The Key to Successful Family Financial Planning

Kevin Payne

January 5, 2018

While one could argue that there are many important factors to rockin’ your family finances this year and beyond, let me share with you the one key that will help you the most.

 

Communication.

 

That’s it. You’re welcome.

 

Ok, so you want more? Fine. Here’s the deal. Regardless if you handle all of your family’s finances, your spouse does or its a group effort, in order to truly be successful and stick to your plan, everyone needs to be on the same page.

Are you and your spouse on the same page? 

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My wife used to mange most of the daily tracking, paying of bills, and planning for our finances. Due to our schedules, we made a choice last year to switch those duties over to me. In both instances, though, the other spouse almost always felt out of the loop. While both of us could log into our various accounts and see the data, communicating about finances is so much more than knowing how much is in the savings account.

My wife and I view money very differently and often have conflicting views on what to do with our money. Should we save? Should we spend? Should we buy the giant 5 pound gummy bear I saw on Amazon the other day (the answer should be yes, right?)? Our family seems to be busy all the time, running kids around to various practices, PTA meetings, and trying to keep up with the 1,000 other tasks that fill our days. It’s very easy to slip into a communication gap. 

 

The key to having a successful family financial plan is to communicate with each other as often as possible in as many ways as possible. Have a sit down meeting monthly to discuss the upcoming month and what expenses are going to require extra planning. Share calendars with each other so you both know what is going on with your family on a daily basis. Have conversations about your financial goals, both short and long term. How much do we want to keep in an emergency fund? What are we going to do with our tax return this year? How much money do we need to save for a summer vacation this year? 

 

Families have endless financial decisions to make. It makes sense for you and your spouse to do whatever you can to come to an agreement on how you use your money. This decision alone will help keep you on the fast track to financial success this year.. 

 

What do you and your spouse do to communicate with each other effectively about finances? Let us know in the comments below!

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