7 Tips For Building A Family Budget

For many families, staying within a budget can be challenging. If sticking to a budget seems impossible, then don't worry - there are many ways to stretch your household budget and still enjoy a quality lifestyle.
Some budgets will work well for your family, but others may not. If one technique doesn't work for you, then don't give up. Try another technique - after all, it's worth some trial and error to get you to your financial freedom.
Here are some strategies for managing your family's budgets

1. Use the Envelope System. Grab a bunch of envelopes, mark each one with a designated expense, and put in an allotted allowance for each expense. Use this money to pay for groceries, dry cleaning, eating out - and when you're done, you're done until the next month.
2. Freeze Your Credit Cards. It's true, you can freeze your credit cards n a block of water if that's what it takes to deter you from using. It's too easy to forget the true costs of the things you buy when you just swipe your card. Don't feel guilty about falling for this trick; the easiest way to combat it is to keep your cards hidden away. Only bring them out when they're truly needed.
3. Use Cash. Pay with your hard earned cash and you'll stop to think about what you're buying. Not a fan of carrying cash? Then opt for using your debit card. Just remember to stay on top of your balance so you don't overdraw your account.
4. Cut Back. Yes, you can pinch back the family budget - without feeling pinched. Set aside an hour or two one day and call your service providers for phone, cable and cell phone. Discuss different lower cost plans. Maybe you can switch to a lower cell phone plan or forgo HBO.
5. Grocery Shopping. You can save money on groceries without carrying a huge binder of coupons. Always shop from a list. Plan out a menu for the week and shop for those items. Look for sales and stock up on basic items that you know a lot. Look at your bills over two or three months and figure out a weekly average. Try to spend that or less each week. And don't be afraid to look at coupons. Sometimes it pays to plan your weekly menus around sales items.
6. Budget for a Splurge Item. It's ok to spend money on something you really want - as long as you stay within your budget. Set aside a separate savings account or envelope for this splurge. Write down some items you might like to treat yourself and when it's time to reward yourself, look at the list, look at your budget and go shopping guilt free.
7. Great Crafty. Gift giving occasions aren't just confined to the major holidays and birthdays - between mother's day and Valentine's Day there are a lot of times gifts are expected. But you don't have to blow your budget buying presents for other people. Learn to make some homemade gifts - from a special baked good, to homemade soap or bath salts, there are a lot of thoughtful low cost gifts to give. Add some pretty packaging and you've delivered a truly one of a kind present.

Keep Tweaking the Family Budget
If you're still having trouble balancing the household budget, it's important to keep trying new things until you have a system that works for you. The goal is to create a budget so you can save money for your future, while still having fun with your family today. A sound family budget plan will help you take control of your finances and lead you to freedom.

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Planning Retirement? Improve Your Financial Success

Planning your retirement? Here is a short task list to complete before you skip out the door that will help with your finances. These should be done in partnership with a financial planner to eliminate any mis-steps that could have far reaching consequences.
Create An Asset Allocation Strategy You are Comfortable With. Spreading your investments in your retirement accounts in a variety of holdings will help you deal with the ups and downs of the stock and bond market, and keep your savings somewhat stable. Traditional investment strategies suggest that the younger you are, the more risk you can absorb. Those who are preparing for retirement should consider shifting to a more conservative mix. Many financial planners are suggesting target-date mutual funds, based upon age group, which gradually get more conservative as the investor gets closer to retirement. It also is important to remember that your money may have to last 25 - 30 years, so it is important that the allocation strategy is not too conservative as you move into retirement. You will need to keep up with inflation.
Only you know what you are comfortable with, so talk to your financial planner.  Trust yourself to make the decisions right for you.

Plan Your Income Stream. Before you stop working, determine how much money you will take each year from your retirement accounts and Social Security. Some financial planners recommend you take only 4% of your retirement funds each year, with a 3% increase each year to cover inflation. However, in current economic conditions, you should consider putting off dipping into your investments until the market has recovered to some extent, or reduce your withdrawals below the 4% level. You also have no need, at this point, to increase the withdrawal until inflation is once again positive.
Social Security minimum age is age 62. If you can afford to wait until full retirement age (people born between 1943 and 1954, age 66), you will receive an "delayed retirement credit" that adds 8% to your benefits each year until age 70. If you go online, you can download the Social Security Administrations retirement planner to figure out when you want to start receiving your benefits.

Eliminate Debt. Pay off those credit cards before you retire! If you can't pay those balances at the end of the month while you are earning a steady pay-check, it is unlikely you will be able to pay them off once you retire. Tackle those with the highest interest rates first. Some suggest transferring those balances to low-interest cards so that more of your money is going toward the principal amount owed than to interest charges.

Pay off your mortgage before you leave your 40 hour a week job. This is, for the most part, your single largest bill. Another option is to decide whether you want to downsize or move to a more cost-effective location to boost your retirement nest egg.
Lifestyle Makeover. Simplify your life. Cut back on expenses, and stick with a budget. If you have been in your house for long enough, consider selling your familial home for an empty-nester home, or even moving to a more affordable part of the country.

Other ways to simplify and cut costs: buy a more economical car, own one car rather than two, delay an expensive vacation until the stock market has recovered a bit more (a $10,000 vacation will remove $150 from your monthly income stream). Grow a garden, eliminating some grocery expenses. You will eat better food and get some exercise!

Sign Up for Medicare. Health care is becoming one of the biggest expenses we are facing. First, check to see if your employer offers retiree health benefits or if supplemental insurance will be necessary. Next, become familiar with the rules for Medicare, including when you need to sign up. Some basic facts you need to know: Medicare open enrollment starts three months before you turn 65 and ends three months after your 65th birthday. If you miss the six-month window, you will go without coverage until the following general enrollment period of Jan 1 through Mar 31 of the next year. The exception is for people still working full time and are on their employer's health plan. Their enrollment period starts as soon as they officially terminate employment. Also, take note that Medicare does not cover dental expenses.

Buy Long-Term-Care Insurance. The biggest threat to your retirement finances is, by far, an extended stay in a long-term-care facility. I have read that an average nursing home costs between $55,000 and $75,000 a year. If you are over 50, the premiums are relatively expensive. If you can afford them, the premiums are worth it. Your spouse will still have funds to live on, and your children will not have to deal with issues around where to put Mom or Dad if they fall ill. Some important benefits to consider include inflation protection and the freedom to hire home health-care so you can remain in your own home.

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Planning to Save Your Money - Get Useful Tips

Money has an important role in our life. The whole world is rotating under money. It does not matter how much you have, as you will also have expenses to match. Income and expenses are very common and both are happening at the same ratio. If you are looking for an option to save your money, you have to make sure that your expenses are becoming less and your income is becoming more.
You can try looking for alternate ways to make money, which can be done through internet and can be used as an alternative source of money. The catch might be that as your income will rise, your expenses will also follow the same path. It is therefore, important to look at ways that should be able to help you cut the expenses in a better way.

Pleasures and temptations should be taken over and not fallen for. Spend on what is essential and indispensable. If you keep spending out of your temptations, mind it there would be no end to it. Discipline is the key word here.
While shopping of any kind don't go for the top-notched brand. Moreover, at the same time don?t get down to the cheapest available. Purchase products that are of average price. By doing that, you would not be compromising upon the quality nor would you be paying for over stated brands.

The money making help can be explored. There is noting better than investing your money and time in the productive activities that will help you to earn some extra buck. This will also help you in your personal financial needs. In addition, the time that you spend on other sources for making money will double your income.
Use credit cards only when you getting some discount or concession for doing so. While spending if you transact using actual currency notes and not plastic money, you would realize how much you are spending. As the touch and feel of the currency flowing out could help you to control your temptations.
Check on your expenses. If you are spending more on other unwanted things, you may have to face many financial problems and later you have to look for other financial help. Before you go for a shopping, plan yourself, fix a budget and try to purchase only the important item that is required for your daily needs.
Keep an eye on discounts, sales, reductions, offers and bargains from where you can purchase the items in a low price.

Keep an eye on the sale, offers, reductions and such bargains. Prefer to shop when there are specials like that. Budget your expenses will work a great deal for you and you can defiantly check for the options above for the same. Or look for refinancing my mortgage? which would never cross your mind. You enjoy your own personal finance help through your saving when others are running for mortgage refinance help or money making help.

