Financial Planning: Learn How to Organize Family Accounts

Financial Planning: Learn How to Organize Family Accounts

Amid all financial instability, it becomes even more important to think in family financial planning. After all, in times of crisis you need to take care of the household budget to ensure the well-being of all and maintain a good standard of living.

Of course, this task is not simple, especially when the cows are thin. But it is possible to ensure the closure of the accounts in blue at the end of each month, and also rely on an emergency reserve and even resources to invest in what really matters.

In this article, we’ll show you what you should do to balance finances, investing in quality of life and have peace of mind to think about the purchase of goods and services that will give quality of life for your family.

Are you interested? Then read on!

The need for long-term planning

It is normal that in the rush of daily life, concerns are focused on how to make the monthly income to last for the next 30 days without the whole family pass for any tightening torque. However, restrict our financial planning to a short-term brings a number of risks.

The most notorious of these is the possibility of having to deal with some unforeseen event that demands immediate resources. When working with small time and with little room to maneuver, we do not usually save a little for investment or for the composition of a reserve fund.

Besides, who does not make a long-term financial planning can not define what are the dreams and family demands for years to come. Every family thinks, for example, have their own home. But have you ever stopped to think about how many years does it take to acquire a property?

In addition to allowing the definition of long-term goals, the correct planning – that is, thinking about tomorrow – also helps the family to balance the books now. The logic is simple: are the good financial stocks on the day, to accumulate for months and years, bring the expected results in the long run.

Here, it is worth a reminder: when we talk about long-term, we’re not restricted to 5 or 10 years, but also shimmering moments that the family will need more resources – as the entry of children in college or the time when the financial situation It is weakened with retirement.

The definition of a standard of living

The whole idea of ​​long-term financial planning has to do with the acquisition and maintenance of a good standard of living. But first you need to understand exactly what it means.

When we talk about standard of living we are referring to the quantity and quality of services and products that a family can get to maintain comfort, safety, food … Popularly, a standard of living is often equated to the size of income: who earn more can enjoy a better standard of living.

However, this is not always true: it is possible to bear a high standard of living, even for a limited time, spending on items that erode the family budget and eventually leads to debts. Here, maintaining a high standard of living without any planning shows that family situation is not sustainable.

On the other hand, you can get a good living doing the right consumption choices and taking good care of the family budget. This is, roughly, to reduce wasteful spending and concentrate income investments that make the difference: a good family health plan , a savings for a rainy day and to separate a portion of the proceeds for the purchase of high-value goods such as cars and real estate that, after all, will become part of the family heritage.

The lesson we can draw from this is that a good standard of living is valid when it provides quality of life in the long term. That is, make sure your family does not face difficulties today or tomorrow to have health, housing, transport and food quality.

To achieve this goal, however, we must take steps to stabilize family finances as soon as possible. It is precisely on these steps that we shall speak later. Follow:

The discharge of debts

Let’s be clear: before thinking about increase their standard of living in the future, you need to balance today’s bills. That means dealing with a sensitive issue: debt.

They are the main villains of the household budget, eroding the budget with interest and extra charges. Other than that, it is worth remembering that a debt can put your name in credit protection institutions – such as SPC and Serasa – and to have the bad name in the mean many difficulties in gaining access to credit.

Nor is worth remembering that debt brings a tremendous emotional toll that in itself is already quite costly. So, time to get rid of these problems! For this, try to follow three steps:

Know your debt

Knowing the enemy is the 1st thing to do to defeat him. Organize all your outstanding debts and organize by size, time to discharge and interest rates and late fees. Then identify those who may be renegotiated directly with the lender and try new payment terms that are faster and have lower interest rates.

Pay more aggressive 1

Some debts have the potential to grow much more agile than the other and therefore should be resolved as soon as possible. The two most obvious cases are the revolving debt credit card and overdraft.

These two problems are known to become snowballs when evil is not nipped in the bud, affecting the income of the family much more aggressively. After paying these higher debts, look for those with lower interest rates and longer terms.

Avoid new debt

With subsidiaries past debts, you will not want to make trouble, right? Therefore, use the discipline to avoid overdraft at all costs, limit spending on credit card and only Parcel or finance large purchases in case of extreme necessity.

