A Family Financial Plan You Can Start Today

As a parent, it can be challenging to know how to plan for your future or prioritize your finances. It’s hard to focus on future goals when you’re up every night with your little one and struggling to make it through the workday.

Here are some tips to provide for your child, plan for the future, and enjoy life. 

It Starts With A Budget

If you’re used to living without a financial plan and aren’t sure how to prepare your finances for your family, start with a clear household budget. Determine your monthly income and expenses, as well as any outstanding loans you may have.

Saving For A Home

Start with saving for your dream home and give your family a stable base where your children can grow up happy and healthy. Start saving for your down payment and carefully consider your options.

Get A Tax Break

If you’re paying for child care for your little one while you’re at work, you may be eligible for a Child and Dependent Care Credit that can cover 35 percent of your child care expenses. You can claim this on your income tax.

Saving For Emergencies

Create an emergency fund and put some savings into this account. Your emergency fund should be around three months of living expenses so that if anything happens to you or your family, you’ll have enough to cover a job loss or any unexpected bills for a couple of months.

Saving For The Future

You’ll need to create a college fund for your child and start saving for retirement. Plan for retirement and enjoy time with the grandkids. 

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