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Planning and Budgeting With Womanly Determination and Flair

It's not easy planning and budgeting for the average household these days, so I'd like to show you how you can do it easily by applying a modern take on a very simple and easy to use age old method that will allow you to have every bill covered before it has even arrived and still have money to play with at the end of the day.
It's simple, money comes in, and money goes out. It doesn't take a rocket scientist to figure out that what comes in needs to be more than what goes out.
What it does take though is an organized, determined W.O.M.A.N (that's you) who is committed to taking control of her finances and making them work.
It's simply a case of planning ahead; knowing what is coming in, what is going out and of course being prepared for it.

To do this my Mother and her Mother before her used an old fashioned method of planning and budgeting called 'the coffee jar', usually found at the back of a cupboard or on top of the fridge, and in this coffee jar they would place a certain amount out of each weeks pay packet to cover future bills.
Fast forward a few years and today barely a soul is paid in cash, we have moved on to the digital age with pay deposited for us directly into our bank accounts, and bills paid electronically from these accounts with speed and convenience. No more standing in long queues at the bank or the post office and in theory much more time to do the things we enjoy.
Likewise there is also a much better, much faster and more convenient way of budgeting, it works just like the coffee jar but is much smarter than the coffee jar because it can work things out for us, it can answer our questions and really help us apply much more effective planning and budgeting strategies and it's called a spreadsheet. Sound scary? It's not.

Using a very simple but effective spreadsheet means you will never need to write a list of expenses ever again. You simply fill in the blanks on your spreadsheet with all of your own information, then watch as instantly the spreadsheet does the rest. A spreadsheet can tell you how much money is coming in, when it is coming in, where it is going and when it's going there. All the calculating is done for you. Change one piece of information in a spreadsheet and the whole sheet will adjust according to that change. As a result you can play around with different ways of planning your budget and always know instantly how that way will affect your overall finances.

Establishing a budget and sticking to it is not always easy, you need to be determined to take control. Once you develop the discipline to regularly consult your spreadsheet before making a financial decision, before popping into the shops on payday and seeing a new dress, a discounted book, the cutest little baby outfit you have ever seen...an absolutely fabulous pair of shoes, go home, enter it in the spreadsheet, and see how that unplanned purchase will affect everything you were planning towards, and who knows, all your discipline could mean a pleasant surprise. By being prepared you may find out you really can afford that fab pair of shoes after all, but only if your spreadsheet approves it ok.

BudgetMama is a savvy yet simple budgeting logic, what comes in should be more than what goes out, and by setting aside a small amount of funds each pay cycle you can be guaranteed to always be prepared for bills before they come in. Sometimes things are easier said than done, so how do we apply this simple logic into a workable system? Go to => BudgetMama.com [http://budgetmama.com/shop.html] now and see the BudgetMama Budget Planner Worksheet in action. Sarah G, the author and creator of the BudgetMama system offers loads of advise on planning and budgeting for the future while being able to still live without financial pressure today. By adopting the BudgetMama approach yourself you will develop the skills and discipline to control your spending and learn how to cover all your bills whilst still having some money left over at the end of the day. All it takes is determination and with that you can do anything!

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How to Find the Right Kind of Financing Plan For Your Home

Most people want to buy their own home from the time that they start earning money. If you look at the amount of money that you fritter away on the rent that you pay, at some point you'll probably wonder if it's still worth it. Rent is something you'll eventually struggle with, unless you work on a job that takes you out of or around the country most of the time, and even then you'll probably want to have something to show for all your effort at the end of the road. Real estate can be a great investment if you know what kind of real estate to invest in and when to buy. Even if you start off planning to buy a family home, you have to keep in mind that someday, you may want to sell it and move on to a different location. Or you can use the place as a rental property. The point is that real estate is versatile and flexible.

Real estate cost is also historically on an upward trend. Sure, it may dip here and there, but generally, if you look at the bigger picture, it's more of a staggard upward curve than anything. It's something you can pass on to your children for generations. First thing you need to check would be the kinds of home financing that you may want to look into. Since most people really don't have the means to buy a home in cash, home financing is a solution that, if chosen correctly, can help you get your home and keep it too.
It's important to pick the right kind of home financing program because you don't want to over borrow. You want to stick to something workable through the years that will come.

An example of a loan that may not be applicable for people who want to actually own a house at the end of the mortgage term is the balloon loan. This kind of loan gives you a very low interest rate for the first five to ten years, depending on the kind of loan you want to get. Then you'll need to pay a lump sum at the end of the loan. This is great for people who don't plan to hold on to a real estate property too long and are only after the low interest rate as a better (possibly cheaper) substitute to renting. In other words, people who won't mind losing the house after a few years.

There are loans that have varying interest rates per year, there are loans that increase the mortgage you pay depending on some other factors. There are so many different types of loans but the question is whether or not you will be able to pay for it. During times of economic uncertainty, there's a big benefit to getting fixed rate mortgage, or a mortgage that will not rise or fall or is dependent on any other factor. The payment term may be longer, but at least the cost of your mortgage is something that you can forsee.
When finding the right kind of financing for your home, dont' leave too much to the unknown. Don't bet too much on the fact that "things could get better five years from now". The last thing you would want to happen to you is to have your home yanked from under your nose because you didn't understand what you were committing to.

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If USA Families Ran Finances Like Their Government, They Would Go Bankrupt

It does not seem that long ago that federal spending in the United States of America was $627 billion in 1965, according to The Heritage Foundation, which keeps track of these and other numbers of interest. Federal revenue in 1965 was $620 billion, so our government was $7+ billion in the hole for 1965.
Even then, knowing that $1 billion is really $1 million 1,000 times and that $628 billion is really $1 million 628,000 times, it seemed like a lot of moolah.

Federal spending in 2008 is estimated to top $2.7 trillion. Knowing that $1 trillion is really $1 billion 1,000 times, and that $2.7 trillion is really $1 billion 2,700 times, and really $1 million 2,700,000 times, it is mind-boggling to wrap your mind around. No wonder we are called the richest nation in the world.
We may also be the most foolhardy nation in the world as our national debt has now topped $9.4 trillion against an estimated annual federal revenue of $2.5 trillion for 2008. It may be difficult, but think about servicing $9.4 trillion in debt with $2.5 trillion in revenue.

Perhaps the relationship between the two figures it is easier to think of this way: Your annual income is $100,000 and you have to service $376,000 in debt, or your annual income is $50,000 and you have to service $188,000 in debt. What if the $188,000 in debt was credit card debt? Would you ever get out from under?

There are a lot of families in America with annual income well in excess of $100,000 that are servicing more than $1 million in debt, but does all of the wonderful lifestyle make your feel any more secure?
Is our federal spending out of control in the United States? It is a fact that federal spending has grown 334% since 1965, that is 9 times FASTER than our median income, which rose just over 35% during the same period.
If you think that statistic is scary, try this one: Discretionary spending, the portion of the federal budget subject to annual review and debate, has risen 152% since 1965 while mandatory spending, consisting mostly of Social Security, Medicare and Medicaid which continue on automatic pilot, has risen 759% since 1965.
In other words, mandatory spending is rising 5 times FASTER than discretionary spending. Mandatory spending has grown from $169 billion in 1965 to $1.45 trillion in 2007, taking up more than 58% of the federal budget.
Our government has a real stupid plan when it cannot meet our taxpayer obligations-the government prints more money. When doing so, our government simultaneously increases inflation and reduces the value of our American dollar. This is the same plan that South American dictators use when pressed for cash to pay bills. Do it enough, and pretty soon it takes a wheelbarrow full of dollars for a citizen to buy a loaf of bread.
If you lost your job and your income was cut in half or two-thirds, you would use some good old-fashioned Yankee ingenuity (common sense) to cut back your expenses until you found another source of revenue. If we as citizens printed money to cover our expenses, our government would prosecute us and send us to jail.
The people who run our government are citizens like you and me, with one big difference: they can authorize the printing of money to cover their mistakes and we cannot. It also helps that none of them are forced to live in a dumpster behind a trash store. Trust me when I say that they are hardly living near poverty level.
In other words, there are so many millionaires running into each other in the nation's capital they can hardly get anything done that will actually help the people they are representing, which would be us.
Our elected officials in Washington have such a good self-image they refuse to be part of our Social Security System, which is plenty good enough for the taxpayers who elect and support their spending habits, but certainly not good enough for them. Their retirement system is not nearly as shabby and cheap as ours; their retirement system continues their salary for the rest of their life when they retire.
But enough carping about our elected politicians who basically could really care whether we drop dead or get on in the world. Do not believe all of the drivel coming out of their mouths this presidential election year.
Put simply, Barack Obama wants to be the first African American president, Hillary Clinton wants to be the first woman president, and John McCain wants to be the oldest president ever elected. All are U. S. Senators, and all are multi-millionaires or married to multi-millionaires. Their chief interest in being a politician is to line their pockets at our expense.
If nothing about our country being $9.4 trillion in debt bothers you, perhaps you should know that the $9.4 trillion is the actual debt at this very moment-the federal debt INCREASES $1.2 billion per day into the future.
And, just for the record, our actual federal obligations into the future are a whopping $55 trillion and counting. This figure includes "off balance sheet" items like Social Security, Medicare, etc. that we the taxpayers are obligated to pay by being taxed even more in the future.
Most of us who are less prosperous than the millionaire politicians who represent us would do well to work at becoming debt free so we can ultimately survive even if our government cannot.
Copyright © 2008 Ed Bagley

