This post about how to manage finances online is brought to you by iQuantifi
When you’re preparing to start a family, you think of everything – sleeping arrangements, car seats, safety gates, even stocking the freezer with extra meals for hard days.
Probably most of us also considered the added cost of new family member (it’s somewhere in the HUNDREDS of thousands by the time they are eighteen!).
“Trigger events” like having a baby can affect your finances!
It’s not just the extra cost of diapers, baby gear and doctor visits. Having a baby brings physical stress as well. Sleep deprivation, and that “mommy brain” where you have so much going on it’s easy to forget a few things.
In a recent poll by Yahoo Finance, 85% of respondents said they lose sleep worrying about not having enough money!
I think our family does a good job of financial planning and budgeting. We’re fairly organized and we try to live within our means. Even so, I was HORRIFIED to discover a few months after our second child was born that I’d bounced a check!
Stunned, I scrambled to figure out how that had happened. Turns out, it was a simple mistake of scheduling an online bill payment without checking to see when my husband’s paycheck would deposit. The payment went out twelve hours before the paycheck deposited, and I had miscalculated by JUST ELEVEN DOLLARS!! Even though hubby’s paycheck went into the account just about a half day later, I ended up with a big fat FEE of $35!!
And what about family goals?
cash reserves for 3-6 months emergency expenses
moving / relocation expenses
Moms, you know how hectic the days get – we’re homemakers, caregivers, and … now, financial planners? How do we make that all happen in 24 hours!? You need good resources, that’s how!
I’ve just been introduced to a brand new virtual financial planning site, iQuantifi, that gives you the ability to monitor your finances, set goals, and get actionable advice for how to reach those goals.
iQuantifi was founded in 2011 by Tom and Karen White; Tom is a former financial advisor with over fifteen years experience!
After playing around on the newly launched site this weekend, I think you’ll want to check out iQuantifi for yourself. It’s FREE right now!
Set up iQuantifi and manage finances online in about ten minutes!
With iQuantifi, you simply input your household information (family members, ages), your financial info (income, expenses, account balances), and the platform will mesh the two and produce initial goals for your family. (NOTE: You do not put in personal information like account numbers or credit info!).
iQuantifi advised us how much we should save monthly for our two kids until their graduations. iQuantifi also recommended setting up a 529 fund for each kid, and suggested a mutual fund to allocate that money, which is helpful for someone like me who isn’t sure what funds are doing well.
The Core Planning Algorithm iQuantifi runs on our data reminded me we need life insurance and long term disability –two goals I’ll work on ASAP!
I set a few of our own goals too! Our ten year anniversary is next year, so I created a goal for a special trip. iQuantifi assessed our savings and income and created a plan for paying for the trip by allocating savings, and setting aside extra money monthly for this goal.
Identify, prioritize and achieve financial goals with iQuantifi virtual financial planning
iQuantifi will advise how to save for various life goals, suggest high performing mutual funds to allocate your money into, and alert you of shortages for monthly expenses.
You might have heard of or used other online finance planning sites like Mint or Bill Guard, but the advantage of iQuanitifi is they give you comprehensive advice and actionable steps to meet financial goals.
And iQuantifi is free (for now).
All you have to do is register, share on Facebook or Twitter, and you’re in!
As a kind of amateur number-cruncher, I like having the capability to plug in our figures, and see how it plays out with our family goals. iQuantifi does the work for me, and sets actionable steps for us.
With 6 out of 10 people getting financial advice online these days, I’m guessing most of you are already looking to have a digital method of improving your family finances.
iQuantifi’s technology is simple to use, and you do NOT put in personal information like account numbers or social security numbers, so your privacy is always protected.
If you’re looking to get the big picture for your family’s financial status, and work towards financial stability and peace, I’d recommend registering your free account with iQuantifi now to get a personal financial achievement plan!
How did having a family alter your family goals or financial planning? Do you have any tips to add for new families?
This post is brought to you by iQuantifi and I received compensation. All opinions are my own.