspect of your entire financial life, rather than the end-all-be-all of your finances.
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