Get the whole Family involved in Finances

Get the whole Family involved in Finances

Posted by: Scarlett Lu

Several problems may arise if only one person in the family is in control of the families finance. The rest of the family would be dependent on that person; if the person dies, or if the couple splits up, then the rest of the family would have absolutely no idea how to manage their financial matters.

Therefore, everyone in the family should take part in financial decision making; each family member should be aware of their family's finances. Your partner should be involved in knowing the basic information like income and expenses, net worth, investments, estate planning, and a summary of expenses you pay.

Kids should also be involved in your families financial matters. You can start by teaching them the difference between needs and wants. As your child gets older you can talk to them about credit cards, bank interest, and budgeting.

Get your child interested in saving and investing money. Parents can create activities at home that gets their children involved in looking at stocks. For example you can have your kids make a list of twenty companies they are interested in write down their ticker symbols, stock prices, and today's date. Every week or so have them record the latest prices and calculate the gains and loses. Children can also follow the companies with you by reading news and magazine articles about the company, they will learn how the news effects the company's stock prices.

http://life.familyeducation.com/parenting/money-and-kids/45319.html
http://www.fool.com/personal-finance/retirement/2006/04/13/get-your-kids-investing.aspx
www.fool.com/personal-finance/saving/2009/09/15/make-finances-a-family-affair.aspx