This is Stages Family Financial Planning

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The most important step in financial planning is the time to start planning it. If one plan, might itself financial planning goals will not be achieved.

There are some fundamental questions before embarking on the preparation of a financial plan. Some questions, such as, what should you prepare? How to recognize the needs of families so that no one in the financial plan? Beyond that, of course there are many more.

Honestly it was the key

According to Freddy Pieloor, financial planners Moneynlove, when you start a family financial plan, honesty and good communication with your partner is the most fundamental and absolute terms. "Discuss openly what you planned. Never was hidden," said Freddy. If the main requirement has been met, the next step will be easy for you to pass. Phase, namely, first, setting financial goals. Second, identification of revenue and spending plans. Third, the evaluation of the plan.

Wiwit Prayitno, financial consultant outlines, at the stage of setting family financial goals, you have to translate in detail the intended use of your money. For example, your goal is to pay for children's education, a house, a car, live holiday, and so on. In setting financial goals, you should be able to distinguish between needs and wants. "The need for it if you do not have it, then your life will always be disturbed. Instead, the desire arose spontaneously," said Freddy.

After setting goals, you need to have the discipline that financial goals are achieved. Without discipline, improbable goal is reached. The second stage is to establish the amount of income and expenditure. In other words you have to know the cash inflows and outflows. Classified as cash inflows (revenues) are salaries, benefits, bonuses, and other income from a second job.

Freddy says, couples both have to be willing to unite income earning it. "Salaries wife to pay husband's family and also for the family," said Freddy. Remember, the basic principle of finance is the revenue must be greater than the expenditure. Take, for example, by reducing travel expenses, you can space travel, replacing the destination with a less expensive, or completely remove it if not necessary.

Well, when specifying the types of expenses, you need to adjust to the needs of each family based activities. When the husband of a marketing officer, it may be necessary expenditure to buy a car. "If the wife works only in the office, probably do not need my own car," said Freddy.

In expenditure, there should be heading to private. For this post, principle, personal expenses to the husband and wife should be balanced. No larger or smaller.

The next step involves setting appropriate expenditure purposes. To achieve this, there are several steps:

First, you need to set up an emergency fund families ranged from six to 12 times your monthly expenses. Emergency funds should be segregated from other funds. It is very important, so it does not destroy the emergency situation overall financial plan. According to Freddy, an emergency fund should take precedence. The function of this fund to the continuity of the family if at any time the disaster came, for example, affected by layoffs, family illness, and so on.

Secondly, buying or have insurance against risk of unwanted. The main one, buy insurance for the breadwinner. Insurance is of great importance to fortify the family financially if the breadwinner can not be exposed to the risk of making a living or dead.

Third, make investments to develop wealth. Forms of investment could aim for the child's education or any other purpose in the long run. The numbers, at least 20% of your regular income so as not to erode the value of money inflation.

Freddy suggests, in the early stages, you can invest in short-term instruments such as bank savings. "Once accumulated, for example, for a year, moved to deposits," said Freddy. Another option is to invest regularly buy mutual funds. "Nowadays many retail class mutual funds, could be 10 dollars/month, though more rapidly growing and inflation eroded," said Freddy.

Fourth is issuing post for routine needs a family, from paying electricity bills hygiene, to monthly shopping needs. Well, since the value of monthly spending quite large, you should use a shopping savings or debit card. Hopefully if there is a promotional program of the bank. For example, there is a cash back reward is automatically entered into our savings account, when we shop in a certain amount.

The last phase is the evaluation phase. Financial evaluation has the function to see if we have a good plan, there is or is not the fault of the plan, and whether the plan is still on track to achieve financial goals. You, for example, the instrument can be switched to a more promising if the long portfolio is less favorable.

when it is advisable evaluate our financial plan? "Can every six months or a year," said Freddy. Wiwit proposed that the evaluation is conducted every year so do not change.

Congratulations to plan your family finances.