Spent too much over the holidays? You’re not alone. According to a recent survey https://www.creditkarma.com/insights/i/americans-stressed-holiday-debt-technology-not-helping/, over 3 in 4 Americans worry about going into debt during the holiday season.
That’s why this is the perfect time to hold a family financial meeting, says Tony Steuer, author of GET READY! A Step-by-Step Planner for Maintaining Your Financial First-Aid Kit, https://tonysteuer.com/ and a recognized authority on financial literacy.
But you have to know how to do it right. Below are Tony’s tried-and-true tips for how to wrangle the crew and discuss spending habits for a healthier financial year in 2019:
- Invite every stakeholder. Yes, this even means kids. Everyone who works with or benefits from “house money” should be included.
- Schedule it like you would a business meeting. Walk in with a clear agenda and purpose. Finances can be emotional, so stick to the script.
- At the meeting, designate roles and create systems. Typically, one person will handle the majority of financial tasks such as paying bills, managing investments and so on. Understand who that is and devise a system and plan for how other family members would take over for them in the event of an emergency.
- Don’t wrap up before setting clear goals. Are you focusing on maximizing retirement savings? Saving for your children to go to college? Each objective needs to be covered, with discreet goals for making them happen.
Tony’s final bit of advice: Remember, you are striving to make a plan that works for all members of the family.