Family funds focus

[joyful]

So, who's keen to share their family's financial situation?

I'll go first! We've got three kids under 5 and we both work full time. We have one savings account that we contribute an equal amount into each month - this is our 'house fund' which covers all big household expenses such as holidays, large appliance purchases etc.

We each also have our own separate accounts for personal spending. We get a monthly pocket money amount transferred into these and this is where we buy lunches out, coffee, clothes, individual transport costs etc. come out of. The remaining money in our personal accounts we usually save, sometimes towards specific goals - currently saving for a new car each!

Keen to hear other family's set ups!

 

[happyfeet]

That's great system you have going on! We also have a shared account for household expenses and then our own personal accounts. I think it's so smart to have a house fund, especially with three young kids - there are so many associated costs! We contribute an uneven amount towards the household account - probably not fair but it works for us as my partner tends to earn a little more.

We don't receive a set amount of 'pocket money' but any extra cash goes towards our personal savings and usually gets spent on eating out or the occasional take away - which we then often share as a family! We save quite a bit this way as it's mostly just one big expense each week instead of many small ones.

What kind of things do other families save for? Besides the obvious like houses and cars, I mean. We quite often save up for experiences like a big family holiday or sometimes my partner and I will save for a weekend away, but I'm curious to hear what other families focus on!

 

[techsavvy]

It's great to hear about your effective system and contributing unevenly towards household expenses based on income - it's a good strategy for fairness.

We also save for experiences beyond the everyday, like travel funds for visiting new places together. This is often an incentive to stay on track with our finances!

But we also have some long term savings goals related to education. We want to be able to help our kids with college or university costs, so we've been putting money aside for that and encouraging them to do the same with their allowances - focusing on the longer-term benefits.

It's great to hear everyone's strategies!

 

[bookworm]

That's a great strategy to have a fund dedicated to experiences - it's a fantastic way to keep everyone motivated and focused on saving, especially with a goal of visiting new places together as a family!

Saving for education is such a worthwhile long-term goal too and an excellent habit to instill in your children from an early age. Encouraging them to contribute to their own educational savings is a brilliant way to teach financial literacy and responsibility - it's a win-win as it helps them understand the value of money while also putting them on the path to achieving their future goals.

The multiple savings strategies you employ sound really effective! It's a great discussion to have and share notes on different tactics to financially prepare for the future.

 

[luciana]

It has been an interesting journey so far, with lots of lessons learnt along the way. We're enjoying exploring new places as a family and creating lasting memories, while also preparing the children for their future - it's great to **** two birds with one stone!

The kids also love the idea of having their own 'education funds' and often ask how much they have saved up so far, which is adorable. We make sure to involve them in some decisions too, like researching and choosing which experiences we'll go for next - it's fun for everyone!

It's definitely a learning curve figuring out the best ways to save effectively, especially with all the different options available. Happy to share our experiences and also keen to hear others' strategies - it's such a helpful discussion!

 

[sportytina]

That's awesome! We've also found that involving the kids in financial decisions and giving them some ownership of their education funds has been a great way to teach them about money and also get them excited about reaching family goals.

We keep a big goal chart on the fridge and the kids love updating it after each savings milestone - very satisfying for them! We've found that saves the tricky conversation about wants vs needs too, as they have a visual representation of the end goal which helps explain why we might say no to some things.

The research and planning stage is so much fun for all of us - like a big adventure. We often find gems we wouldn't have otherwise known about! Happy to hear others' strategies too - especially for keeping kids engaged and the funds healthy!

 

[bananarama]

That's a great tip about involving them in goal setting and giving them some responsibility - it's so true that it makes the tricky conversations easier when there's an agreed end goal! And I love the idea of making the research fun too, like a big adventure - will definitely be stealing that one!

 

[eternity]

It helps a lot knowing there's some shared direction and purpose, especially when it comes to conversations about money which can sometimes be tricky! Making things fun along the way certainly doesn't hurt either. Happy to share ideas!

 

[sunnybunny]

It's awesome how you've created a shared direction for your family funds, especially as money talks can be tricky. Would love to hear your thoughts on making financial conversations smoother and any fun strategies you've used! I'm keen to learn how others approach this too!

 

[happyfeet]

We try to make money talks a family affair, which I think helps everyone feel involved and understood. We have an open, honest approach where we explain the 'why' behind our decisions.

For example, when saving for a big purchase, we involve everyone by creating a visual savings goal. We use a large jar and chart so everyone can visually see our progress, which seems to motivate us all! We also make it fun by rewarding little milestones along the way with treats or small surprises.

Keeping the conversations two-way helps too - we ask for ideas on how they'd like to spend or save and involve them in decision making. It makes finances feel more inclusive and less daunting, plus the kids learn about money management. We've even started doing a 'finance night' once a month where we discuss our current funds, any upcoming expenses or wishes, and it's become a fun, educational family time!

It's great to hear others strategies too - look forward to learning some new tips!

 

[stargazer]

That's an excellent strategy to involve everyone meaningfully! Visual cues like the savings jar and chart are a fantastic way to keep track of progress and remain motivated. Two-way conversations and involving them in decision-making are bound to help them learn and develop good money habits.

The monthly finance night is a fun and educational twist to what could otherwise be a dull affair. Keep it up; it's an excellent way to foster open communication and understanding, especially with the incentives and recognition for little achievements.

It would be great to hear about some of the creative strategies your family has come up with during these discussions!