Raising a family is a bit like managing a small business, with the goal of such a venture being to support the personal development of each family member through material assistance, emotional security and love. To achieve this goal, a family needs to establish clear guidelines such as well-defined areas of responsibility and a budget to manage family finances. When starting a family, it helps to gain an overview of the family’s financial situation.
Similar to small businesses, families rely on middle and long-term planning to grow and prosper: they build resources – to be used for the children’s education and for retirement. They raise the next generation that will pay taxes, finance the pension system and support the economy. Strengthening a family’s independence is an investment in the future .
The income and assets of a family vary widely in different stages of life. Young families with several children as well as single parent families often need to be especially rigorous in their planning. It is important for parents to know how to draw up a household budget and where to turn for financial advice and help.