A financial plan gives you a path to your progress.Good Financial plan help you to achieve your life goals.Any goal in your life, whether it is buying a house, or buying a car or getting marriage in rich family, a finance plan help you in every matters.
Every parents wants their children get better education in best universities and colleges, and achieve better job or make business in their life. But few parents can do this.
How to plan for a family?
Some parents make a plan and stick on it.I want to help them how to make a financial plan to their family in low income?There some efforts required to dream into reality.
How to create a family financial plan? A simple financial plan.
Calculate your income for one year.
The most and foremost step is you should review your income, how much you can earn in one year?
How much income you expected to earn?You can rough estimate on your previous year.If your income is less than your expenses, then you should part time work to fulfill the expected income.
Make a plan to pay off debts in one year.
Make a list of your debts, pay off debts first that are higher interest rate, or have more important to pay first.You should have a clear idea, how to pay off debts.So you have a debt free life.
Make a list of expenses during the year.
After paying off debts, you have to preview your monthly expenses. Give it categories and monitor how much expense you can minimized during the year or month.Connected your expenses to monthly budget.Make a list of loss, how will you recover this? It is important to start and take small steps.
Make a list of short term and long term goals.
Write down of short term and mid term and long term goals.How much you save now to meet your goals.Whether is buying a car, buying a new house or any other achievement you want to do.You can involve your family about you goals.
Adjust your budget to income.
Spend according to your income.Budget include travel expenses, study abroad,fees for standardize college and foreign country tour. Make insure your budget is essential for above things.You may also talk to your child about financial contribution to their education.When child start college, the family have to discuss that matter, whether it is expected to earn any income from college, or any scholar ship is given to him or not.
Final Few Words.
How to inspire your family for budget?You are as couch and you should join every player to meet you target score.A good player have good vision and win the match.To achieve target you have sacrifice today and hard work to achieves a goal.This is only guide of family financial plan, you can adjust according to your requirements.However, major life events may change the budget, your savings but it require special consideration to your family financial planning.With careful planning and adopting simple life changes can ensure , you meet your target and bring financial stability for your family.
If you have any query about financial planning, feel free to write us in inbox message, we will try to help you.