Financially Plan For Your Family

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, family planning is about setting financial goals as your family plans change. 

What Type Of Family Event Are You Planning For?

Learn how an advisor can help navigate this exciting moment!

Marriage
Growing Family
College
Empy Nesters

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 

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. 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.

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

Download our Guide to Financial Planning

Discover a more in-depth look at how to for your optimal tax strategy.

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. 

Unsure Of Where To Start?

Zoe partners with the top curated network of independent and commission-free, fiduciary advisors. Schedule a free consult with an advisor from our network!

  • Experienced
  • Fiduciary
  • No sales

See The Top Local Financial Planners Near You