Our first Family Financial Meeting

Anonymous — Sun, 13 Sep 2020 01:09:33 GMT

Last week we got or first Family Financial Meeting. I was a little nervous, because we never did that. We have kids 5-10 years old. We want to give them a good start. I got the ides from Dave Ramsey: the financial peace planner. While there was just a comple of paragraph about it. I took what was there. I did some modifications to it. Here how it look like. I hope it give you ideas to plan such meeting in your family. It's better to discuss about it than to be surprised with problems. I plan to do it once a month. It took a quick 30 min.

How often: 1/month (peu être au début).
Who, everyone above 5 years old.
Have a notebook to take notes.

Discussions point (just ideas)

Everyone saving goals (even kids).
Distribution of envelopes: save, spend, give.
Ideas on cutting back on spending.

Remind everybody to turn off light and water.

What taks to focus on. Everybody acording to their streght.
Listen to a Dave Ramsey CD.
Openness and honesty.
Feel free to ask question and admit mistakes.

Prqparation

(Q=Quicken) Report and graph.

Pint or have on scree (Q. Planning, Budget)
Wheel (Q, spending tab)
The flow (Q. report, Banking Cash Flow - last month)

Show only category

Any Credit alert

Routine

Start with a prayer
Why we do a family financial meeting.

To avoid financial problems and bad discussions.
It's important to know where we are
What we did.
It's important to know where the money goes. It's call cash flow: inflow + outflow.
Plan for future. Even for things we did not plan for (such as saving).
Live more secured and more at peace. Because money problems bring a lot of stress and sadness.
Develop good habits for kids in future. Because they will have to deal with money and debt too.
We do it together so we can grow wealthy or poor together, at least it won't or should not be a surprise.
The idea is not to get rich, it's to manage our money. (MOD CUT: TOS prohibits Discussions including race, nationality, sex, religion, politics. -Jag73 MOD)
It is better to desire to be poor than desire to be rich. (MOD CUT)

Review family budget

How we did.
What we can do better?
What can we change?
How much our life cost each month?

Debt

How much debt we have
How we are doing
What is debt snowball

What are the 5 baby steps of Daves Ramsey.
Where we are in the baby steps.

Saving goal

Short.
Long.

Credit score.

Why it's important to have a great credit score.
How we are doing.
What we can do next to fix it.

Family project
Final question/complain.
What we could do better next time.
- We did not listen to any Ramsey cd, maybe we will next month.
- We need to find a note book to keep track of our meetings.
Closing prayer.

Thanks

Re: Our first Family Financial Meeting

sxa001 — Sun, 13 Sep 2020 04:30:34 GMT

I think it is great to have the kids start to understand savings at such a young age. I can also see some advantages to the kids knowing the realities of the family situation. As they get older it will become more relatable and hopefully they grow to being responsible with money.

My wife and I do our own version of "meetings" twice a month when we work on the bills, review our accounts. Less formal for sure but it works for us.

Good luck with your goals, Ramsey is a little too on the conservative side of budgeting for me but I have listened to his show and certain aspects I agree with. He is a little dated on certain ideas, IMHO.

Re: Our first Family Financial Meeting

Save-n-Invest — Sun, 13 Sep 2020 18:04:47 GMT

Including the kids in family finances is a good idea. They learn best at home hopefully.

Re: Our first Family Financial Meeting

Trudy — Tue, 22 Sep 2020 02:26:42 GMT

Family financial meeting, great idea. We can't count on the education system.

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Our first Family Financial Meeting

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Re: Our first Family Financial Meeting

Re: Our first Family Financial Meeting