Read my editorial comments on key issues, including "Facts About the Second Most Controversial Topic in America - The First Is Abortion", "So Why Should I Subsidize Any Banks Because of Their Greed and Incompetence?", "A Disturbing Trend in Our Society - The Lack of Trust in Our Institutions" and "Washington's Hottest Political Issue Pits PI Attorneys and the Insurance Industry". Find these articles and more in my Lessons in Life link.

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The 5 Essentials of a Successful Family Business Meeting

Many of us talk about having a family business meeting once a week. But to make sure it's successful - and everyone's on the same spending page - the meeting must include 5 critical components.
 
1. Someone must take the lead. Just like a company business meeting, a family meeting needs a strong leader to keep the meeting focused and productive. Here's an idea that's worked for many families: a different family member gets to lead a meeting each time. Even a child of 6 or 7 can be coached or mentored as they lead a meeting.
 
Changing leaders, or moderators, for each meeting, helps keep adults from feeling that a spouse is too bossy; it teaches children how to be leaders; and it makes the meetings more fun. Each person gets to feel special, trusted, and responsible.
 
2. Before any meeting, however, there must be preparation. The best way to get ready to lead a meeting is to write up a simple list of topics to cover. And be sure that any backup paperwork is handy and available. For example, suppose there's a credit card spending issue that is causing tension in the family. The leader-to-be should write up the point in a non-accusatory way, and have recent credit card charges available to back up the situation.
 
3. Successful family business meetings include the following elements:

• They are held regularly, usually once a month, without fail.
• The meetings are focused, to-the-point, and over in half an hour, tops.
• Snacks, background noise (TV), and multi-tasking are off limits. Let all phone calls go to voicemail, and save all munching for afterwards.
• The meeting room - often the living room or dining table - must be free of clutter.
• Everyone, especially the group's leader, must make a solid attempt to avoid drama. No fear-mongering ("If you keep spending like that, we're all going to end up in the poor house."), no blaming ("Helen, why must you go to such an expensive hair salon?"), no interrupting each other, and no squelching out of anyone's opinion. No name calling, no cursing, no hysteria, and no general whining. Problems must be discussed with compassion, and solutions must be offered. ("Helen, I noticed that the charges for your beauty shop visits are $xx each time. That's going to make it hard for Sandi to buy the prom dress she wanted. How can we work this out? I want 3 ideas.")

4. If there's little to discuss, turn the meeting into a financial classroom for you and the children. Be prepared with a topic to explore - and this topic will depend on the make up of your family. If there are school age children, a family business meeting provides a fabulous opportunity to have the children practice checkbook balancing, credit card management (matching the receipt to the statement's line item, teaching the kids how finance charges work, and how they are different from late charges, seeing which items were impulse purchases that might be cut out next time), how the family's actual spending compared to the pre-planned budget, and lessons in money management. Even us adults can use a review of some of these topics.

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Financial Budgeting Planning

Financial planning is an essential part of long-term financial success. A home budget is a financial plan that describes how your resources will be used. Keeping your goals in mind, you can develop a home budget that will work. Drawing up a family budget outline is imperative if the goal of saving money is to be reached. Financial budget planning will and should include all monthly expenses from mortgage, utility bills, cell phones, groceries, insurance paid for home and cars even down to the daily newspaper and gas for your car. You cannot get a realistic view of your expenses unless you include everything. Many people do not know what they pay out per month in bills. Once you take charge and make a worksheet just to see where your money actually is going, then you can start to make a plan that will help you reach your goals.

Once you have down on paper what your expenses are, you can then allocate your income to pay bills. Obviously the mortgage, insurance, etc. are not bills that you will be able to save money on as they are already determined amounts. Where you can save money is in your expenditures such as groceries, clothes and possibly gas for the car. Check into your car and home insurance plans as you can shop around to find the best deal. Another area that obviously can be reduced is the entertainment budget. Find fun things to do at home with your family. Watch for sales on haircuts. I gave my sons haircuts until they were around 10 years old. If you don't feel you can do a good job, then maybe going to the salon is something you will need to do. You can get rid of the daily newspaper and read it online.

I was paying $240 a year for my daily newspaper before I finally canceled my subscription. It took getting used to because I enjoyed taking time out of my busy day to sit and read the paper. With the use of cell phones today, a home phone is not a necessity anymore. You can probably save $30 or more a month by getting rid of your home phone. Keep going to movies if you enjoy that but try to go earlier in the day when it is cheaper. Visit the library instead of purchasing books and if you do not have the internet at home, you can use the computer at the library also.

Some good things to keep in mind when grocery shopping are to buy foods in bulk whenever you can. Cutting coupons has always been a money saver. Most grocery stores designate a double coupon day every week. In my store it is on Wednesdays. It can add up fast. The one thing I do not do, is cut out coupons for a product I will never use. Coordinating the store's sales with your coupons even saves you more money. Usually grocery stores have clearance items for sale also. Just make sure they have not expired. Planning meals for the week helps to reduce impulse buying. When a list of needed ingredients is prepared before shopping, you will find that you most likely stick to your grocery list. Consider buying generic rather than brand names. You can really save on cereal but I only purchase generic foods we like. If the generic brand is awful, then it is not worth purchasing it. Budget an amount that you want to spend weekly on your grocery shopping and stick to it. Preparing home cooked meals versus prepackaged meals may take longer but they are generally healthier and less expensive to make.

Now for clothes. Depending on the size of your family, hand me downs are essential. Clothes were passed from son to son in my house as long as they were still in good shape. Each child did get new clothes also but I would generally shop the sales at the end of the season. Purchasing summer clothes as winter was approaching saved us tons of money and I did the same thing with the winter clothes as summer approached. Family and friends may have clothes in good shape that they may want to donate to you. This works especially well when the kids are young but as they get older, clothes become more important to them.
There are many things you can do to cut back. Be creative. I suggest putting all the monies saved into an account. If you actually take the amount saved on groceries, clothes and the rest each time money is saved and put it into an account, you will be surprised at the amount you can accrue in a years time. If you saved $10 at the grocery store in a given week, put that money away. It will really add up and you will realize how much money one can accumulate when you have a household budget plan.

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Changing Your Finances For a Baby

Babies change everything, even your finances. Having a baby can get quite expensive. You may not believe it -- after all, they are quite tiny -- yet, they are able to really hit your wallet hard. When it comes to money, it is always easier to be prepared and plan ahead. Start planning for the purchases you will need to make for your baby as soon as possible. Go ahead and revise your budget to include both one-time expenses, such as a crib and car seat, and extended expenses, such as health care, diapers and baby food.

Chances are that this is your first time at a budget. Go ahead and start living by it well before the baby arrives. This will prepare you for life with baby by making your finances easier to manage. You won't have to worry if you have money for diapers if you have already set some aside. To take advantage of tax benefits and insurance, you will need a Social Security Number for your child. This will also be required to open a bank account or investment account for your child.
The easiest way to apply for your child's Social Security Number is at the hospital before you leave. You will need both parent's Social Security Numbers in order to apply. The hospital will send the information to the Social Security Administration for you. You will receive the card in the mail shortly, so be on the watch out for it.

