As a mum, the safety and security of my family is my top priority. This mentality extends to the activities we do, the food we eat, and of course, the way that we manage our money. If you’re a parent as well, I’m sure that this is the same for you. Financial security becomes especially important when you have little ones because you want them to have everything they could ever want, including an easy financial future. The first step to making this a reality is to get organised by creating a financial plan for yourself. If this seems easier said than done, don’t worry. Read on for our steps to getting started on your personal finance journey.

Take time to establish goals and priorities

The most sensible place to start, as with any proper journey, is the beginning. In order to build the right financial plan for you, you have to take time to intentionally consider your own money goals and priorities. Set aside time with your partner (and maybe even your kids) to be thoughtful about your unique needs and desires. Perhaps you’re both hoping to retire early someday, or looking to expand your family sometime soon. Whatever your future holds, determining your shared goals will help you make decisions about how you spend and save your money. In turn, this will guide the rest of the financial plan so that it supports your family as best as possible.

Make a budget

There is simply no way to talk about financial planning without reading this classic piece of advice: Make a budget. Creating a budget does two very important things for a family as they look to the future. First, by laying out your monthly expenses, savings, debt, and income, you get a wide-angle view of your finances. This is always good information to have, but especially as you begin to make a long-term plan, as it can help you to figure out how you want to get started making changes.

The second benefit of making a budget is related to the priorities and goals you just determined. Does the way that you spend money reflect what you regard as most important? If not, you can use your budget to change spending and saving habits to better reflect that. Our advice? Make use of any of the online budget calculators or free phone apps that exist to help you stay organised and keep yourself on track.

Seek professional support

Financial planning is a skill just like any other that you might need in your day-to-day life (albeit, a very important one). As with any other skill, the best way to improve is to learn from the professionals. Especially if you’re new to wealth management, a consultant or financial advisor can be immense support as you plan for the future. As you get into more advanced aspects of your financial plan, such as planning for retirement or buying a home, a professional will be able to help you navigate the red tape and get the most out of your money. Plus, as your own financial literacy increases, you’ll feel more confident in planning for your family’s future on your own.

If the prospect of financial planning is intimidating for you, you are not alone. However, with some thoughtful planning and good advice, you can create a plan for you and your family that is reflective of your specific goals and priorities. Every family deserves financial independence and security. By following these three tips and beginning to create a financial plan, you are taking the first step towards guaranteeing that future for yourself and your little ones.

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