In my opinion, the most important part of financial
planning for the family is planning for the retirement of the married couple or
parents. I think that all other aspects sort of flow out of
this.
The parents' first responsibility, I think, is to
take care of themselves. This is, of course, within reason. They should not be
selfish, but they do need enough to be secure in their retirement so they will not be
putting demands on their children.
With this in mind, the
family should create a budget that will allow them to save for retirement and
(hopefully) for their kids' college as well. The family must understand how much they
need to put away each year or each paycheck and then decide what things they can afford
based on that goal.
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