As I prepared to complete my undergraduate degree four years ago, I thought I knew exactly what I wanted to do with my life. I had taken the classes to prepare myself for a career in financial planning, but as I went to a couple interviews for positions, I realized it wasn’t the path for me at all. Then I started thinking, Did I just waste four years of my life studying only to have it all go down the drain? Why couldn’t I have just majored in French, my original plan, and be off in France somewhere giving the weather report on the local news? (Yes, that was my honest to goodness plan for life as I was graduating from high school.)
I realized as I went to the interviews that I was not outgoing enough. I wasn’t cut out to give financial advice to anybody with any kind of experience. I just felt inadequate.
© Les Cunliffe / Dollar Photo Club
But I still desired to help people with their finances. In fact, I was even going to start my own non-profit organization to help people get out of debt and be comfortable with their finances for once. My ultimate dream was to write a book that would help anyone struggling with money to take control. It was invigorating to think about, and, yet, I did nothing about it.
But as I think about my plans from all those years ago, I am encouraged. I am now in a much closer position to my dream than I ever was even a year ago. Without this blog, my influence would not exist.
According to this Wells Fargo survey, finances are a very taboo subject. Most people think that religion and politics are the top subjects to avoid, but personal finances made it higher on the list! That boggles my mind! It must be debt and spending that puts everybody on edge, but if you are in control of your financial situation, I don’t think there should be any hesitation to talk about your finances.
Family Financial Planning: What is it exactly?
If you are planning your family’s financial future, you will make much smarter choices now. It keeps you accountable because you know that your future depends on what you do right now with your money. A family financial plan is just like a personal financial plan, but it includes your entire family: spouse, children, grandchildren, grandparents, etc. I don’t know about you, but knowing that my family’s future depends on how I plan for it adds more pressure to get a family financial plan started ASAP!
A List of Family Financial Planning Topics
As I started researching this topic, I realized very quickly that there is no one clear idea on family financial planning. When I would come across a great resource, there was a lot of information that I thought just wasn’t there. So I’ve decided to come up with a comprehensive outline of what family financial planning is all about. Hopefully it will help you see the areas of your own finances that you are already doing great in and the areas that need more attention.
This list is just a reference to help you get a start in planning your family’s finances. I won’t be providing details, but as I write more about family financial planning, I will add links so you can read more on subjects that you are interested in.
Setting Priorities
Financial Security
Earning an Income
Budgeting
- Why Budget?
- My Struggles as the Family Finance Manager
- A Plan to Revive Our Budget
- Bills
- Reconciling Your Accounts
- Simplify Your Budget
- Reasons to Be Thrifty
- How to Manage Your Money on a Slim Income
Debt
Emergency Preparedness
Saving Money
Spending Wisely
- Enduring a Spending Freeze
- Planning a Wedding
- Purchasing a car
- How to Inspect a Car Like a Mechanic to Save Money
- Purchasing a home
- Shopping
- Going on Vacation
- Raising a Family on a Budget
- Celebrating on a Budget
- Grocery Budget and Meal Planning
- Determining Your Family’s Unique Grocery Budget
- Save Money with a Pantry Staples List
- Save Time and Money by Filling Your Freezer
- Save Money on Groceries by Substituting
- Money Saving Spice Cabinet Solutions
- 7 Valid Reasons Why I Don’t Coupon
- Save Money with Fridge and Freezer Inventory Sheets
- Don’t Stick to Your Shopping List!
- “Extra” Money – including tax refunds, bonuses, and extra paychecks
Helping Children with Finances
- Teaching how to save, spend, and give
- First job
- Saving for College
Giving to Others
- Children
- Ways to Give
- Adults
Getting a Financial Advisor
Retirement Planning
- Investing money
- Retirement needs
- 401(k)s and IRAs
- Stocks
- Bonds
- Mutual Funds
- Employee stock options
- Asset Allocation
Insurance Needs
- Health Insurance
- Car Insurance
- Home Insurance
- Life Insurance
Tax Planning
- Charitable Donations
Estate Planning
Please let me know if I have forgotten something important!
Linked to: One Project at a Time
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Well, I just realized I have so much more learning to do. It is so crazy to me that there is a lot that goes into financial planning however more and more I have started looking into financial advisers. As of this point, when it comes to any sort of financial planning, I am going to have to leave it to the professionals!
Great article! And this is so informative and useful for everyone.
Not all kids will be able to handle financial affairs at the same time and it can also be hard to know when exactly they are ready to learn about money stuff.
The most important thing is to bring your kids in on your budget planning when they’re ready for it.
Hope this makes sense and helps you.