Photo of Eric R. Ebbert, CFP®, MBA, CEO Eric R. Ebbert, CFP®, MBA, CEO Nov 07, 2020

When you are single, you do not have much to focus on other than the growth and success of yourself. However, when you have a family, you have other people to think about. 

Having a family is one of the most rewarding and joyful parts of life, but for the primary caretakers of a household, it can be a little stressful. You want the best for your spouse and children, so you want to make sure they are financially secure in all circumstances. 

While there is never a guarantee that you can maintain financial security at all times, there are some steps you can take in the financial planning process for your family that can help you and your loved ones have enough to live off now and in the future.

Financial planning process for a small family

The financial planning process for a small family is a lot like the process for a single individual; you just have more people to think about. When forming a financial plan or talking to a financial professional about making a strategy, you need to consider the following points:

  • Review your expected income — You need to calculate how much income you expect to earn in the upcoming year. If you are unsure exactly how much you will earn, play it safe with a conservative investment to make sure you do not overestimate and form an unbalanced budget.
  • Review your debt — Make a list of how much debt you have and make a plan to include paying off your debts as part of your budget. Eliminating debts helps you clear up more funds for supporting your family and increasing your savings for the future.
  • Review your expenses — Make a list of estimated expenses for the upcoming year. This will include your housing, food, utilities, travel expenses, renovation and repairs, day-to-day life, and anything else you expect to spend money on. You can use this information along with your expected income and your debts to formulate a budget that can help you and your family live within your means while saving for the future.
  • Review your goals — Identify your short-term and long-term goals. Do you want a new car next year? Looking to buy a new house in five or 10 years? What about college for the kids or retirement for you and your spouse?

    Make a list of your goals and any milestones you want to meet on the way. This information will be vital for how you form your financial plan with a financial professional.

Talk to a ProVise CFP® professional about financial planning for your family

One of the greatest ways to take care of your family is to make sure they are financially secure, so they have a roof over their heads, food in their bellies and a future with opportunities. However, when you already have so many responsibilities, it is difficult to find the time to manage your financial plan.

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about financial planning for your family? Contact ProVise today to schedule a complimentary consultation.