9 things you can do to involve your family in a financial decision

When you make a family budget and set spending limits for yourself, there is a period of adjustment

  • Publish Date - November 18, 2021 / 02:51 PM IST
9 things you can do to involve your family in a financial decision
Numerous apps can assist people in saving money on the internet offers on groceries, apparel, and stationery. Holidays are often an excellent time to focus on this area because you may end up with some significant 'festive' discounts on critical things.

Most families don’t talk about money, although it is an issue that affects the majority of our family’s goals. Maintaining control of your family’s money is a challenging task that may be made more accessible by setting realistic goals and practising self-discipline. You and your family can get on the right track with a financial plan, no matter what your goal is. Let’s take a look at below nine ways you can involve your family in the financial decisions and planning:

1. Stick to the budget

Almost every family member has a budget, the homemaker has a household budget, and the children have pocket money. The simplest method to save is to guarantee that each family member adheres to a budget. In other words, going over budget is a big no-no. In fact, members should be urged to set away a small portion of their monthly budget for savings in a mutual fund or savings account. When the spirit of saving is instilled early on, especially in children, it significantly boosts the family’s finances.

2. Educate the children

Getting the young on your side is frequently the key. The mature ones are already aware of the necessity to preserve and contribute in their unique way. The young, on the other hand, need a while to realise this. As a result, senior family members must educate the young on the importance of saving and make it pleasant by granting points when specific savings goals are attained. When children are taught the value of saving and investing at a young age, they grow into more financially conscious and sophisticated adults.

3. Determine roles and duties

Because most parents prefer not to reveal all financial facts with their teenagers, getting your finances in order when the kids aren’t present is preferable. Make a list of specific categories in which you know they have opinions, and then ask for their feedback after you’ve calculated what you can afford. Then, instead of making false promises or a never-ending line of no’s and maybe’s, you’ll be better able to strike a conversation with them.

4. Make it a fun learning at home

It is normal for families to make the most of their weekends by going to the movies or out to supper. This is the ‘us’ time for the family when everyone gets to spend time together. However, there are equally enjoyable methods for the family to spend time together without blowing the family’s budget on restaurants and movies. Instead of going all ‘fine-dining,’ get meals from a takeaway place over the weekend and enjoy the simple pleasure of a home-meal while watching a good television show or a movie with your family.

5. You might not get it correctly the first time

When you make a family budget and set spending limits for yourself, there is a period of adjustment. Nobody gets all of the numbers right the first time, so anticipate revisiting and revising your strategy numerous times, then regularly when circumstances change or you realise that things are going off track.

6. Make use of technology

Nowadays, younger family members are online, and it is critical to harness technology better to help the younger generation understand the importance of saving. Numerous apps can assist people in saving money on the internet offers on groceries, apparel, and stationery. Holidays are often an excellent time to focus on this area because you may end up with some significant ‘festive’ discounts on critical things.

7. Start listing

Learn to let go of things that don’t matter or squeeze your wallet. Develop a list of items that you can indulge in impulsively and a list that requires contemplation for yourself and your family over time. Align these lists with your earnings and expenses.

8. SIP goals

If you are saving for a child and have a systematic investment plan (SIP) in place, discuss how a lump sum is deducted from your pay each month. Discuss how that SIP should be adjusted when costs rise. Discuss retirement plans and the formation of a corpus. Instead of making it a generalised discussion with fears and anxiety, make it a family objective by discussing how to assess, budget, and monitor financial goals.

9. Take it outdoors

Determine the talking points and make plans for meaningful dialogues. In this day and age of personalised entertainment, it is difficult to get the family to remove their earphones and listen to a conversation. Take some time on a long journey, a picnic lunch, or the end of a long trek. Keep it brief, but address an important topic. If you intend to quit your work and start a business, consult with your family beforehand.

(Follow Money9 for latest Personal finance stories and Market Updates)

Latest Videos

Best of Money9