If you want to know the family financial planning basics there’s no one better to introduce you to this subject than Judy Copenbarger. Judy has spent her entire career helping families plan for the future financially and develop family finance plans.

Create a Budget

In order to start saving money, it’s imperative that you create a budget. Without a budget, your family’s finances will quickly fall apart. You have to know exactly how much your family is spending on food, housing, leisure, and then create a budget that allows you to plan and save for the future.

Set Financial Goals

Setting the financial milestones that you’d like to reach is critical to setting up a basic family financial plan. Without financial goals in mind, it’s impossible to tell if your family is on the right track.

Pay off Your Debts

Credit cards, car loans, and mortgages should be a major focus of your family financial plan. Determine which debts your money can best be allocated to, and focus on paying those debts first, especially if you have credit cards with higher interest rates than others.

Be Ready For Financial Emergencies

Financial emergencies happen to every family, so it’s important to always be ready. Within your family financial plan you have to factor in 

Cut all unnecessary expenses

The last step is cutting out all unnecessary expenses. This includes eating out for dinner, buying clothes, and cutting down on entertainment. If you can reduce and cut out all unnecessary expenses, you’ll be surprised how quickly your savings can grow.

By Richard