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January: Family Financial Well-Being
Family finances—take charge
Money. Where does it go every month? The money coming in never seems to equal the money going out. Then there’s the stress of deciding what to spend the money on, when to spend it and how much.
Take charge of your family finances. It’s more than just getting control of the money. It means taking a close look at your financial thinking and spending. It means reviewing your financial short-term and long-term goals. Getting control of your finances lowers the money-related stress levels in your home. It can also help your family be prepared for the future and build financial security as your family matures.
In this issue of Your Source, you’ll learn how to:
- make ends meet and have fun doing it
- start having family roundtables about family finances
- save for life’s milestones, like college or retirement
- spend wisely at any age
Don’t leave your finances to chance. Making small changes in your family’s financial habits can make a big financial difference. Start taking charge of your family’s finances today by checking out the information in this issue of Your Source.
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Increasing your family's financial awareness
All people, no matter their age, need to understand personal finance. Take the time to boost your family’s financial knowledge. It can improve your family’s financial situation and help protect the future well-being of your family members. Here are a few ways to get started:
Learn a Little About Family Finances Every Month
Have a family roundtable every month on a financial topic. Choose one that will benefit someone in your family. Review your insurance plans one month. Discuss how car insurance works with teenagers. Another month, learn about investment or retirement options. Devote a session to saving and why it really is essential. By taking on a new topic each month, you can make learning about finances manageable and fun.
Make Bill Paying a Family Affair
Invite everyone to see the electric, phone and the cable bills. Your kids will learn that the household conveniences we take for granted everyday don’t come without a cost.
Discuss the Future
Are your teens planning to go to college? Or, do they want to start working immediately? Once you have an idea of what your children are thinking of doing, talk about the financial responsibilities that go along with it. If they are going to college, talk about financial aid, scholarships and grants and how they can help lower the cost of their education. If they plan to work, help them design a monthly budget that will work for them.
Would going back to school help you progress in your career? If so, think about how you would pay for it and start making a financial plan. What does retirement look like? Will you have the nest egg you need when you need it?
It’s never too soon—or too late—to get your financial house in order. And, increasing your family’s knowledge about money is a great place to start.