You always want to provide what is best for your family; the best of the education for your kids, the best of the living standards, the best of the vacations, the best of the amenities, and the best life. 'There are no free lunches' and nothing in this 'best world' is going to walk up to you, just because you wish it. A well-calculated plan is a crucial tool to make your family's dreams come true. A professional can guide you through at this juncture. On a self-help basis, decide your goals. If you are planning to start a family and are still a 'double income no kids' couple (DINK), then this is the right time for you to chalk out a financial plan for the family that you wish to start. Often, DINK couples indulge in spending beyond their means and now is the right time to set your budget. Begin investing in some baby items like cradles and other furniture. This would also be a good time to put aside a few bucks for the maternity expenses and also for the additional baby needs like diaper expenses, baby food, medical expenses, and such other things. You'll also need to get your baby an insurance cover soon after the birth. If you are working in a corporate circle, get in touch with your employer regarding this. Work out the expenses that you'll have to shell out, once mommy begins working again. Your prime expenses will include daycare fees or babysitters charges. If you have your mother-in-law coming over, then saving a few bucks will be a bit easier. The grocery bill will show a steep rise as baby food cans will take over, but there is no need to worry. Check out the tax rebates that are prevalent on the investments that you make for your baby. As a reminder 'DO' create an emergency fund in case of any unexpected events. Financial planning becomes tougher for younger families with teenage kids. Your kid is dreaming big and you need to make adequate savings for his/her college. This is the time wherein you'll have to secure your retirement income. In case you have a way of generating revenues after retirement, then saving for that phase can be deferred. Go in for a life insurance for the whole family, as the amount on maturity can be used for college fees and can be a wise saving plan too. If at this stage too, both you and your spouse are earning, then the total salary of one spouse can be saved in a good investment scheme. Go in for retirement plans in your mid-twenties itself. Determine what is the amount to be put aside, to have the same kind of lifestyle when you are older. Retirement planning gives you the assurance that you will be able to take care of your family in your old age as well. This financial planning will also give you an independence from your children, who you have to let go at some point or the other. The point to be noted is that, a retirement plan gives you a fixed income every month to deal with recession or inflation. Families define our existence and are a part of our lives forever. Providing a secure future for our loved ones who have made us into what we are, is our foremost duty. Hence, financial planning for every family, at every stage, is very important. Financial planning lessens the tensions at home and makes for an improved standard of living. An advantage of financial planning is that it provides tax benefits, thus saving your pennies for a better cause. Get into the habit of saving right from the beginning, so that the rainy days can double your happiness!