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Moneymermaid.com Announces Tips for Family Financial PlanningLos Angeles, CA, Jun 22, 2013 (PRWeb.com via COMTEX) -- Money Mermaid understands that making financial decisions can be difficult. A June 6 article in Accounting Today highlighted that 70 percent of adults in the United States don't openly talk about the financial decisions they make for their family members. On the heels of this finding, Moneymermaid.com recently released an article that discussed three budgeting tips for better family financial planning. Communication is perhaps the most important factor to help alleviate problems that can be caused by financial pressures. Talking with one's spouse and children about finances helps ease such pressures. Research shows that most families don't like to discuss money matters. Some people don't even think much about money issues that might affect them. Money Mermaid believes that a family needs to discuss important money matters, and that all members of a family need to be given a forum for discussing their financial priorities. It is equally important to help your mom and dad by taking financial decisions on their behalf, should they become unable to do so. Budgeting for essentials and pleasures is a great starting point. From the income after taxes, one can first subtract necessities like mortgage, food, clothing, and transportation. Also, establish how much money will be put into retirement savings. Once essentials have been taken care of, determine how much money is left for pleasure. The final step is to discuss how it will be spent. For instance, does the family want to save for a vacation, or do they want a monthly allowance for other pleasures. Debt consolidation is another very important factor that can add to the monthly household budget. It can help lower your interest rates and allow a family to pay off debt quicker. Moneymermaid.com announces its tips for better family financial planning in response to a recent survey conducted by the National Endowment for Financial Education which indicated that most families don't talk about their finances. About Money Mermaid: Moneymermaid.com is an online publication that aims to help people understand their finances and increase their savings by reducing the amount of money spent. Read the full story at http://www.prweb.com/releases/2013/6/prweb10860888.htm PRWeb.com |