Remember that the ideal is to save for a while before making a high purchase: so you avoid interest, does not compromise the future budget and still have the ability to get pretty discounts. That is, avoid debt is to make money.

The use of the creative economy to raise funds

We’ve talked a bit about how to protect your budget from debts, but have you considered strategies to increase your income? Of course, much of it comes from work, either as a professional or as an entrepreneur. But you can increase the potential of these gains using sound practices.

A good idea is to use the creative economy in their favor. This is using technology for service or shared products. The most obvious example of the creative economy comes from Uber: the company uses the shared ride to reduce transportation costs. On the one hand, the customer saves on the other, the driver now has a good source of income.

But the creative economy can help in other ways your financial life. The purchase of school supplies for a long time already is cheaper thanks to the collaboration: it is normal for parents of older students sell used books for values ​​greater account, creating a chain of economy.

leisure expenses can also be reduced when the family bet on shared bike rentals or when you rent houses or apartments for the holidays directly with the owners by means of services like Airbnb.

Also, remember that creativity is also available to the rent increase. The family can sell items like handicrafts and traditional foods through targeted marketplaces for collaborative economy. The idea is to make the family can count on an extra in the family budget and thus ensure the maintenance of their standard of living.

The budget control

In the last issue, we talked about how the creative economy can help your family save now and realizing a financial planning long. But all this will only be effective if carried out an effective control of the family budget. To do so, follow these steps:

map spending

To improve their finances, the 1st step is to know them thoroughly. List the family income sources and then their recurring expenses and possible. Here they come from the electricity bill and rent up spending on leisure, transportation and food.

It is important that the costs be arranged according to their nature. This way, you can identify which areas require more household budget and discover, at last, to where your money is going every month.

This allows the family to identify opportunities for cuts and improve their consumption habits. Identified that spending on restaurants are too high? Time to make more meals at home. Spending on fuel increased too much? It may be worth betting on public transportation or carpooling solidarity.

cut waste

Some simple actions can generate a beautiful economy at the end of the month: changing light bulbs and electronic equipment for those with greater energy efficiency, for example, makes more friendly electricity bill. Similarly, it is important to identify leaks to reduce the cost of water.

But also remember to investigate other leaks: internet contracts, telephone and cable TV can be reviewed and always worth researching the competition services to achieve more advantageous contracts.

Also review the family consumption habits, such as the leisure. The traditional visits to the movies can be exchanged for outdoor activities, such as squares and parks. In addition, you can track free cultural events offered in your city, such as concerts and theater performances.

Set savings goals

With the budget conscious, it’s time to start saving for the future. The most important thing right now is to understand how much of your monthly income can be allocated to the composition of a foot-egg.

This effort can be progressive, starting at 5% of income and advancing up to 20% or 30% over the course of months or years. To stay motivated, trace clear but achievable goals: plan to keep the exact amount to be received in an apartment in the next four years, or set the acquisition of a good family health plan or pension plan before the end of the year, for example.

The important thing is that the goals are bold enough to keep you disciplined, but at the same time, they are plausible, ie that the family understands that their efforts for economy, for sure, will be rewarded in the future.

The investment on what really matters

Okay, you managed to balance the household budget and now can already book of the gains to an emergency reserve or, better yet, to invest in something that will bring more quality of life and future income.

At that time, doubts arise: “where should I invest? What investments are really safe? Because these investments will improve my quality of life? “.

To answer these questions, we list some investments that really make a difference and therefore deserve your attention. Follow:

family health plan

Health expenditures are a major concern of the Brazilian family. After all, the public service is not yet effective, extensive and fast enough to ensure a quality service and without restrictions. The solution therefore is to invest in a family health plan.

This type of service has a number of advantages: it ensures access to routine services without having to perform direct expenses, assists the family in times of emergency and ensures compliance in cases of urgency or complexity – which are simply too expensive to be settled directly.

A good family health plan allows the family to have a controlled and predictable monthly spend month after month, facilitating the financial planning in the short, medium and long term. To accomplish this safely investment, however, remember to take some care. First, make sure the provider is accredited by the Ministry of Health and has a good reputation in the market for its quality services .