One of the top things you will need to do is review your insurance needs. You will need to reevaluate both your life and health insurance coverage. Over the years, a child can add hundreds of dollars of expenses to your budget. In the case of your death, your life insurance will need to be adequate to cover these expenses. Select the amount of coverage that will pay the mortgage, cover living and child care expenses and even provide a college fund for your children. If you can afford the premiums, you should have disability insurance. A young parent is more likely to become disabled than to die. Disability insurance helps replace a part of your income until you are well again.

With health care, a baby is a qualifying event which can be added at any time. Make sure you add the baby as soon as possible to avoid any bills being turned down by your insurance company. Believe me, the hospital will send those out as soon as possible. You will need to revise your W-4 to reflect the additional dependent. This will add a little more money to your take home pay.
Sit down and prepare a will. Take the time to name a guardian for your child in case something happens to you. This is especially important if your family does not live near you. If something happens to you and there is no named guardian, the state could determine who gets to take care of your child. If you have a guardian, the child will go directly to who you want him or her to.

Babies change more than just your nighttime sleep schedule -- they change every aspect of your life. I remember the time I thought that a small little baby couldn't cost that much. After just two years, I realize I was very mistaken. There are many expenses to account for. If you are prepared, you won't have to worry about money when you haven't slept for a week.

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How to Strategically Plan For Your Retirement

When it comes to planning for retirement you really have only a few choices to make for your future. Strategically speaking many people take the approach of "I hope it works." People really never give their retirement a thought until it's to late. When they decide it's time for retirement is when people decide to take a look at their accumulation of wealth for a hard 30 to 40 years of work.
It's at this time when people realize they have not set enough aside funds to carry them from retirement date to the end of their lives. Realizing that they have to embark on a new career just to compensate for their costs of living and the needs of the individual. Rising costs of living are enough to drive the value of your dollars to an all time low.
With a little patience, goal setting and a needs analysis for the individual needs and the needs of the family through the time of their retirement years. People expect that the flow of cash (income) will never stop; yet with a twist of fate, peoples lives can be affected in an instant. This is some of the areas people need to consider for their goal planning and choosing their "NUMBER".
What's the number you ask? The number is the "NET" income you need to achieve after retirement takes place. So let me ask you to stop for a minute and figure out your number. If your current expenses require a monthly budget of $5,000 while you are working; you'll need to almost double it to cover your taxes, medical needs, and the standard costs of living.
By the time you retire you loose certain advantages, for example your home will be paid off so your tax deductions are reduced, medical costs increase since you loose your benefits at retirement. Certain perks that may have come with working suddenly disappear. What if your income suddenly stopped before you were ready? Have you ever given that a thought? If not you should, at a minimum you need three to six months of living expenses socked away to cover any sudden pitfalls in your income.
So how do you plan strategically for retirement and the normal bumps in the road that can pop up in your path at any given time during the travels of your life? Simply put you need to be proactive in your affairs and handle yourself first. This means you ALWAYS pay yourself first! Then you move about your personal business.
Set up your incoming income stream(s) to work for you instead of against you. The first priority is to take care of your retirement and pre tax dollar savings. By setting up your retirement savings you tackle two birds with one stone. A) you are creating a better future for you and your family; B) you are reducing your tax liability and therefor you are saving on the amount of income tax that you pay.

You need to check with your tax person or CPA to make sure you are not saving too little or too much. This way you are reducing your overall exposure to the tax laws and keeping more money in your pocket.
Secondly you need to make sure you are setting aside 10% of your income for personal expenses in the bank. You need to build a nest egg equivalent to three to six months of monthly expenses to shore up your confidence and set you ahead of the rest of America.

Once you have established these cash reserves you can pull back and your cash savings and start a new stream of income not based for retirement, these are accounts to keep liquid money available for quick access and no penalties. By the way liquid investments such as stocks, bonds, mutual funds, cd's, and etf's etc should not be used as the main source for your retirement. Strategically planning for your retirement means seeking out the best opportunities for capital appreciation, preservation, and conservation. What I am suggesting to you are solutions that aren't commonly expressed or shown to people by the big financial institutions.

These large institutional financial companies are showing you a path for disaster, look at the dot com bubble bust, the most recent melt down in our economic system. People lost thousands to millions of dollars overnight. Stocks are risky in fact one of my mentors called it "legalized gambling" which in fact is the truth.
Your placing your hard earned dollars into a stock(s) which allow companies to leverage your money for there benefit. If they make a profit you share in the winnings; however if the CEO makes the wrong decision(s) it's your loss! Whew that's a lot to think about, your trying to create wealth, build your future and all of the sudden BAM!

You just lost your precious nest egg, you're about to retire and the next thing you know you are faced with the option to keep working and don't retire or retire and live a miserable, uncomfortable lifestyle. Strategy means you plan through the mini setbacks, allocate & diversify properly. One of the best ways that you can prepare for retirement is by placing "select pre-developed real estate [land banking] into your portfolio."
When doing so you need to know how to locate the the property, look for the crucial signs of future development, have an exit strategy or use the specialists who know all of these details and then some. Strategic land banking is one of the surest ways to grow your retirement portfolio, avoid risk exposure to the stock market and preserve your capital.

You can invest in companies accounts receivables and many other types of non traditional investments that are more secure than stocks or other types of investments that are not as receptive to market volatility. Your retirement is something you need to take seriously. I have many friends who are approaching their early to mid forties and they have no cash reserves or retirement nest egg to speak of.
They are working a plan that will ultimately set them up for failure and certain disaster. The differences in planning for today versus tomorrow are quite simple. You have the ability to fail in your planning for the short term and still have time to recover from the losses. However when you don't plan ahead for retirement you are risking the comfort and security for your future.

You're older and the Government places restrictions on your contribution limits, your age prevents you from having the time to successfully rebuild your retirement nest egg to a point that it can sustain you for the rest of your years.
Sure people bank on the inheritance they may receive I have a friend right now that is doing just that; she's unemployed and the inheritance monies is being held up for many months while the trustee takes care of paying all of the creditors and lien holders, sell the shares of stock and remove their share of the proceeds before the disbursements ever take place.

Now she is facing eviction, loss of her car and other parts of security that comes with being financially prepared. Creating wealth isn't rocket science, it's a simple mathematical equation that simply says it's not how much you make it's how much you keep.
More and more people are faced with job loss, foreclosure, bankruptcy and other financial hardships that place unneeded stress, health implications and burdens that can cause sever health problems. Being financially sound creates peace and comfort in your life. Take the time to learn the knowledge, plan your finances strategically and retire with surety and ease.

Article Source: http://EzineArticles.com/2486043

Financial Planning Musts for Unmarried Couples

Unmarried couples are pervasive in our society; they are as vast as widows, never married individuals living together, divorcees, and same-sex unions. These couples, whether gay or straight, face important issues that their married counterparts are not exposed to. Unfortunately, many of these issues, if left unattended, can have a dramatic negative impact on healthcare decisions, income taxes, estate taxes and retirement planning. If you are unmarried and are in a committed relationship with a life partner, keep reading! You simply cannot afford to ignore the financial and legal challenges that you and your partner are exposed to.

The U.S. Census Bureau reports that the once dominant "married couple" households have slipped from nearly 80% in the 1950s to just 50.7% today. Nearly 42% of the U.S. workforce consists of unmarried individuals. The decision to not marry can stem from a variety of reasons incluidng the possible loss of deceased or divorced spouse's benefits to impenetrable legal barriers for same-sex couples. In fact, many widows and divorcees, despite having found love again, cannot afford to remarry for fear of losing health, pension or social security benefits.

Real World Challenges
Retirement Benefits
One of the benefits of a qualified retirement plan is the ability to defer income taxes until forced distributions begins begin at age 70 ½, for both the account owner and their surviving spouse. That deferral benefit, however, does not equally apply to a non-spouse benefiary. Here's how:
For qualified plans (ie. 401k, 403b, unless the proceeds are annualized over the beneficiary's life starting within one year of death, they must be included as taxable income within five years of death (a surviving spouse is allowed to defer proceeds and taxation until age 70 1/2). This shrinks the pot and potential growth of the qualified money for the surviving partner (assuming the partner is the beneficiary).

