The primary goal of Family Financial Planning is to help set up targets for managing your finances for different stages of life. A typical plan for family finances is structured to include the following elements:

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• Budgeting: your spending is kept track of month by month to help you decide if any adjustments are needed, and an annual income and expenditure review is made to help you plan ahead for next year's budget.

• Education fund: determine the cost of education for your children, including tuition fees, accommodation, student loans, and costs of living.

• Insurance: decide how much money to set aside for life insurance, property insurance, financial insurance, and other insurance needs.

• Estate: plan your will, set up a trust, and take similar actions to dictate inheritance for your family members and the legacy you wish to leave behind (e.g., in charitable giving).

• Retirement: ensure that you can have a steady income stream and maintain an ideal lifestyle after retirement, and that you have enough protection of your savings against inflation and unexpected costs, most prominently hospitalisation and critical illness.