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According to experts, effective family financial planning requires a disciplined, step-by-step approach.
Below is a step-by-step guide to help familiesbalance budgets and their goals.
These might include saving for childrens education, funding retirement, or purchasing a home.
The key is to ensure that your budget leaves room for savings contributions toward your goals, said Shirshikov.
Adjust these percentages based on your specific financial goals.
For instance, if retirement is a top priority, you might allocate more than 20% to savings.
Set up automatic transfers to savings accounts, retirement accounts and college savings plans.
If possible, consider consolidating debt to secure a lower interest rate and simplify your payments.
Then, adjust your savings rates, spending habits and priorities as needed.
The key is to remain flexible and adjust the plan as circumstances change.
Regular check-ins and recalibrations are essential to keep the family on track, he said.
Involve your partner and, when appropriate, your children in budgeting and goal-setting.
He said this fosters a sense of shared responsibility and can help everyone understand the importance of financial discipline.
Overall, experts say that consistency is key.
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