No 6. setting up a record keeping system to better serve their needs?

What Do You Recommend? Robert and Nicole Patterson, both age 26, have been married for four years and have no children. Robert is a licensed electrician earning $46,000 per year, and Nicole earns $41,000 annually as a middle school teacher. Robert would like to go to half time on his job and return to school on a parttime basis; he is one year short of finishing his bachelor's degree in engineering. His educa- tion expenses would be about $10,000 per year, which could be partially covered by student loans. He has not yet discussed his plans with Nicole. Robert and Nicole have recently started saving for retirement through their employment and have set aside some savings for emergencies. They have sub- stantial credit card debt and are still paying off their student loans. The couple rents a two-bedroom apartment. Robert always thought it smart to save all of their receipts, bank statements, and other financial documents. His system for organizing their records is very simple; each month he puts everything in a manila envelope and then puts the 12 envelopes into a box at the end of the year. Robert knows that his educational plans will have financial implications for the couple. He wants to factor these financial issues into his discussion with Nicole about his plans. To this point, they have never developed financial state- ments or explicit financial goals. What do you recommend to Robert for his talk with Nicole on the subject of financial planning regarding: 1. Determining what they own and owe? 2. Better understanding their patterns of family income and expenditure? 3. Using the information in Robert's newly prepared financial statements to summarize the family's financial situation? 4. Setting financial goals? 5. Evaluating their financial progress? 6. Setting up a record-keeping system to better serve their needs? 7. Starting a budgeting process to guide saving and spending