A family is a great responsibility and you need to plan for it or consult a financial planner to help you with Family Planning. From the time you get married you need to plan for your spouse and children. First you need a bigger house to accommodate your family. You can buy a home or take a mortgage to buy the family home. The higher utility bills will need to be paid regularly. You will need to pay the mortgage unless you want to stay in a rented house which has also to be paid for month by month.
When you are expecting a child there are medical bills, delivery costs, baby expenses and daycare to be planned for. Even if one of you decides to take some time off from work to care for the baby it is still important to plan how you will depend on one salary. Other kids follow and the whole family planning process becomes more complex as you become torn between a family and a career. Your responsibility increases and you might need a financial planner or a financial advisor before you skip family planning for certain things in your life or in the life of your family members.
Family Planning will take into consideration medical expenses, mortgage and insurance, college financing for your children and planning for retirement. There is nothing to be ignored because if you do not plan well, the family could find itself in a crisis in the future.
You can start by taking different types of insurance including medical insurance, property insurance, mortgage insurance, medical insurance, auto insurance and life insurance. These will protect you, your family and your home and car against any unforeseen circumstances in the future. In case of loss the insurance company will compensate you depending on the terms of the policy.
Your children will at one time need to go to college to pursue their careers. Grants, scholarships, work-study may not be enough to pay for tuition and education expenses in full. Students who are not eligible for financial aid will have to borrow federal student loans and if need be, private loans. It would be better to start saving for education early. There are different savings plans which include 529 Savings Plans. There are various 529 Plans with varying tax advantages in each state and it is wise to check which plan is best for your needs. Each state has their own savings plans which may vary from other states. In-state universities may charge less than when the student is attending a university in a different state.
Family planning involves planning for retirement when you will not be able to earn a regular income. Retirement may also be a time when you incur higher medical bills than in the past. There are many retirement plans and you can choose the one that is best for you. Family planning also includes writing a Will, a Living Trust and taking Life insurance.