IRA accounts offer a little bit more flexibility. Inheriting an IRA from a spouse allows you to put the IRA in your name or roll over the funds into an IRA you have already set up. The IRS will treat this as if the inherited IRA assets were yours all along. Conversely, non spouse heirs do not have the option of treating inherited IRAs as your own. This does not imply that the money is not yours; it simply means that you cannot make any contributions to that IRA or roll it over to another IRA. If the decedent was age 70 ½ or greater (and taking distributions out of the IRA when he/she died), then
you may start taking money out using the same distribution method. If the beneficiary is younger than the decdent, this option is typically not recommended, unless you desperately need the money since it will accelerate your income and taxes. The other alternative would be to take the required distributions in annual installments over the beneficiary's lifetime, and based on the beneficiary's life expectancy (not the decedent's).
If the decedent was not yet taking distributions out of the IRA, you have two IRA distribution options:
o All of the interest from the IRA must be distributed to you by December 31st of the fifth year after the year the decedent died, (not the best choice) OR
o All of the interest must be distributed over your life expectancy (preferable option)
Government and corporate pensions are the least flexible of all. In an employer sponsored pension plan, the surviving partner may not be entitled to any survivor benefits.

 You are encouraged to confirm whether or not this is available with your HR manager. Social Security spousal benefits are simply not available to non-spouses--period. The consequence is that your partner will be forced to accumulate more funds in order to ensure a comfortable retirement after you are gone.

Taxes
Unmarried couples are also negatively affected with respect to estate taxes. There is a special provision in the tax law that allows married couples to defer estate taxes until after the second spouse dies. Unmarried couples do not get to benefit from this unlimited marital deduction. So, any assets (including home, car, savings, retirement accounts, collectibles, etc) above $2,000,000 are subject to taxation rates as high as 47%!

Asset Transfers
As an unmarried couple, dying without a will and other related estate planning documents is a recipe for disaster. Without a clearly defined will, your partner may inadvertently get disinherited. Unlike with married couples, surviving partners do not automatically have a share in the estate. If you die intestate (without a will), the estate will pass under state intestate succession laws and the estate assets, including maybe your primary home, will likely be transferred to the blood relatives (surviving parents, siblings, etc)!

Basic Solutions for Asset Transfers at Death
One of the best ways to ensure an efficient transfer of assets from one unmarried partner to another is through a combination of wills, will substitutes and trusts. Failure to plan for this is planning to fail.

Wills
The most widely recognized means of transferring wealth at death is by use of a will. Without knowing the details of exactly what happens, most people know that a will must be presented to the local probate court. If a will does not properly dispose of a deceased individual's assets, then the probate court gets involved in distributing that person's assets, a process that can be both costly and time consuming.

Will Substitutes
The will substitute has the advantage of avoiding the probate process and the related cost, delay, and potential publicity. It also has the advantage of allowing the current owner of property to name the person or persons who are to receive the owner's interest at his or her death. Will substitutes are revocable and include common forms of ownership like "joint with rights of survivorship", beneficiary designations (for retirement accounts), transfer on death clauses (for investment or brokerage accounts), payable on death clauses (for bank accounts) and revocable living trusts. It is always best to consult with a qualified professional for any gift or tax consequences that these strategies may cause.

Living Trusts
A revocable living trust is almost always established for two reasons: (1) to avoid probate; and (2) to handle the grantor's financial affairs in the event of the grantor's incapacitation. Since such a trust cannot accomplish any tax objectives and provides no asset protection, income from the trust assets is taxed to the grantor under the grantor trust rules. No gift tax is due upon funding the trust because the retained right to revoke prevents a completed gift. Likewise, the retained right to revoke also means that the trust assets are included in the grantor's gross estate.

Life Insurance Trusts
A life insurance policy for the benefit of a surviving partner can help supplement future income lost from forced distribution from a qualified plan, the inability to receive spousal social security benefits and pension survivor benefits.
Furthermore, using an irrevocable life insurance trust (ILIT) can remove the life insurance policy out of the estate. You must make sure that you do not own the policy when you die. The proceeds can go to the same beneficiary but the policy must be owned by the trust. If a policy is transferred, the transfer must take place within three years of death. An ILIT can also help provide the liquidity necessary to help pay estate tax and settlement costs incurred by the deceased partner's estate.

Healthcare Planning Necessities
Finally, non-spouses, in the event of disability or incapacitation, do not have automatic rights to the care and finances of the disabled partner. The following are some of the "must haves" in order to ensure that you and your partner can make medical and financial decisions for one another.

Living Will
A living will stipulates what life-saving medical procedures you want or don't want in the event you are physically or mentally incapacitated. The Terry Schiavo case shed important light on this controversial issue. If you and your partner have an understanding of what your end-of-life medical planning should be, it must be memorialized in a legal document. Otherwise, your partner's wishes may be overwritten by his or her family, since you are not legally related to your partner.

Medical Power of Attorney
A medical power of attorney appoints a person the power to make medical decisions on your behalf. What are the consequences of not having this document? Let's say that your partner of ten years is hospitalized, as a "non family" rember you may be prohibited from visiting your partner or discussion your partners medical condition with his/her healthcare professional. Instead, an immediate family member like a parent or sibling may be the only ones privy to discussing medical information with your doctors-not your partner.

Financial Power of Attorney
A financial power of attorney states who can make financial decisions on your behalf. A medical power of attorney does not dictate who and how your finances will be handled in the event you are disabled. Both must work alongside one another to ensure that you and your partner are cared for, both physically and financially.
In summary, estate planning can be a very tedious and complex process, but it must be done-married or not. Although unmarried couples clearly face challenges that married couples do not, they are challenges that can effectively be overcome with some careful planning. I highly recommended than anyone preparing an estate plan
seeks the counsel of a competent and experienced legal professional.

Article Source: http://EzineArticles.com/1173064

Family Financial Planning - The Way Ahead

Virtually all newly-married couples are suffering a gruelling time adjusting to another way of life, particularly when it concerns family financial planning. Because you are distinct individuals, your outlay habits will be different. That being the case then I urge both of you to arrive at careful alterations to unite the family budget.
Below are three tips that can help you and your partner make the 'financial aspect' of your marriage balanced and coordinated:
Tip 1. Begin to understand the way that you both view money.
If you and your partner hold contrasting opinions when it concerns money, sit down and discuss it over a cup of tea. The central theme here is being able to compromise. For many people, money is a protection measure that necessitates to be saved. Others spend it luxuriously and consider spending money as a way to reward themselves for their hard work. However, other people are really careful and they scarcely ever spend a penny of what they've earned.
Realize that the fashion that you both address and spend money begun from how you were raised by your parents. Remember everything that you need to talk over when it relates your family budget. Whenever possible, lay out rules on how you will spend your joint income on utility bills, mortgage, food, and car maintenance, and so on.
Tip 2. Set future financial goals.
You may be newlyweds so if you are planning to have children, consider the future when orchestrating your finances. Maybe you are a couple approaching the age of retirement, you will be able to build plans on where you'll pass your leisure years. Family financial planning with long-term and short-term goals will aid you to finalize your fiscal plans.
Tip 3. Help your partner with your money-saving skills
You may have opposite family backgrounds, if so you'd have something to add towards coordinating your joints assets. Make one another mindful of your personal finances then conceive of ways on how you can further promote your money-handling maneuvers.
By abiding by these tips, you'll certainly have your finances organized to head a more comfortable lifestyle.

