If at this moment you are just starting a family financial plan, honesty and good communication with your partner is essential and most fundamental thing. "Discuss openly what you planned and there are not hidden, set a goal of financial planning, identification of revenue and expenditure plans and the evaluation of the plan.
At the stage of setting family financial planning goals, must be spelled out in detail the intended use of money. For example, your goal is to finance the education of children, own a home, cars, vacations, and so on. In setting financial goals, you should be able to distinguish between needs and wants. After setting goals, there needs to be disciplined so that financial goals are achieved.
Setting the amount of income and expenditure. In other words, you need to know the cash inflows and outflows. Are classified as cash inflows is salary, allowances, bonuses and other income from outside employment. Remember, the basic principle of finance is the income must be greater than the expenditure. Take for example, reduce holiday spending, you can replace with a vacation destination that is cheaper, or completely remove it if it is not necessary.
When defining the types of expenditure, need to be tailored to the needs of each partner based on its activity. When the husband of a marketing officer, may need to spend to buy a car. "If the wife does not work, it may not really need my own car". For personal expenses for the husband and wife, must be balanced. Nothing is bigger or smaller.
You need to set up an emergency fund families ranged from 6 to 12 times the monthly expenses. This emergency fund should be separated from other funds. It is very important, so that an emergency situation that does not destroy the overall financial plan. This emergency fund should take precedence due to the continuity of family function in case of disaster, for example, layoffs, illness, and so on.
Buying or have insurance to anticipate unwanted risks. Especially, buy insurance for the family head. This insurance is of great importance to support the family financial planning when exposed to the risk can not earn a living or dead.
Make investments to develop the property. Forms of investment could be aimed at the child's education or other purposes in the long run. The numbers, at least 20% of regular income. You can invest in short-term instruments such as savings in the bank. "Once accumulated, for instance for one year, moved to deposit". Another option is to invest regularly purchasing mutual funds. "Today many retail class mutual funds, though more rapidly growing and inflation is not affected.
Expenditures for routine needs of families, ranging from paying electricity, up to a monthly shopping needs. When the value of monthly expenditure is large enough, should you spend using the card debit. For example, there is a cash-back rewards are automatically entered into our savings account when we shop in a certain amount.
Financial evaluation has the function to see if we have devised a good plan, there is or is not the fault of those plans, and whether the plan was still on track to achieve financial goals. You can switch to a more promising instrument if the long portfolio less profitable. Evaluate the family financial planning, it can be done every six months or one year.( Let's To The Bank )
Plan your family finances, Now!
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