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4 simple pieces of financial planning advice for parents

2/20/2020

 
Enjoy the following guest post by Sara Bailey with financial planning advice for parents.

When Sara lost her husband, she quickly learned there is no handbook for those who have lost a partner and suddenly find themselves raising children on their own. She created TheWidow.net to support her fellow widows and widowers.
4 SIMPLE PIECES OF FINANCIAL PLANNING ADVICE FOR PARENTS
Sharing your life with a spouse or domestic partner isn’t always a walk in the park, especially when you add children into the mix. According to the Institute for Family Studies (IFS), approximately 49 percent of married couples with young children regularly fight about household chores and responsibilities—and about 43 percent argue about money. Interestingly, dual-earner couples are more likely to argue about money than those with one breadwinner and one stay-at-home parent.
 
While couples with children tend to argue about money for a variety of reasons, there are several things you and your partner can do to alleviate financial tension, reduce stress, strengthen your relationship, and build a stronger financial future for your family. Arguing isn’t necessarily a bad thing but creating a good financial plan will help you and your partner to address your money concerns in a more productive way. For some simple tips that will help you and your partner to build a healthy financial plan for the future, read on!

Create a budget

It’s unlikely that creating a family budget is your ideal date night, but taking the time to budget with your partner is crucial to managing financial stress, paying off debt, and saving money for the future. As you create your budget, remember to gather everything you’ll need to track your spending—including your earnings, mortgage or rent amounts, bank and credit card statements, receipts, utilities, car loans, and student loan payments. A variety of software apps are available to assist you in creating a budget, including Mint, Quicken, and Personal Capital.
 
Next, use an interactive home cost calculator to determine whether the cost of your home fits within your family budget. If it doesn’t, it may be time to downsize into something more affordable and manageable.

Develop a financial plan

After creating a budget, it’s time to build a financial plan that supports your family’s goals for the future. Depending on your situation, your financial goals may include paying off debt, building an emergency savings fund, saving money for a down payment on a home, or purchasing life insurance. However, working with a financial planner may be best if you’re looking to address and overcome any major money concerns, or you’re not comfortable with your financial literacy.

Share the burden

Even if one partner is financially literate and the other isn’t, experts say that couples should share all financial responsibilities or divide them evenly between one another. In the event that one partner passes away or becomes incapacitated, the surviving parent should have access to all the information he or she needs to manage the household’s finances. According to the Consumer Financial Protection Bureau (CFPB), this information includes:
 
●      Bank account numbers and how to access them.
●      Online account numbers, usernames, passwords, and answers to security questions.
●      Monthly bills, due dates, and payment methods.
●      Where legal documents are stored.
 
If only one partner has access to this important information, schedule a time to sit down and share these details with one another. Then, store this information in a secure location (such as a locked file cabinet)—but remember to make updates to these records as changes occur.

Teach your children to save

Part of building a secure financial future for your family includes teaching your children how to save money as early on in their lives as possible. In fact, a study on habit formation in young children found that many of our money habits are already formed by the time we turn seven years of age. As such, talking to children about money and teaching them how to save will benefit them well into adulthood.
 
As you can see, communication is key to building and maintaining a healthy relationship with your family—especially when it comes to money. By communicating and addressing your financial worries and creating a plan for the future, you’ll strengthen your relationship with your spouse or domestic partner, build a happier household, tackle debt, and save more money over time—all while setting a great example for your children.

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If you haven’t already read the book, it’s a great place to start - Relationship Reboot: Break free from the bad habits in your relationship.
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David B. Younger, Ph.D. is the creator of Love After Kids, for couples that have grown apart since having children. He is a clinical psychologist and couples therapist with a web-based private practice and lives in Austin, Texas with his wife, 15-year-old son, 6-year-old daughter and 7-year-old toy poodle.

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