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Family Financial Planning: What Is It Exactly?

Mar 30 Uncategorized

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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.

Planning your family's financial future is a way to deal with the bumps in the road and to handle the highs you encounter. It's smart to know where your family is headed financially.© 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

  • Creating Lasting Change on Your Finances
  • No More Living Paycheck to Paycheck!

Financial Security

Earning an Income

Budgeting

  • Why Budget?
  • My Struggles as the Family Finance Manager 
  • A Plan to Revive Our Budget
  • Bills
    • 5 Reasons You Need a Bill Pay System
    • Project Expenses for One Income
  • Reconciling Your Accounts
  • Simplify Your Budget
  • Reasons to Be Thrifty
  • How to Manage Your Money on a Slim Income

Debt

  • Reasons to Avoid Debt
  • How to Improve Your Credit Score

Emergency Preparedness

Saving Money

  • Pay Yourself First
  • When Saving Money Becomes a Burden
  • Simple Habit Changes that Will Save You Money

Spending Wisely

  • Enduring a Spending Freeze
  • Planning a Wedding
    • Our Cheap, Cheap Wedding
  • Purchasing a car
    • How to Inspect a Car Like a Mechanic to Save Money
  • Purchasing a home
  • Shopping
    • 7 Ways to Save Thousands on Big Ticket Items
    • How to Save Money at Target
  • Going on Vacation
    • Save Money on Vacation: Use Public Transportation
    • Skip the Hotel and Stay in a Vacation Rental
  • Raising a Family on a Budget
    • Save Money with a Secondhand Baby Shower
    • 10 Ways to Save on First Year Baby Costs
  • Celebrating on a Budget
    • 5 Tips for Keeping Your Birthday Bash Under Budget
    • 3 Ways to Throw a Party for Less than $50
    • Throwing a Birthday Party with No Money
    • How to Celebrate Father’s Day without Spending Much Money
  • 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
    • How to Make the Most of Bonus Money

Helping Children with Finances

  • Teaching how to save, spend, and give
  • First job
  • Saving for College

Giving to Others

  • Children
    • Affordable Handmade Gifts for Young Children
  • Ways to Give
    • Giving Assistant: Cash Back that Helps You Give Back
  • Adults
    • Cheap and Special Photo Gift

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
    • Properly Itemizing Charitable Donations on Your Taxes

Estate Planning

  • Wills
    • The Purpose of a Will
    • Preparing to Write a Will
    • How to Choose a Guardian for Your Child

Please let me know if I have forgotten something important!

Linked to: One Project at a Time

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  • Author
  • Recent Posts
Charlee Flaminio
Charlee Flaminio
I'm a mom of 3 on a journey to feed my family nourishing foods. Personally, I believe you can cook healthy food and still have time for your loved ones.
Charlee Flaminio
Latest posts by Charlee Flaminio (see all)
  • This Cooking System Could Save You Loads of Time During Busy Weeks - 08.22.23
  • The Most Important List You Need for Quick and Easy Meals - 03.26.22
  • Quick and Easy Weeknight Meal: Kielbasa and Cabbage - 01.29.22

By Charlee Flaminio on Mar 30

Comments

  1. larissa says

    08.29.16 at 1:39 pm

    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!

    Reply
  2. Pearlie S.Gilligan says

    03.26.17 at 11:25 pm

    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.

    Reply

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I used to struggle big time with getting veggies into my family's meals. After several years and much trial and error, though, I now believe you can cook healthy food and still have time for your loved ones. Click here to find out more.

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