Family Financial Planning Personal Financial Management Standardized Curriculum

Family Financial Planning Personal Financial Management Standardized Curriculum - 2015

Overview and Statistics More than $240, 000 from birth to 18 years 2

Agenda What does it cost at different ages How to prepare financially Resources 3

Prenatals and Newborns Maternity expenses Possible loss of income Insurance Uncovered medical costs Food and supplies Furniture and equipment 4

Infants and Toddlers Food Supplies Clothing Toys Bills Equipment Child care Preschool 5

School-Age Children Food Clothing Toys and electronics Child care School costs Activities and lessons 6

Teens Food and bills Clothing Cellphones and electronics School activities Social activities Insurance Uncovered expenses Transportation 7

Preparing Financially Anticipate changes Adjust your budget Plan ahead 8

Evaluate Your Current Situation Gather documents Track expenses Create a spending plan Use your resources for help 9

Determine Future Needs List expenses Determine frequency Estimate costs Evaluate needs vs. wants 10

Create a Plan of Action Prioritize expenses Predict monthly budget Determine start-up costs Adjust current spending 11

Planning Ahead Savings Debt Insurance College 12

Savings Emergencies Unplanned expenses Planned expenses Initial expenses 13

Debt Evaluate current debt Pay off or pay down Use a power-pay system Pay cash when possible Seek help when necessary 14

Insurance Health (TRICARE) Life (SGLI) Homeowners Renters 15

College $18 K to $40 K annually Time to save and prepare Savings plans and programs 16

Adoption Different types Costs vary greatly Investigate options Use your resources 17

Blended Families Housing Transportation Household expenses 18

Special Needs Conditions and issues Can vary in severity TRICARE coverage Uncovered expenses FFSC EFMP Liaison 19

Resources CFS FFSC NMCRS NPSHVP EFMP MOS WIC 20