Feel like you spent too much over the holidays?

You’re not alone. According to a recent survey, 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. It’s important that you know how to do it right. Below are my 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, it will help build financial literacy.
    • Everyone who works with or benefits from “house money” should be included. 
    • Helps everyone get on the same page.
    • Balance priorities - More Income or Less Expenses.
  • 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. 
    • Every family member will have their own priorities.
    • Time for each person to voice their concerns.
  • 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.
    • Location of important documents such as Advanced Directives.
    • How to contact advisors such as financial planner, insurance agent, attorney & accountant.
  • 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. 
    • Make a plan to not overspend next year.

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