simple home finances

Life Stages


Simple Home Finances - designed to cover all of our financial life stages from Childhood to Retired

These financial life stages are divided into 9 separate stages each focusing on a change in life along with a change in financial responsibility. In each section here we provide a brief description of what financial knowledge or skill needs to be added:

Starting Out:


  • Show your children how much money they can accumulate by saving a little each week. Encourage your children to save for things they want

  • Teach your kids how to handle money by paying them an allowance an letting them start to buy things they want


  • See how much money your teenagers can accumulate for college

  • See how much college loans will cost per month


  • Learn how to use a budget

  • Model income and expense scenarios you have while in college

  • Plan for student loans


Making your way:


  • Develop a realistic budget, see how much money is available after deducting all your living costs, and manage your home finances on a month-by-month basis

  • See how much you can afford to spend on rent or a car

Young Couples:

  • See what kind of mortgage or car you can afford. Also, figure out how much an advanced degree will cost you

  • Track your student and car loans to see how much you owe, what it costs, and how long it will take to pay off. Also, model prepaying to determine how to pay off your loan in an acceptable time period

Young Families:

  • Develop a reasonable projection of the equity you have in your home, track how much you owe and what it is costing you, see how prepaying your home could help you build equity faster and reduce your debt.

  • Model how much you have to save per month to support you children’s college education

  • See how much you need to save to support your retirement

Coming to the finish:

Middle Age Families: 

  • Get a projection of how much equity you have in your home currently or how much you may have in the future. Determine the benefits of pre-paying your mortgage saving both time and money

  • Determine how much more will need to be saved for college costs

  • See a snapshot of your finances, including key information about your income and budget, loans and retirement situation. Learn where changes can be made in your finances

Empty Nesters:

  • Determine how much to prepay to pay your house off in an acceptable period of time. Get a projection of how much equity you currently have in your home or how much you may have in the future

  • Model your projected living costs in retirement. See how much you need to save to provide for your retirement. See the impact inflation can have on your retirement. See the impact a change in interest earned before and during retirement can have on your retirement

  • Model changes to your income and expenses to see if you can pay down your mortgage and save more for retirement


  • Get a realistic picture of what will be required in each year of retirement. Model your retirement finances using multiple options

  • Determine how much money will be required from investments the next 3 years