FOR PARENTS, DAILY LIFE CAN SEEM LIKE A JUGGLING ACT. Adults in the family have a schedule, priorities and commitments. Kids have a schedule, priorities and commitments. Sometimes they match up. Often they don’t. As a result, many families become experts at keeping multiple balls in the air.
Fortunately, when it comes to financial planning, there are ways to reduce stress by introducing flexibility and improving balance within the family circus. Families don’t have to give up the present for the future – or the other way around. Instead, they can balance their short-term, mid-term and long-term needs, assigning some money each month to a variety of financial goals. The truth is, many decisions don’t have to be “one or the other” – and that gives families flexibility to plan, save and spend in a way that works best for them.