Article Source: http://EzineArticles.com/2702626

Personal Finance Planning Strategies - Why You Should Treat Your Household Like a Business

Do you treat your household like a business? Maybe you feel that treating your business like a business is quite enough. But think about it for a minute. As someone who owns a small business or a professional practice, you know there are some fundamental ways to operate that group activity so that it is a profitable, expanding endeavor. Read on to discover how you can apply the same rules to your household as well, which will go a long way towards helping you with your personal finance planning.
And not only do the same fundamental rules apply to your household activities, but the more you apply sound business practices to your household, the more financially secure you and your family will be.
But how do you get started?
Why not start your new approach to personal finance planning with a change of terminology? Let's think of your household as the "parent company". In business, a parent company owns junior or "subsidiary" companies and other assets. Well, your household owns assets too: a small business or practice or stocks (subsidiary companies), bonds, cars, collectibles, etc. It has money that it owes, called liabilities, such as mortgages, car loans, and personal loans.
The household also has income, whether earned as salary or as dividends from investment activities and it has expenses such as the cost of living and so forth.
The household also has executives that make day-to-day management decisions: you and your spouse. It also has staff: all of the members of the household, each of whom are responsible for certain functions.
Like any other business, your household reports its financial condition every year. The 1040 income tax return is essentially an income statement and balance sheet for the business activity for the year. The household tax identification number is your social security number. The government views you personally and your household as business activities. The sooner you adopt that same viewpoint, the sooner you will act like a business owner and run your "household company" more profitably.
Every business must have certain areas functioning to be viable: These include executive planning, personnel, sales, finance, technical delivery, quality control and public relations. Any one of these functions that are either not done at all or done poorly will make the business activity non-viable and, quite possibly, bankrupt. The household is no different.
If you are an employee of a company, you may think that these functions do not apply to you. They do. If you are employed, you have contracted your services for a salary (not really any different than being self-employed) which is then gross income for the household "corporation". It is the lack of business perspective that has caused the adverse economic conditions in which we find ourselves.
One of the greatest omissions in the management of household business activity is the lack of a plan. Financial planning is the only way to ensure that the proper things are being done to run the household as an expanding, profitable enterprise. Yet, the vast majority of American households do not have a plan and the results are obvious-a record number of bankruptcies, unsustainable debt, and low income.
But you don't have to follow in their footsteps -- or remain on that losing path. Why not revamp your personal finance planning, apply the basic natural laws of business to your household, and grow your financial resources to achieve your life goals?

Article Source: http://EzineArticles.com/2714529

Working Together to Manage the Family Finances

The ability to manage the family finances is a very important task to undertake on a continuous basis. Usually in each family this role will be lead by one of the parents and quite often this can cause a great deal of friction within the family. It is quite common that one parent is much better at managing finances and this parent should undertake the lead role to ensure that both parents work together to manage the family finances. Most of the time the parent deemed to be the better financial manager shoulders the main responsibility to ensure financial stability and if you are in debt, to be able to turn the families financial resources around to become either debt free or a more manageable level of debt. It goes without saying that both parents need the support and cooperation of each other to manage the family finances. This means that one parent cannot be saving and making sacrifices whilst the other is spending as fast as they can. Total commitment is required by both parents.
When you talk to your partner about a financial plan, particularly how to eliminate debts, make it a emotionless talk where you are outlining how the future can be better with rigor around financial management. It is possible that both of you have contributed to the current financial status, so it is important that the blame is not set at the feet of one person only. In every plan there should be checkpoints to see how you are both progressing and where possible small rewards to keep you going and to show the benefits of what you are achieving together.

Article Source: http://EzineArticles.com/3307427

Hard Times For Family Finances

Because of all the uncertainty around at the moment many people should start taking stock of what they have. Just in case. I think in this current economic climate, nobody has a safe job. Every industry seems to be affected in one way or another.
So, where do you start? Set some time aside to sit down and go through your family finances with a fine toothcomb. What could you do without if it came to the crunch? There are many places where you can download family budget planners which may help you sort out your family bills. We tend to forget about things like magazine subscriptions and monthly payments to charities etc. Make a separate list of such items and place them in order of priority. Then if things get any worse you know straight away what can be cancelled first. Alternatively, you could always start right now and cancel those that are not a necessity.
If you can, you should be building up an emergency fund to get you through any lean times. If you decide to cancel subscriptions as mentioned above, put this money away into a separate account while you can still afford to do so. This can be the start of your emergency fund. This should not be touched unless it is an absolute emergency. You should be aiming to have at least 3 months expenses put aside just in case you or your partner become unemployed.
Next, think about all the little luxuries that you and your family enjoy and consider giving them up, at least until you have managed to save about 3 months money. Things like that cup of coffee you have on the way to work or every time you go shopping. The sweets you buy for the kids when they are out with you. Don't eat out unless it is a really special occasion. You can make a special meal at home and save quite a bit. You just need to get out of the habit. It may take a little time to readjust but a little bit of sacrifice now could save a lot of heartache later on.
At the end of each week, work out how much you have saved by not indulging in those little luxuries and put this money into your emergency fund. It may help to put your savings into a separate purse each day then once a week pay it in to your emergency fund at the bank.
Don't go planning your summer holidays abroad until you have built up your emergency fund and you know you can afford it. If you need to go somewhere, maybe think of a couple of trips you could do in the local vicinity without costing too much money. Take the kids to the park and enjoy a picnic. There are lots of museums around that are free or they may do a reduced rate family ticket. We tend to take for granted our local area a large amount of the time but in most areas there are plenty of walks and lovely gardens and architecture to look at. Swimming pools and leisure centres quite often have special offers on during the school holidays. Check out your local tourist information office for more ideas.
Another important step you can take to control your family finances is to look at your food bills. Cut out money-off coupons from newspapers, leaflets and magazines. Also, do away with the little luxuries that you don't need. And after every shopping trip work out roughly what you have saved and put it away. You will be better off stocking up on canned foods and dried foods that have a longer shelf life and can be stored, so at least if things got really bad, you have a supply of food enabling you to cut down on your weekly food bills when you need to. Get into the habit of buying a couple of extra items each week to put away, but don't forget to check the sell by dates!
A lot of what we buy is out of habit. Think about switching brands, supermarket own brands can often taste the same as more expensive brands. At least give them a try! Always keep an eye out for BOGOF offers that could be stored away. I find it is best to go shopping without the kids in tow whenever possible. They only add more to your basket which you can't really afford. You will also get your shopping done far quicker.
Think twice before buying any unnecessary major purchases. Before you buy anything you should be asking yourself, do I really need this item at this time? If it is something that you definitely need, try to pay for it without dipping into your emergency fund if at all possible.
This article is not meant to panic you but to make you stop and think before you reach for your purse or credit card. Don't bury your head in the sand, sort out your family finances now before the choices are taken out of your hand.

Article Source: http://EzineArticles.com/2021213

Family Reunion Planning - How To Save Thousands This Year

If planning a family reunion were not a challenge, financing it is even more so. As gas prices rise and energy bill increase family reunion planners are feeling the pinch as the catoring and planning service pricing explodes. Add to that the increase in family members and many wonder just how to save when planning the next family reunion.
Too often family members find themselves shelving out much more money than they ever intended just to get the essentials. Unforeseen expenses such as flying in an elder relative or providing a powered wheel chair and mobile van for travel.
So how do you throw a smoking family reunion event while sticking to the budget and even have funds left to contribute to another event?
The key to planning and successfully executing an affordable family reunion event involves taking advantage of freebies, discount services and two-for offers.
Family Reuion Discount Travel Packages
When booking your family members consult online travel sites for special discount packages. Be sure to ask hotel management about any group discount rates. Ask catering companies about size discounts. Use hotel shuttle buses for local destinations.
Other avenues to saving money are in the gifts you plan to distribute. Take public transportation when touring historic districts.
Family Reunion Freebies
Visit the Chamber of commerce for branded items such as free key chains, free tote bags, free tours and tourist welcome packages.
Visit State Universities and ask for free tours, special events such as piano concerts and plays. Look into free use of grounds. Keep in mind that donations are appreciated when utilizing university estate services.
Free Family Reunion Planning Web Sites
Free family reunion event planning software can be found at the following family reunion resource web sites:
http://family-reunion-planner.fimark.net/
http://www.family-reunion.com/organizer/
genealogy.about.com/od/family_reunions/
http://www.familyreunion.com
http://www.Ancestry.com
Family Reunion Planning Software
Family reunion planning software and planner templates can help you save hundreds even thousands of dollars simply by helping put all your ducks in a row and avoiding unforeseen pitfalls and resultant expenses. These family reunion resource sites also offer family reunion resources with free templates, family reunion committee and subcommittee assignment sheets, free tips and guides, free newsletters, free family reunion, tips booklets and free family reunion registry.
Free Family Reunion ECards And Invitations
eCard sites offer free family reunion e-vitations. Free Press Release sites can be used for free reunion event announcements
Penny savor classifieds are great for free reunion event announcements. Make use of family reunion webpage hosts for
free family reunion webpages.
Family Reunion Committee Tools
If your working with a family reunion committee and subcommittees take time to create a budget for each department. Insist that each subcommittee adhere closely to the budget while attempting to take advantage of bargains and saving assigned funds for next year's event. Consider giving a prepaid debit card to each subcommittee chairman.
With good planning, organization and cooperation you'll throw a successfull reunion event, stick to the budget and save hundreds, even thousands on your next family reunion.

