The most important stage in the financial planning it is time to start planning. If one plan, financial planning purposes will not be achieved.
At the family's financial plan, honesty and good communication with your partner is essential and most basic thing. Discuss openly what will be planned. Do not have to hide.
If the main requirement has been met, the next stage you will easily pass. Stage, namely, first, setting financial goals. Second, the identification of revenue and spending plans. Third, the evaluation of the plan.
At this stage of setting family financial goals, the intended use of the money must be described in detail. For example finance the education of children, own a home, car, vacation, and so on.
In setting financial goals, should be able to distinguish between needs and wants. It needs if you do not have it, then your life will always be disturbed. Conversely, the desire that arose spontaneously.
After setting goals, keep discipline for such financial goals achieved. Without discipline, abstruse goals are reached.
The second stage is to determine the amount of income and expenditure. In other words, cash inflows and outflows must be known. Classified as cash inflows (revenues) is the salary, allowances, bonuses and other income from outside employment.
Remember, the basic principle of finance is the revenue must be greater than expenditures. Take for example, by reducing spending on tourism, can replace with a tourism destination that is cheaper, or completely remove it if it is not necessary.
Well, when determining the types of expenditure, necessary adjustments to the needs of each partner based on its activity. When the husband of a marketing officer, may need to spend to buy a car. If the wife works in the office only, may not really need my own car.
In the expenditure items, there needs to be heading to private. For this post, principle, personal expenses to the husband and wife must be balanced. Nothing is bigger or smaller.
The next stage set expenditure items according to destination. To achieve this, there are a few steps.
First, prepare a family emergency fund ranges from six to 12 times the monthly expenditure. This emergency fund should be segregated from other funds. It is very important, for emergency situations that do not destroy the overall financial plan. This emergency fund should take precedence. The function of this fund to sustain a family if at any time of the disaster came, for example, hit by layoffs, severe family illness, and so forth.
Second, buy or have insurance against risk is undesirable. The main one, buy insurance for the breadwinner. This insurance is of great importance to fortify the family financially when the breadwinner can not be exposed to the risk of making a living or dead.
Third, make an investment to develop the property. Forms of investment could be aimed at the child's education or other purposes in the long term. The numbers, at least 20% of regular income is not eroded the value of money order for inflation.