Once you have a family, financial planning becomes more important. Planning for the future of multiple people may seem stressful at first, but it doesn't have to be. By setting systems in place ahead of time, financial planning reduces stress and frees up mental space to better care for your family. Consider starting with these six action items.

1- Set Financial Goals

Knowing your financial goals will help you set up and implement an action plan to achieve them. A few you might want to consider include saving 3 to 6 months' worth of living expenses, creating a fund for future expenses such as weddings or vacations, paying off all debt early besides your mortgage, and saving for a down payment on a new home or investment property. You should sit down with members of your family and even a financial planner to decide what the best options and goals are for your family.

2- Start College Savings Early

With college tuition rising, it's smart to start saving long before your child is ready to leave the nest. If possible, start shortly after birth. Using a special, tax-exempt savings account like a 529 plan can help lower this expense. Saving a small amount of money each month will make a large difference when it comes time to pay for your child's college education.

3- Have a Living Will

Life is unpredictable, and so is death. Morbid though it sounds, being prepared for anything goes a long way toward keeping your family financially secure. Consider hiring a legal professional who specializes in wills to make the process as streamlined as possible.

4- Purchase Life Insurance

Like setting a will in place, purchasing a life insurance plan for yourself helps protect your family should you pass away. Keeping both your partner and yourself insured gives you peace of mind without breaking the bank.

5- Save For Your Retirement

You won't be able to work forever. When the time comes for you to settle down and enjoy the rest of your life, you'll want a hefty nest egg set aside for you to live off. Whether it's a 401k with a company match or a Roth retirement account, there's an option out there for your work situation. Compound interest adds up over time, so start early.

6- Be Prepared For Emergencies

For many Americans, something like a fridge in need of replacement or a vehicle breaking down can financially set them back for months, if not years. By having an emergency fund stashed away, you protect yourself from the wear and tear everyday life can have on your wallet. Start small with $1000 then work your way up. Many experts recommend you save three to six months of expenses in case of illness or job loss.

Sticking with these will go a long way toward a financially healthy future for you and your family, but you don't have to stop there. Once these are rolling, consider other steps like contacting a financial advisor and enrolling your kids in money management classes. It's never too early to start teaching financial literacy.