Making time or even plucking up the courage to have a conversation about money and long-term goals can often be difficult, but working with a Lifetime coach can help you create a comprehensive, flexible plan that can include your immediate family and generations.
Most family units face serious challenges when it comes to dealing with money. Numerous research studies have shown that finance is among the top reasons why couples argue. Disagreements occur over how to spend, how to save, invest, share bills etc. And it gets even more challenging when children are brought into the picture!
Most people are uncomfortable discussing their personal finances, even with their partners, yet it is one of the most crucial subjects for couples keen on staying together in relative peace and harmony. This is why family finance and planning for the future is so important.
Here are six key family finance tips to consider:
- Develop finance goals that are acceptable to you and your family
- Maintain 100% honesty on every financial issue
- Have a budget and follow it
- Consult each other when making ‘major’ purchases, as people often have different ideas on how money should be spent
- Set financial goals
- Regularly review your financial progress
Striking the right balance is important when involving family members in your financial plans. Your Lifetime coach will be able to discuss how you could consider any wider family goals and ambitions.
We can provide a visual of exactly where you stand when it comes to your money, but just as importantly can give you a glimpse of what your financial future may look like, right up to your 100th birthday.