Article Source: http://EzineArticles.com/183119

Family Reunion Planning Tips Part II

In our previous article in this series regarding family reunion planning we discussed the need to delegate family reunion task groups by forming subcommittees and departments. In this article we will discuss with more detail the various subcommittee duties and how to follow thru with what each group needs to accomplish in the most time efficient manner possible.
Chairperson of the Family Reunion Committee.
The Chairpersons duties are crucial to the smooth operation of reunion planning, organizing and operations. The Chairperson must make it a point to communicate clearly and effectively. Leaving no one in the dark as to what is to be accomplished, how and why.
Assign one person on each subcommittee as chairperson/head for that department. Department heads have the following duties:

• Organizing and scheduling department meetings and notifying the members of those meetings
• Presiding over meetings and maintaining the peace
• Making a list of volunteers and job assignments
• Keeping a calendar of tasks and checklist of unfinished business
• Motivating people to follow through

Family Reunion Subcommittees Having the right number of subcommittees is crucial to avoid the overlapping of responsibilities. The following list consists of various reunion subcommittees and their respective duties.
Food Committee
Welcome/Greeting Committee
Finance Committee
Communications Committee
Setup and Cleanup Committee
Fundraising Committee
Photography Committee
News and Media Committee
Supplies Department
Health and Safety Committee
Security Department
Genealogy Research and Presentation Committee
Activities vary according to the reunion itinerary. If the reunion plans involve several days and a large group of attendees it would be best to assign tasks to smaller groups of activities committees.
Decorating and Catering Committee
Outdoor Activities Committee
Indoor Activities Committee
Music and Sound Committee
Travel and Tours Committee
Family Reunion Subcommittee Duties
Hand out the instruction sheets to the appropriate committee chairperson:
This information should detail the steps involved in handling the duties of that particular department and be accompanied by appropriate forms, checklists, books and software.
Family Reunion Planning Software
Along with instructions there should be an associated timeline in which tasks needed to be completed. This kind of information can be found in Family Reunion Planning organizers both in book form and software. I recommend family reunion planner software with editing and printing capability. Any necessary changes can be made on the fly, printed and handed over to the department head.
Write It - Edit It - Print It
Never underestimate the value of clearly printed detailed instructions. Word of mouth is fine. But written instructions will give a busy department head something to refer to when you are not available to direct them.
The following are titles of suggested instruction sheets and associated forms that can be found in a number of family reunion planner organizers.
"Hotel Accomodations Booking and Cost Comparison Sheets" - Travel and Tours Committee
"Music Selection Sheet" - Music and Sound Committee
"Activities Tips Sheet" - Activities Committee
"Maps/Directions Sheet" - Greeting Committee
"Invitations/Flyer/Letters" - Chairperson
"Lunch and Dinner Planner" - Food Committee
"Activities Sheet" - Activities Committee
"Awards/Certificates" - Activities Committee
"Next Reunion Event Planner " - Chairperson
"Genealogy Research and Presentation Documents" - Genealogy Research and Presentation Committee
Family Reunion Planning Timeline Checklist
Most essential at this point is following up with each department regarding completed tasks. To make follow-ups in a timely fashion you will need to consult your calendar/organizer daily. Professional planners put together what is called a timeline checklist well in advance and follow this list daily; checking off completed tasks and making notes of follow thru dates and department needs.
A good reliable reunion planning time line check list enables the chairperson to contact all committee heads several weeks in advance of the time tasks needs to be completed. Giving department heads a reminder when there is still plenty of time to get the job done is what following thru is really all about.

Article Source: http://EzineArticles.com/428224

Family Financial Planning - The Family Budget Plan For Success!

In a perfect world you would make enough money to pay your bills, save a nice amount each month, and treat your family to the entertainment they deserve. However, most people do not live in a perfect world and now that we have seen the economy drop and the unemployment rate rise we know we have to practice good family financial planning to have a chance. Here are some budgeting tips to help you save more money.
You need to treat your family finances like a business. You are always going to have an income and expenses. This is important because each month you want your income to be more than your expenses so that you can save some money towards an emergency or for retirement. In all honesty you should be saving for both so that you have an adequate cushion to take the stress off of you when it comes to money.
You also need to realize that you probably spend money each month that did not need to be spent and you will figure this out when you take an entire month and get a receipt for each and every transaction. Then, you need to go back through all the receipts and categorize them. This will give you a clear picture of the areas where you can cut back some and use that money to save more.
Last with family financial planning you need to understand that it is very important that you plan for the unexpected. When you have children you never know what might come up and what they may need money for. Even little things can throw a wrench in the family financial planning and make it harder for you to survive the way you want to. Make sure you plan correctly and include all the expenses your family incurs yearly in your budget.

Article Source: http://EzineArticles.com/2602747

Financing Your Retirement - Finance Planning For the Long Haul

Retirement is something you need not get scared of, especially when you have well prepared for it. The earlier, the more enjoyable, the dream and fantasy of retirement is living comfortably through the golden years, making free time more enjoyable in favorite locations and being together with loved ones. All these things and more can be better enjoyed when we are younger and when the cash is readily available. This is why financing your retirement is something you should make a priority.
Retirement financing first require financial planning. This is the process of money management which includes budgeting, tax planning, retirement and estate planning, insurance and investment strategies. There is no other shortcut to achieving your financial future. The first step towards this is the making reasonable, meaningful and personal financial goals.
Here are few other factors you should consider and things you should know and practice in order to retire early and gain financial freedom when you do, regardless of your level of income.
One of the key factors you have to take note of towards retiring early and financing your way to retirement is money management and debt control. Living your life above your means like many people do and become so heavily indebted is something you should avoid. It is a common thing to find families spending all their income every month leaving no money in their savings. Managing you're your expenses and controlling your debt-rate might involve living on strict necessities, playing down on the use of your credit cards, avoiding waste, among other things.
Any efficient personal financial manager should accumulate enough capital to invest in the business of choice. One of the best ways to build up capital is through pension plans. You can invest in your company's pension plan if they have one, and if their interest rate is favorable against other plans in the market. Inflation linked and tax protected pension schemes are the best to invest in any day. Also, you can make property investments. Some banks offer favorable rates on their buy to let loans. If you buy and let out second property, it yields high returns.
Other capital generating ways to financing your retirement is by saving in high interest banks. Making investments with stocks (with reputable stockbrokers) will also be a good retirement investment plan.
You need an investment advisor if you are planning on place your money in investments. The advisor may charge some fees and commissions. You need a qualified professional in the field so that you will not only get the value for the money you pay, but your investments will be in save advisory hands.
Finding the best advisor may not be an easy task; finding large and reputable companies with a solid reputation is a good decision but your success is still not guaranteed. This means an additional research by you, whether or not you get an advisor.
Financing your retirement require discipline, planning, saving and investment among other things. Now add this word to your retirement financing sentence: "early". . "Financing your early retirement".

