FAMILIES
DON’T OVEREXTEND YOURSELF
RESEARCH SHOWS WE TEND TO:
- Be overconfident of our debt repayment ability
- Underestimate likelihood of things going wrong
Financial planning for families can help you create a comprehensive strategy for managing your money as you move through different life stages. It starts with the basics – setting up a budget, paying down debt and saving – but a family financial plan can also include things like investing for retirement and setting aside money for kids
PROTECT YOUR FAMILY
PROTECT YOUR FAMILY
WHAT ARE THE POSSIBLE CONSEQUENCES IF YOU DIE OR DISABLED?
WHERE SUITABLE PLANS NOT MADE
WHERE SUITABLE PLANS NOT MADE
- Sell or downsize home
- Non-working spouse returns to work
- Working spouse takes second job
- Children may need to change schools or schooling arrangements
- Cut down on luxuries eg holidays
Understanding human behavior in financial decision making: Some insights from behavioral economics.
Paper to accompany presentation to No Interest Loans Scheme Conference “Dignity in a Downturn” June 2009.
Ian McAuley, Centre for Policy Development and University of Canberra Source: Mortgage default in Australia: nature, causes and social and economic Impacts. Authored by Mike Berry, Tony Dalton and Anitra Nelson for the Australian Housing and Urban Research Institute, RMIT Research Centre, March 2010