So I got bored a few years ago writing this blog, and I know people got bored reading it way before that. So I figured I’d write a bit about a subject I’ve spent a lot of time working on over the years…no, not making babies…keep your shorts on. I’m talking about Financial Planning for Large Families.
What is a large family? Well you could say in the U.S. that it is 2 or more kids since the birth rate in this country is 1.89. Me? I prefer to say that you have to have at least 10 kids to have a large family, why do I say this? Mainly to annoy my friends with 9 kids or less, that’s why. Lets just say that large families are like tight undies, you know them if you have them. And no these ideas don’t apply to just larger families, the basic principles work for just about anyone. Well maybe not politicians, but for real people they do. But I want to focus on big families since in my research (googling stuff) there doesn’t seem to be a lot out there.
Financial Planning for Large Families…sounds like a bit of an oxymoron, eh. But it’s not only possible, its essential. Even more so than “normal” size families I would argue. We can’t afford to make mistakes in this area. I single person or DINK’s can probably absorb financial errors easier than we can. Not that they are any better with their money, just that they have more wiggle room for mistakes.
So if anyone out there is interested in this, let me know what topics you would like covered.
Here is a list of ideas I have for topics/categories:
· Tracking spending – track spending for a month or two to see where it’s all going.
· Budgeting-make one…simple or complicated…just do it
o Resources – software/spreadsheets/online
· Spending (food, clothing, household items, entertainment etc…)
· Buying a home
· Buying a car
· Debt (paying it down, not incurring it)
· Credit – best way to borrow if you must
· Going all “cash”
· Saving/investing money
o Short term/emergency fund – stop living paycheck to paycheck. Go on a spending fast
o Medium term/saving for a car….college….
o Long term/retirement/401k’s/IRS’s
· Insurance –health, life, auto, home
· Kids and money
· Marriage, love and money….oh my
· List of resources – books, websites