How to do Financial Planning for Family

We all want to look out for our family members and smart financial planning for the family is an important part of that. Usually, there is one person in every family who is the designated expert when it comes to investments and finances. Financial planning for the family therefore usually falls into this person’s lap. Chances are you’re that person in your family and have landed up here in your search for a family financial planning guide. Lucky for you, we intend to help you with just that!

What is Family Financial Planning?

Think of family financial planning as a holistic approach for everyone’s financial well-being. Instead of each individual investing independently, you have one centralized approach. Different people in the family will have different goals and needs. Family financial planning will help you align these goals in a manner that everyone gets the best out of their money and investments.

Why is it Important to Plan Finances for Your Family?

Planning finances for your family helps you protect the whole family. It ensures one person’s mistakes don’t impact everyone and more importantly helps prevent poor financial decisions. It also helps you set and achieve goals collectively. So while one person can save and invest for a new home, another could invest for emergencies and travel. This way you can individually achieve goals that are beneficial for the whole family.

How to Make a Financial Plan for Your Family?

To make a financial plan for your family you will have to take into account your family income, debt and regular expenses. You can then work towards eliminating debt, creating an emergency fund and building a perfect portfolio.

Common Problems Faced During Financial Planning for Your Family

The main problems you will face while managing finances and investment for the whole family are:

  1. You have to plan an individual portfolio based on each family member’s needs

  2. You have to remember too many account logins for different family members

  3. You have to absorb information that is segregated across accounts

  4. You have to repeat the same actions for each account

We’ve actually done a video covering exactly this topic. Take a look at the video below to understand how the Cube Wealth App can simplify family financial planning for you!


FAQs (Frequently Asked Questions)

Q. How do you manage family finance?

Ans. The best way to manage finances for your whole family is to have one experienced and trustworthy financial advisor for the whole family. This, along with a simple wealth creation app like Cube wealth, can help you manage the whole family’s finances.

Q. Why do we need financial planning?

Ans. To ensure you are on track to save for emergencies, your short term, medium-term goals and grow your wealth tremendously over the long term.

Q. How do you write a 5-year financial plan?

Ans. To build a long term financial plan you have to take into account multiple variables. You can do basic financial planning by using the Cube Wealth App’s Perfect Portfolio feature.

Want to start investing?

We know it’s a big decision to start investing, to change advisors or to try new investment options. That’s why we give you the option of a free personal phone consultation.

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