Every family has different financial planning needs, said Sim Mosby, a Natchez certified public accountant and personal financial specialist.

&uot;Even if two families have the same income, their goals are not the same,&uot; said Mosby, who works for Silas M. Simmons & Co.

Still, every family should approach financial planning with a few basic questions, Mosby said.

&uot;First, you determine where you are right now,&uot; he said. &uot;Determine what your assets, debts and income streams are.&uot;

Next, the family must decide where it wants to go.

&uot;Some families don’t save money for the children’s education, for instance; others do.&uot;

Once a family sets goals, it must be certain the plan is realistic.

&uot;From there, you plot the course,&uot; Mosby said.

&uot;It may be as simple as putting away $2,000 for Christmas so you don’t have to use your credit card to buy presents. That’s pretty simple,&uot; he said.

The more long-range the plan, the more complicated it can become.

Also, with a long-range plan, a family must be sure to monitor, review and update as the years pass.

&uot;You sometimes have to alter the plan; your goals can change.&uot;

The first big step of determining goals or direction will lead to &uot;figuring how to do it,&uot; Mosby said.

&uot;Financial planning encompasses much more than just investment, but that’s an important part of it.

&uot;Cash management is very important, also; unfortunately, many of the people who need this assistance aren’t the ones who seek help.&uot;

Families with large estates are more likely to seek financial advice. &uot;They’re trying to preserve more of what they have.&uot;

Couples who are growing older also begin seeking advice to leave their heirs with a bigger estate.

Yet families of all sizes of incomes can enhance their economic status with planning and some kind of investment plan, Mosby said.

Here are some questions:

4Do your family wage-earners have a retirement account? They should, especially the workers whose employers match retirement fund contributions.

4Do you have adequate life insurance?

4Do you have disability insurance? &uot;This is one of the most overlooked kinds of insurance. People are less likely to have it, but it’s very important.&uot;

4Do you have liability insurance? &uot;You need that to protect what you have.&uot;

4Do you have a will? &uot;It’s important to have a will, but so many people have wills that are not properly drafted,&uot; Mosby said.

&uot;And you have to keep a will updated to fit the current situation.&uot;

Families can avoid some of the most common pitfalls with sensible planning and follow-through, Mosby said.

&uot;One of the biggest pitfalls is overuse of credit cards, letting credit card debt go high,&uot; he said.

&uot;It’s so easy to get into debt with the high interest rates charged by credit cards.

&uot;Suddenly you find that the minimum balance is all you can pay. You know you’re in trouble then.&uot;