Welcome to the Family Financial Meetings resource page! Here you'll find everything you need to start having productive and educational financial discussions with your children. More important, you are guaranteed to have your children grow to be wise money managers. In addition, you'll avoid the consternation of fighting over money during their 'spend-a-lot' teenage years--and that's worth a lot!
Why Family Financial Meetings?
Family financial meetings are a great way to:
- Teach children about budgeting and financial planning
- Involve children in family financial decisions
- Promote open communication about money
- Build good financial habits from a young age
Resources
How to Conduct a Family Financial Meeting
- Set a regular time and place for the meetings.
- Create an agenda.
- Review the family's income and expenses.
- Discuss savings goals.
- Involve children in decision-making.
- Make it fun and positive.
Pre-Planning tips:
THIS IS AN EDUCATION EXERCISE. There is no need to reveal your entire financial position to your children. Decide how much of your revenue you want to contribute to the exercise. If your family is living month-to-month on your income as are sixty percent of Americans, it's fine to show bank statements and reveal all your income. If you have more than enough money for all your family's needs, it's still important to teach your children to save and spend wisely. Set aside a realistic amount of revenue to contribute to the 'family' budget. Consider all your expenses and the needs of your children (clothes, school field trips, birthday gifts etc.) Look at your past expenses for an idea of how much to contribute. The amount contributed should be enough for fixed expenses (i.e. utilities), variable expenses, savings and investments, like post graduate education.
- Choose a comfortable and quiet place for the meeting.
- Gather all necessary documents (bills, bank statements, etc.).
- Set a time limit to keep the meeting focused.
- Involve children in the planning process by asking for their input on topics to discuss.
Sample Agenda
- Welcome and Purpose of the Meeting
- Review Previous Meeting Notes
- Discuss Current Financial Situation
- Set or Review Savings Goals
- Plan for Upcoming Expenses
- Open Floor for Questions and Ideas
- Wrap Up and Next Steps
Tips for Success
- Keep the meetings short and engaging.
- Use visuals like charts or graphs to explain concepts.
- Encourage questions and discussions.
- Celebrate financial achievements as a family.
- Have a fun activity after the meeting? Play a game? Make or eat cookies? Watch a movie together?
FAQs
- How to Explain Additional Funds
If your children ask if you have other funds you could contribute to the family budget, your response might be that you do have some investments for YOUR future.