Also check the times of grace and understand the types of healthcare plans. There are plans:

  • outpatient;
  • Hospitals with or without obstetrics;
  • Of reference;
  • Dental.

Each of them has different lengths and therefore have different values. Choose the one that fits your budget and meets the family’s needs.

Finally, do not forget to be honest about their medical situation. People who have chronic diseases or a family history need to inform managers about their real situation. Thus, they may offer plans that actually cover your family in all cases it needs to avoid unpleasant surprises in the future.

Private pension

Retirement can also be planned by the public, through the INSS. But I also remember that they are limited gains that should suffer a little more to the pension reform. So if you want to ensure the standard of living even after you stop working, you start thinking about private pension.

With this service, you make small investments with a financial institution for years and in the agreed time, you can withdraw money and their interest once or receive the amount in installments way.

Before choosing your plan, remember that there are two major forms of private pension:

  • The  Free Benefit Life (VGBL) is ideal for those with lower incomes and thus make the simple income tax return. This type of service is only taxed upon withdrawal;
  • But the Free Benefit Generating Plan (PGBL) is burdened by the Income Tax. However, it can be advantageous for those who make a full statement. This makes it possible to achieve the investment is shot down in proportion to the IR. Still, it is worth remembering that the recovery of the benefit may also be taxed.

Homes and cars

Investing in equity is always a good idea: in addition to making important part of the family’s standard of living, real estate and cars can generate future incomes: both for its rental, resale or commercial use. However, they are particularly expensive investment and therefore require long-term planning.

Typically, these goods can be purchased through financing or consortia. In the 1st mode, the buyer has almost immediate access to their right, but rather need to pay a good entry, handle some paperwork and commit to making monthly payments for many years that can be extended by interest.

With the consortium, no need to carry out the payment of any amount and there is no charge interest on fees. However, they can be adjusted according to market realities and are also increased by the payment of the administration fee. It is also important to remember that the consortium only has access to your well after being awarded in a lottery and receive your letter of credit, which can be fast or take the whole contract duration.

Own business

Entrepreneurship is the buzz word, and it is no accident: more and more people understand to be their own business owner brings more income and personal satisfaction. However, undertaking requires money, planning and a lot of discipline.

An arrangement that has given strength to the entrepreneurial movement are franchises. Being part of a franchise network, the investor has at his side the entire know-how of the franchisor, a strong brand and shared marketing effort.

In addition, the deductibles usually make estimates on how much should be the initial investment and how long it can start giving the expected return. The idea therefore is to invest in something that is already working out while you have a business to call your own.

fixed income

If you do not want to be an entrepreneur or do not think of acquiring property, you may need to invest in fixed income. Are financial services that bring safe and predictable returns, requiring different initial investments and maturities.

Treasury Direct

Among the investments in fixed income, the Treasury Direct has been one of the most sought after. It is buying Brazilian state papers and in return, receive payment of interest. They exist in various forms and can be purchased even with small values.

Their profitability rules are generally quite similar: the longer you leave your money invested, the more return you will have in the long run. The Treasury Direct is considered an extremely safe investment, as they are guaranteed by the State.

Credit Notes

There are also private alternatives to fixed income. The credit notes, for example, are provided for investments of up to R $ 250,000 and can bring good income from 18 months. However, they are only accessible with good initial contributions, which can turn around R $ 10,000.

Certificate of Deposit (CDB)

Another alternative is the Certificate of Deposit. The CDB is a kind of loan in which the lender is you and the bank, the borrower. Therefore, the financial institution guarantees payment of progressive interest, that is, the longer you leave your money invested, the greater the return. But attention! CDBs also require a high initial investment and only become profitable after two years, in addition to being taxed in the income tax.

Make a long-term financial planning is to ensure your family’s quality of life today and forever. So invest in the daily budget control, focus the use of their income on items that really add their standard of living and always look for saving and investing.

By investing, of course, do not lose sight of what matters: to ensure the safety and quality of life betting on family health plan and pension plan. Plan before you chase dreams of consumption, such as real estate and cars, and choice of investment options that bring proven returns that do not put at risk their economies.

Enjoy this guide to financial planning? Then share it on your social networks and help friends to organize the family’s bills!

 

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