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3. Creating and managing a budget
Where does your money go?
Paying down debt while saving for emergencies
Are you using the 75/25 method?
How to talk to your children about money
Do you have a family CFO?
Protect yourself by performing financial checkups
Are you prepared for the unexpected?
Creating personal financial goals
Are you setting SMART financial goals?

4. Setting up a budget is at the cornerstone of a solid financial future
Setting up a budget is at the cornerstone of a solid financial future. It’s simply a breakdown, and plan, of how much money you have coming in and then where it’s going?
1. The first step in creating a budget is to determine how much monthly income you have. In addition to your regular pay, you’ll want to include a spouses pay and any other sources of income such as dividends, interest, a side business, etc.
2. Secondly, determine how much your monthly expenses are. Take a look at your regular and fixed payments, such as your mortgage or rent, car payments, insurance, debt, taxes, etc. Now it’s time to determine where the rest of your money goes. Jot down how much you spend on utilities, groceries, entertainment, subscriptions, etc. Items that you have direct control over.
You should now have all of the information needed to help you create your budget. Total up your monthly income and all of your monthly expenses. Subtract your expense total from your income total and you’ll have either a positive or negative number. If you have a positive number, congratulations, you are spending less than you earn. Don’t worry if you have a negative number. The whole reason for creating a budget is to identify deficiencies and find out how to address them.
Once you are able to see how much you fall short, you can adjust your spending or saving in certain areas to improve the situation.
For your personal convenience, and needs analysis, begin to use the Household Budgeting Worksheet.

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6. The family CFO is the family member who is responsible for the family finances - paying the bills, tracking the budget, and managing savings.
While most families have one person who is in charge of the family budget, it’s essential that all family members understand the financial situation of the family.
When changes occur with the family’s financial situation, including layoffs, increased bills, or unexpected medical situations, it’s a good idea to have a family meeting to talk about the financial implications.
In addition, gather all of the family members to teach your children about money and financial responsibility.
Some sample lessons may include:
Lesson 1: Learning to handle an allowance
With allowance money in hand, your child can begin saving and budgeting for the things he or she wants.
If you decide to give your child an allowance, here are some things to keep in mind:
• Sit down and talk to your child about the types of purchases you expect them to make, and how much of the allowance should go towards savings.
• Stick to a regular schedule. Give your child the same amount of money on the same day each week.
• Consider giving an allowance "raise" to reward your child for handling his or her allowance well.
Lesson 2: Opening a bank account
Taking your child to the bank to open an account is a simple way to introduce the concept of saving money. Your child will learn how savings accounts work, and will enjoy trips to the bank to make deposits.
Here are some ways you can help your child develop good savings habits:
• Help your child understand how interest compounds by showing him or her how much "free money" has been earned on deposits.
• Offer to match whatever your child saves towards a long-term goal.
• Let your child take a few dollars out of the account occasionally.
Lesson 3: Setting and saving for financial goals
How can you get your child excited about setting and saving for financial goals?
Here are a few ideas:
• Let your child set his or her own goals. This will give your child some incentive to save.
• Encourage your child to divide his or her money up. For instance, your child might want to save some of it towards a long-term goal, share some of it with a charity, and spend some of it right away.
• Write down each goal, and the amount that must be saved each day, week, or month to reach it. This will help your child learn the difference between short-term and long-term goals.
• Tape a picture of an item your child wants to a goal chart. This helps a young child make the connection between setting a goal and saving for it.
Lesson 4: Becoming a smart consumer
Children are constantly tempted to spend money but aren't born with the ability to spend it wisely. Your child needs guidance from you to make good buying decisions.
Here are a few things you can do to help your child become a smart consumer:
• Set aside one day a month to take your child shopping. This will encourage your child to save up for something he or she really wants rather than buying something on impulse.
• Just say no. You can teach your child to think carefully about purchases by explaining that you will not buy him or her something every time you go shopping.
• Show your child how to compare items based on price and quality. For instance, when you go grocery shopping, teach him or her to find the prices on the items or on the shelves, and explain why you're choosing to buy one brand rather than another.
• Let your child make mistakes. If the toy your child insists on buying breaks, or turns out to be less fun than it looked on the commercials, eventually your child will learn to make good choices even when you're not there to give advice.

7. One of the best ways to care for your family is to be sure that you are prepared if something were to happen to you or another member of your family.
Perform a health insurance check-up.
Find out exactly what services are covered and learn what preventive services are offered. Ask if there limits on medical tests, out-of-hospital care, mental health care, and prescription drugs. Research your premiums and co-payments. Explore the difference in cost between using doctors in the network and those outside it. Find out if there is a limit to the maximum you would pay out-of-pocket.
Perform an auto insurance check-up. Auto insurance pays for damages, injuries and other losses specifically covered by your policy. Read your policy carefully to know exactly what it covers. Pay special attention to the exclusions section, which lists the things your policy does not cover.
Obtain adequate life insurance. The life insurance coverage offered by your employer may not be enough.
Life Insurance comes in many different shapes and sizes. Meet with a financial professional to review your needs and determine a strategy that suits your overall financial strategy.
Don’t skimp on disability insurance. At any given age, your chances of becoming disabled are higher than your chances of dying. If your employer does not offer group disability insurance, seek an individual policy.
Protect your assets. You don’t need to have a lot of assets to need a will. Most importantly, a will allows you to name the guardians for your children. Without a will, it can be left to state law to determine how your assets will be distributed. Keep your will in a secure location.
In addition, protect and secure your future.
studies show many households are not adequately prepared for retirement.
Take advantage of available resources through your employer’s retirement plan or seek a trusted financial planner for professional guidance.

8. An important factor in achieving financial success is setting good goals that you can work toward. Like traveling, you can get to where you want quicker if you know where you are going instead of wandering about aimlessly. However, you can’t just say that your goal is to retire rich someday. For a goal to be effective, it has to be SMART
S - A smart goal is specific. It pinpoints something you want to change to achieve.
M - A smart goal is measurable. You can measure or count a SMART goal.
A - A smart goal is achievable. Setting goals too high can lead to frustration.
R - A smart goal is rewarding. Reaching the goal should be a reward for your hard work.
T - A smart goal is trackable. Set milestones and schedules for your goals.
Set short term, mid-term and long term goals.
1. Short-term goals are priorities that can be accomplished within two years. Be sure every goal has a specific purpose, a dollar amount that it will cost, and a realistic target date.
2. Mid-term goals are priorities that can be accomplished within two to five years. Make sure your goals are realistic and flexible. If you set your goals too high, frustration will keep you from reaching them.
3. Long-term financial goals are priorities that may take more than five years to accomplish. Most long-term goals require regular savings.

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10. Offer help, encourage questions and encourage a conversation.