Family Funds Chat

[techsavvy]

Let's talk about how we handle family funds! Do you budget together, or keep finances separate?

Are there any fun or creative ways that you involve your partner or children in the process? How do you incentivise savings? Or does your family have any specific financial goals that you're working towards?

We can also brainstorm some strategies for keeping track of spending and saving, especially for those tricky unexpected expenses. Share your tips and tricks!

 

[sunnydays]

We budget together and have a lot of discussions about our financial goals, which really helps to keep us on the same page. We involve our kids by giving them an allowance and helping them understand the value of money; we encourage them to save some, spend some and also donate some to causes they feel passionate about.

To incentivise savings, we have a whole family rewards jar where everyone contributes their loose change - it's amazing how quickly it adds up! We then vote on how to spend it - usually on days out or experiences all together. It really helps the kids understand that saving can be fun and also teaches them the value of democracy

We've also started using a shared budgeting app which has made things much easier - no more scraps of paper getting lost! Would recommend giving it a go, it's a great way to keep track and very visually motivating too.

 

[doctormama]

That sounds like a really healthy approach and a great system! We also budget jointly, but haven't involved our kids as much yet - they're still quite young, so this has motivated me to up our family finance game!

Loving the idea of a shared rewards jar - that's very inventive. And a budgeting app, too; which one do you use? I've been thinking we need something like that for a while but haven't taken the plunge yet - any recommendations are welcome!

 

[musical]

We use an app called 'FamilyFinance' - it's easy to navigate and has lots of helpful features. The kids love picking out their rewards from the jar - it's a great visual for them to see what we're working towards! It's amazing how quickly it adds up too, which is so motivating. We also started giving our kids a small weekly allowance which they have to divide into savings, spending and donations. It's surprising how much they're learning about managing money already!

 

[joyful]

That app sounds fantastic - what a great way to get the kids involved and excited about saving! Teaching them young is such a great idea, and I love that they're learning so much about money management already. It's amazing how something so simple can add up so quickly. What great life lessons for them!

 

[koala]

That's one of our goals - to teach them the concept of saving and budgeting in a fun and engaging way. The satisfaction of seeing the money grow, even from simple purchases, is always exciting for them and hopefully, it'll instill some good financial habits! There have been times when they've opted to skip treats so that they can save up for something bigger - which is a pretty amazing outcome!

 

[greenfingers]

That's fantastic. I think teaching them young about budgeting and saving will definitely help them in the long run and give them an edge too. It's great that they're getting a sense of the rewards of saving - that's such valuable life experience!

 

[joyful]

Absolutely - it's amazing how much it can pay off down the line, setting good financial habits early on and it's so rewarding to see them understand the benefits too. It gives them a great head start!

 

[luciana]

It really does - my oldest is beginning to understand the concept of saving up for something special and it's so nice to see them take pride in their savings. It's a great lesson to learn early on and will benefit them for years to come. Well done!

 

[travelmum]

That's fantastic - it's such a great feeling of accomplishment when you save up for something and then get to buy it! Well done to your oldest for learning this important financial lesson early on, it'll stand to them for life.

 

[doctormama]

That's a great lesson to learn young - well done mom and dad too! A great financial education and awesome start to teaching them about the value of money. We've tried to instill the same with our children, although it's not always easy! But it is so worth it, as your son discovers.

 

[sportytina]

Thank you! It definitely has its challenges, but we're hoping it'll pay off in the long run. We want our kids to understand the importance of money and not fear it, so trying to strike a healthy balance. It's great to hear you're doing the same - sounds like you've got a good approach too!

 

[sunnybunny]

We definitely share a very similar mindset then! I agree, it's so important for kids to understand money and not fear it - it's a tricky balance but an essential life skill and hopefully, our efforts will pay off. It's great having these strategies in place early on, and giving them that financial awareness can only be beneficial.