How to make financial planning a family affair

Maybe you're needing to make some changes to your family budget, or maybe you just want to use it as an opportunity to teach your kids; either way, financial planning isn’t just for adults—it's a valuable skill that can benefit the whole family! Involving everyone in setting financial goals can teach children important lessons about budgeting, saving, and prioritising. Here’s how families can come together to set and achieve financial goals, whether it's saving for a holiday, buying a new game or gadget, or planning for future expenses.

1. Start with a Family Meeting

Gather everyone for a family meeting to discuss your financial goals. This is a great opportunity to explain the importance of budgeting and saving. Talk about what you want to achieve as a family, whether it’s a dream holiday, a new video game console, or something else exciting.

2. Set Clear Goals

Identify and prioritise your goals together. Discuss together how much money you need for each goal and when you want to achieve it. For example:

• A holiday fund for next summer

• A new game that’s released in a few months time

• A new tablet by the end of the year.
  

3. Create a Family Budget

A budget is essential for reaching your financial goals. Talk through the family income and expenses and where you could make savings.

4. Consider letting everyone contributing

Everyone can contribute to the family’s financial goals. For example, if you have older children who have small jobs, they may wish to contribute to a holiday fund - children often feel empowered by being able to contribute. You can work together to add in small amounts to a pot wherever possible.

5. Track Your Progress

Keep a visual chart or a digital tracker of your progress. This keeps everyone motivated and shows how every contribution helps reach your goals. Celebrate milestones along the way to keep the momentum going.

6. Make Budgeting Fun

Turn budgeting into a fun family activity. Use colourful charts, apps, or even games to make tracking expenses and savings enjoyable for everyone. Celebrate your achievements together, whether it's a small treat or a family movie night.

Discussing the importance of budgeting, saving, and delayed gratification with your children is an opportunity to teach them about financial responsibility, the value of money, and the benefits of working together towards a common goal. Whether you’re saving for a holiday, a new family game, or a gadget, working as a team makes the journey rewarding and fun. Happy saving!