Money Talks Weekly # 4
This is my weekly learnings to our email subscribers, same will be shared in our website and linked in. Please do share if you think it benefits your dear ones.
I had a friend, never discussed his salary with his wife. They were brilliant couple, but initial days of his marriage he believed that money matters should be dealt by man in the house. I didn’t have an opinion on this early part of my life.
But, I had a culture development in me from my parents. They were very collaborative around money, we had a life with only my mother’s income for a period due to my father’s business loss and debt. May be all this struggle made them to manage money together. I have seen, how they struggled and come back to normal money life.
This experience gave me a belief of sharing money information with family members is important.
It is important to being transparent around money within family. A matured family member can understand what is the real affordability of their family. So what can we do to bring every family members together in money matters.
At least, once in 3 months, have a dinner table meeting on a weekend about all aspects of family including money, vacations and all possible things everyone in the family want to achieve in their life. This meeting should have equal voice for everyone. It is good to have transparency around budget of the family and why is that budget ? This will help, all members to contribute towards stick on to family budget. In case any additional expenses or plans, all members can work as team. It could be to increase income or decrease expenses. For Example – If your family want to go for vacation, you can plan the budget and work to save up that money either ways, savings from income or reduce some expense and save up. This kind of regular meet up in the family will help to plan and execute many aspirations of family members.
There are cases where breadwinner in the family hold entire responsibility of money and wont inform his or her struggle with family. This is one of the reasons for accumulating debt in the family. But if this is transparent, family members can cut down expense or come up with ideas to make the situation better.
So action for now is – Create a monthly meet up in your family to discuss about family dreams and money matters !
Have a happy life a head.