Traditionally it has been considered unimportant and unnecessary to discuss financial affairs and decisions with family members. However, involvement of family members creates happiness and satisfaction at home. So, it is important to recognize the eminence of discussing your financial affairs with your loved ones.
For better accepted family financial decisions, involvement of family members is important. It is necessary to know why and how the involvement of your family members would make a whole lot of difference in making a better living.
Why is your spouse’s involvement in important?
Most of the financial decisions are taken by the head of the family and the involvement of the spouse is not considered as important. There may be multiple reasons like lack of financial knowledge or wrong assumptions that money matters are not for women. But the fact is, including your better half in deciding financial matters in the family makes a big difference. The reason is she understands the dreams of the children more closely. Surprisingly the inputs from your spouse can help making choices that are more relevant to the family regarding educating and children’s settlement, saving for retirement and medical emergencies etc. The discussion will turn out to give a wider picture of what you may have envisioned. Your spouse’s involvement can bring a great deal of clarity for a better financial plan tailored exclusively for your family.
Is creating financial awareness among children necessary?
While taking financial decisions for the family, most of the time children(grown up) are avoided, for the reason that they have nothing to say. However, if they are involved they understand budgeting, planning and how to re-pay the adepts if any , and efforts parents put in, in creating better life for them. With this understanding they decide to support their parents in choosing what matches the family’s financial ability. Since they are involved in the decision-making for them, they are happy and have lesser complaints. Especially discussions like these create curiosity helping them understand the family’s financial situation. The earlier parents create financial awareness among children, the sooner children make financial planning as their lifestyle as they grow up.
Team effort at home, how would it make a difference?
It must be ensured that, a monthly budget and review of expenses happens with your spouse and children. It helps each other understand cutting out unnecessary expenses and work towards a common goal. Financial objectives of the family can be met only by discussing and together developing an action plan. This also acts as a big stress release as no more it would a one man show of brain storming.
How to achieve Team effort in family financial decisions?
Though you believe in involving your spouse and children to support financial planning at home, they need to have minimum understanding of money matters. So, bringing basic financial awareness at home is necessary.
We have designed a 2-day course, “The Millionaire in you” for all age groups, to help making better accepted family financial decisions.
What does the course cover:
- Reviewing financial terms which are often taken for granted
- Simple Interest
- Compound Interest
- Understanding Money
- Slightly non-conventional approach to currency
- Relating to Personal Finance
- Credit Cards
- Building Perspective to Future
- Stages to come and financial preparedness
- Action points as Rules to follow
- For Financial Discipline
- For planned future
Before you buy… you can attend a webinar to know,
How can it help elevating you and your family members with better financial planning?
Register for free…