Keep Financial Planning in the Family

Are you the financial planner for your family? If you have singlehandedly taken on the responsibility for your family finances, consider that you don’t have to go it alone. In fact, you may find that things are easier when you share the load. You can still play to your strengths and do the work that you do well but you don’t have to be the only one who works on financial planning for your family. You may be surprised at the helpful ideas your family member may have. It is also easier to get the rest of the family on board with cost-saving efforts if they were part of the decision-making process.

Include your partner. If your family is you and a partner, it would be better for the two to you to meet with a Fee-Only financial planner together. So many couples realize the imbalance in their financial planning when the one of them who handles most of the money becomes incapacitated somehow. You don’t want to leave yourselves open to something like that. At a minimum, both partners need to know how to access all of the financial accounts. Even better if you and your partner sit down to discuss financial goals. You both need to have a clear idea of what you want for your financial future even if you both aren’t constantly keeping up with investments and accounts. If one of you is still doing more of the day-to-day administration, you can still meet to discuss your finances.

Include your children. In “How to make a family finance plan,” onefamily.com mentions the importance of involving your whole family in financial planning: “Work out as a family what you think you could save money on, and what you are hoping to be able to pay for in the future.”  While adults do need to make major financial decisions, children can give their input.

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