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Tips For Family Financial Planning

So, your Home insurance is due, your kids are asking about summertime camp, and the dryer just went on the fritz. Why Does it always seem like the one thing you have in your life is bills? Maybe it's time to bring the kids in on your family's financial situation.
Although it can be embarrassing to have to admit to your children-people who rely on and admire you-that things are a bit tight right now, don't overlook the possibility that this admittance can bring your kids on board to help save, and bring everyone together as a family working on an achievable outcome.
Not all kids will be able to handle financial affairs at the same time and it can also be hard to know when exactly they are ready to learn about money stuff. Very little children have almost no concept about money. They just know that it costs money to buy stuff, but how much that is or where that money comes from, many times is beyond the understanding of a child less then eight years.
Older children, and surprisingly teenagers, are an entirely different matter. They can many times tell when they are not being told the truth. They will also almost for certain already be mindful of tension in the household concerning financial matters. Letting them in on family finances communicates you have confidence in their capacity to think and join in what's going on.
If you allow your children to engage in family budget planning, they may come up with plenty of ideas of their own that will surprise you. Their open minds and vivid imaginations, and their energy can be just the right mixture to help you get things moving in the right direction.
For example, they can price compare like crazy when they shop, sniffing out the best deals on groceries. Younger children can make a game out of clipping and saving each weeks coupons. Older teenagers may be inclined to pick up a part-time job, and make their own money.
The most important thing is to bring your kids in on your budget planning when they're ready for it. Also make sure to introduce all financial affairs at the level they can comprehend money matters. The returns may really amaze you

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Insurance - Tool for Personal Finance Planning

Financial planning is must for every individual. When we start saving money for our goals, there is always a fear of the unknown. We can't predict the future. So just by doing investments we cannot ensure that all is well. Buying insurance is a good way to protect yourself, your family & assets. Learning some basics of insurance will help you invest wisely.
You are working hard every day to earn a decent living standard. Based upon your monthly expenses, you can do some savings. You do financial planning based on your current health & wealth status. But with time as your age increases health problems can also surround you. It may be major surgery, a fracture or an infectious disease. Every medical problem poses a hurdle in your path. In such conditions having an insurance policy is a big advantage, not only it provides financial support in a crisis but it also gives a sense of security.
Insurance plans can be different types like endowment plans or unit linked plans. All these have their importance. Selection of a proper plan is not easy. You may have to take the help of an investment expert. For example the amount of life cover required is not same for all of us. It is calculated using parameters like your age, current assets, total liabilities, monthly income & number of family members. So, take proper advice to find out what is best for you. Insurance helps your personal finance in one more way by offering tax benefits.
Insurance policy is a contract between the insurer & policy owner. A fixed amount has to be paid by the policy owner either in lump sum or annually, which is called as premium. The premium is calculated on the basis of insurance cover required & the duration of insurance. Depending upon the term & conditions mentioned in the policy one has to pay the premium for certain years, known as premium paying term. If you fail to do so, the policy will be lapsed. The maturity value or sum assured is the amount guaranteed by the company in case of death of policy owner or when the policy term ends. The life cover may continue after the premium paying term, in some plans, till whole life.
Buying a policy is very easy nowadays. You can now buy them online. All leading insurance companies are offering this service. You can easily compare different plans & choose the perfect one. There are some other sites which provide you with insurance plans of different companies, you just have to submit some basic information about yourself & all the plans will be displayed in a tabular form.
To sum up, life insurance is an important tool when planning your personal finance. Due to availability of so many options in market choosing the right one is difficult. Take the help of a financial advisor if you are not sure about it. Live a happy & secured life!

Article Source: http://EzineArticles.com/5057020

Family Finances - How To Cope In Tough Times

You have a wonderful, solid, stable marriage. Great kids, nice house. Nothing could threaten your relationship, right? Unfortunately, there is an insidious threat lurking out there that has been devastating good relationships with increasing frequency lately. Financial hardship.
Have you wondered how money troubles can tear families apart? The economic reality of today is forcing people to rely on their credit cards far more than ever. They're being used to cover unexpected expenses, to finance businesses that later go under, for education costs and to fill the financial gap left by job loss, leaving families with crushing debt and struggling to pay their mortgages or put kids through college.
Credit cards can lead to a financial nightmare. When you pay your credit card bills on time, more cards magically arrive pre-approved in the mail. Credit card debt is responsible for a lot of the economic instability of our country. Many families owe $40,000 or more on credit cards. Money troubles can wreak havoc on family and spousal relationships. Life presents enough problems and provides enough stress without adding overwhelming debt to the mix.
You can protect your family and take control if you're in this situation. Not doing anything will increase the problem. Taking strong, positive action is the solution. Here are some tips: Get professional advice. There are plenty of debt counselors, some available through your community at little or no cost. They can help to assess your particular situation and advise you about options.
Don't panic. Calmly think about what you can do to pay your bills. Are their other, un-tapped sources of income, such as a weekend job, property or other assets that are unnecessary and can be sold? Stop fighting with your family. Instead, come up with a well-understood plan to resolve the issue and let your family know what that plan is. You will feel in control if you start taking positive steps toward resolution of your financial problems.
Rein in those unnecessary expenses. Your daughter wants a new cell phone. Remember when no one had cell phones? We all survived without them. Taking the family out for dinner or to a movie can temporarily relieve stress at home, but in the end, it's an unnecessary expense. Look for free activities around your community and take advantage of the situation by spending more time playing family games and watching movies. Get out that old popcorn maker. Try to reduce your utilities bills by turning off lights, using less water and lowering your thermostat at night and when no one is home.
Consider Debt Consolidation or Debt Settlement. Either of these debt relief options can help get your finances back under control, which will, in turn, help your family become a happy, solid unit again.

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How Does A Single Parent Finance the Family?

Today, in most two-parent families, mothers work outside of the home. Yet, there are more children living in poverty in America. It is believed that families need two incomes to maintain a marginal middle-class lifestyle. Two-parent families have financial difficulties, but this is nothing compared to the abject poverty suffered in single-parent families. Families are making more money today than fifty years ago, yet the average median income for the family has fallen. Inflation, family assistance, and the disparity between high and low-wage earners may explain the major decline in the national median income. America's middle class is rapidly disappearing.
Money can be a source of power over single parents. Traditionally, men earn twice as much as women. In a divorce, many women keep the kids while the men keep the money. Divorce courts across the nation have responded with adequate child support mandates, but have had trouble getting payments to the custodial parent. Nonpayment of child support is a major reason that millions of children live in deep poverty.
Delinquent parents in New York have been threatened with driver's license revocation for not paying their child support. In 1995, almost a half-million children in New York were owed child support. Additionally, the state of New York posted "Wanted" posters with pictures of parents that owed the most back child support. When delinquent parents do not support their children, taxpayers pick up the tab through bloated welfare rolls, exploding Medicaid bills, housing assistance, Aid for Dependent Children, food stamps, and food charities. Almost one-half of America's families receive some sort of assistance. That means they are not paying taxes, either.
America sends a mixed message to career mothers when they are stereotyped as not having enough time for the kids. Yet, society expects mothers on subsistence to work. All parents single, divorced or married simply must have rock-solid child care plans. These plans should cover normal, everyday supervision as well as sick-kid child care. Divorce courts must put the needs and interests of the children first when separating property and custody.
Teens can learn valuable lessons from financial hardship of the single parent family. Teenagers that have everything handed to them grow up to the rude awakening that everything they want is not going to magically appear when they are adults. Teens of single parent families know all about abject poverty. Their help at home is enlisted from the beginning and together they and their single parent can work for a future in a comfortable middle-class lifestyle.

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Finance Guidelines For Families

Family operating cost has been hit stiff in the current times of downturn and small growth. This leads to an amplified number of individual bankruptcies. On the other hand, your children's costs and other family costs will lead you so. To avoid these conditions you must have a fair plan to judiciously and handle your savings very cautiously. Here is given some important tips that will help you to maintain your finance.
You have to call your all family members to have a logical plan and you have to discuss with them frankly about your present income and family maintenance cost. Monthly cost of your all family members is required. Through your present income you have to distribute your revenues and to do this you have to suggest all your family members and you need to make them understand your situation.
You must have cost properly for your household purposes and others. Keep equilibrium between your earning and expenses. If you need, you can have a list of expenses chart and it is better. At the present world costs are increasing day by day so proper utilizing is the main theme of financial guide.
If you are not able to guide your family through your present income then you can ask your one of the family members to have a per time job for financial backup. And to do this you can suggest him/her using online.
Remember that your children are growing up so they need some hand cash. To increase your family earning if you think to invest then you have to think about family maintenance.
You can get a bank loan if you maintain family cost. There are some bank load fields such as house loan, vehicle loan, business loans etc. You can want to have a house because your family is extending so you can cost that purpose.
However, you have to always remember about the present market costs and basis on this you have to maintain your finance.

Article Source: http://EzineArticles.com/3804537