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FINANCIAL OBLIGATIONS THROUGHOUT THE FAMILY LIFE CYCLE
Interpersonal Studies
Copyright
Copyright © Texas Education Agency, 2013. These Materials are copyrighted © and trademarked ™ as the property of the Texas Education Agency (TEA) and may not be reproduced without the express written permission of TEA, except under the following conditions:
1) Texas public school districts, charter schools, and Education Service Centers may reproduce and use copies of the Materials and Related Materials for the districts’ and schools’ educational use without obtaining permission from TEA.
2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual personal use only, without obtaining written permission of TEA.
3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way.
4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge tocover only the cost of reproduction and distribution may be charged.
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For information contact: Office of Copyrights, Trademarks, License Agreements, and Royalties, Texas Education Agency, 1701 N. Congress Ave., Austin, TX 78701-1494; phone 512-463-7004; email: [email protected].
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What are the Family Life Cycle Stages?
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Family Life-Cycle Stages
Adjusting to married life
Starting a home
Making career decisions
Completing education
BeginningPlanning arrival of baby
Birth of children
Parenting roles and responsibilities
Adjustments to lifestyles
Childbearing Adjustments to lifestyles and schedules
Addition of more children
Family life revolves around children
Family health and safety
Parenting
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Family Life-Cycle Stages
Preparing for children to become independent
Children leave home
Adjusting to the “empty nest”
Opportunities to reconnect with spouse
Launching Parents refocus on their relationship
Height of careers and earnings
May become grandparents
Health problems may be an issue
Mid-YearsRetirement
Grandparenting
Travel and hobbies
Health problems
Older Adult
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What are some financial obligations and opportunities throughout the family life cycle stages?
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Beginning Stage
Living expenses
Home furnishings
Education expenses
Loan repayments
Transportation (vehicle and insurance)
Savings
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Childbearing
Prenatal/birth/postnatal health care
Infant clothing and furnishings
Child care
Savings
Possible loss of one income
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The Cost of Raising a Child
http://www.cnpp.usda.gov/calculatorintro.htm
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(click on poster)
http://www.cnpp.usda.gov/calculatorintro.htmhttp://www.cnpp.usda.gov/calculatorintro.htm
Parenting
Toddler Preschooler
School-Age Adolescent
Child care equipment
Health care
Additional insurance
More housing space and furnishings
Monthly expenses increase
Savings
Fund for children’s education
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Launching
College or trade school expenses
Assistance to children in establishing independent living
Reevaluation of housing needs
Savings, IRAs
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Mid-Years
Travel and recreational opportunities
Care for aging parents
Gifts to children and grandchildren
Increased savings/investments for retirement
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Empty Nest Syndrome
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(click on picture)
http://youtu.be/BPSphFM96mkhttp://youtu.be/BPSphFM96mk
Older Adult
Travel and recreational opportunities
Retirement costs
Health insurance
Health care
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Financial Considerations
Financial Decisions Priorities
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Questions?
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References and Resources
Microsoft Clip Art: Used with permission from Microsoft.
Textbooks:
Lowe, Ross. _Consumer Education and Economics_. 6th ed. N.p.: Glencoe/McGraw Hill, 2006. Print.
Madura, Jeff, Mike Casey, and Sherry J. Roberts. _The Financial Plan_. Personal Financial Literacy. Boston: Pearson, 2010. 23-29. Print.
YouTube™:How to Cope with Empty Nest SyndromeDon't know what to do with yourself now that the kids are gone? Time to focus on you for a change.http://youtu.be/BPSphFM96mk
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References and Resources
The Leading Practical Money Skill Site on the Net.Interactive games concerning budgeting, banking, credit and money managementhttp://www.practicalmoneyskill.com/foreducators/lessonplans/highschool.php
United States Department of Agriculture (USDA)Released its annual report; Expenditures on Children by Families, also known as the Cost of Raising a Child. http://www.cnpp.usda.gov/calculatorintro.htm
United States Department of Labor"Saving Fitness: A Guide To Your Money and Your Financial Future"http://www.dol.gov/ebsa/pdf/savingsfitness.pdf
Copyright © Texas Education Agency, 2013. All rights reserved. 18