Financial Planning For The Future of Your Family

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It is so very important that we teach our children how to about finances and planning for the future. When ours were younger we started with a simple allowance, chores and a piggy bank. Now that they are older, we have moved on to jobs, bank accounts and discussing their plans before they spend their money. We often have good intentions, but many people wait to start planning their financial futures and to discuss with and teach their children about financial planning. Don’t let yourself be the one saying, “If only I had started thinking about this earlier.” One of the greatest gifts that you can give your children is a head start to financial security.

Here are some tips to get you started:

Encourage your children to earn and save money. It is great to start them while they are young with chores and an allowance. Teaching them to save along the way. Encourage them to pursue other odd jobs in the community such as shoveling snow, mowing for a neighbor, babysitting. walking dogs and so forth. This will keep them active, give them responsibility and teach them discipline. It will also teach them the importance of working hard and saving.

Teach your kids about budgeting. The key to financial peace is to spend less than you earn. Often we get it backwards when we go out and purchase a $70,000 vehicle on a $50,000 a year income. It doesn’t make sense, but so many make these financial choices. Teach your children the importance of staying within budget and keeping their expenses low.

Think about cheap term life insurance. Life insurance isn’t necessarily something we think about when we are planning our financial futures, but it really should be at the front of our planning. Having a cheap term life insurance plan is better than having no life insurance in place. None of us wants to leave our families with financial burdens when we are gone.

Make a Plan. Start by accessing your finances. Then decide what goals you want to set. Once you know, make a plan and take action. Saving for your future and the future of your family doesn’t have to be hard.