You should do this whether you rent or own a home.The next thing a financial plan should accomplish is financial security and a comfortable standard of living for you and your loved ones. If you are married and have children, you need to plan for them as well as your self. If your parents are still alive, you should find out how well they have planned for themselves so you can make provisions for that if you need to instead of it being a surprise to you should one of them become ill or pass away.
Find that out while you are working out your financial plan so you are not hit with a surprise a few years down the road. Nursing homes are very expensive. That could wipe out their savings very quickly and then go through yours too if you have to help them. A few financial questions and asking them whether or not they have long term care insurance in place; could save a lot of unnecessary problems in the future.
If funding your children’s entire college education is out of the question, you need to let them know that at an early enough age for them to start their own planning. Let them know approximately how much you will be able to help them and that they will have to get good grades to be eligible for scholarships and grants. Tell them if a private college is out of the question. Let them know that they will most likely have to go to community colleges or state schools. Talk to them about your financial situation.
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