Planning for the Future
Many of us are so wound up in the day to day process of family finances….paying the mortgage, fixing the car, feeding and clothing the children…that when it comes to making plans for the future, both time and money are short. Yet for every family there is an inevitable cycle that begins with its establishment and continues through its various phases to retirement and possibly elder care. While its understandably hard for the young family to think about taking valuable dollars away from today’s needs to concentrate on something that seems so far into the future, planning for the future may be one of the most important budgetary issues you face. It can be hard to push through it all without some sort of financial assistance, be it personal loans or even cash from family and friends. Take a look at the typical family life cycle below to get a good idea of how you can structure your finances to begin to meet your family’s needs as it evolves through each stage.
A TYPICAL LIFE CYCLE OF A FAMILY
|Buying and establishing a home|
Yes, of course it is difficult trying to juggle both long-term goals and everyday needs and requirements, but the earlier you concentrate on the process the longer you will have benefits from your work. Does the idea of early retirement excite you? How about a fully paid for higher education by the time your child enters college? Beginning now instead of later takes you one step closer to your goals. If you haven’t already done so, this section has lots of helpful hints and tips to explore on gaining control of your finances, developing a family budget and getting control of your spending.