Handling Family Finance

Family Finance - What has this got to do with LOVE?

Yesterday, at a couples' dinner that was put together by our organisation, We had different sessions that dealt with relationships, sex, communication in marriage, what to do when communication breaks down, handling family finance e.t.c.

The session on Family Finance attracted the most comments, questions and heated arguments. And I felt I should share some of my views with you today.

The following are some of the symptoms of wrong financial system in the family:

Regular quarreling: between you and your spouse shows that you are operating a wrong financial system in your family. More importantly, it reveals that there is a disparity in financial views and probably a lack of trust. Continuous misunderstanding in the area of finance at home is a sign that both of you and your spouse are not mature in the area of family finance; you need to improve on that.

Family Replacement: If you hustle for money at the expense of your family, if all you do is to look for money all day long with no family time, no time for your spouse or your children; then money is working against you and you are working on a wrong financial system. The best gift you can give to your family is your time. How can you prove to them that you love them without spending time with them? You have to create time for your family.

Wrong Money Usage: There are good and bad ways to use money. That is why you need to sit down and take stocks of your life. Check where your money is going; if it has been going into negative ventures then you should know that the future is bleak as your spending will definitely affect your family negatively.

How do you ensure that money works for your family?

Making money work for your family is not a one-day event, it is a life-long experience.

Yet, the importance can never be over-emphasized.

It will not only ensure that you have enough to meet your family needs and obligations, you will also be able to even build wealth for your family. When you do it right, you will also build trust in each other.

START AT THE BEGINNING...

Both of you will now have to sit down and develop a marathon mentality for investment.

It is a decision that both parties must take. if only one person is committed to a better financial system and the other is indifferent, the one person who is desirous of change will eventually feel frustrated.

You need gut and graft: You need gut, you need determination, you need to close your eyes to present accolade and look up to the future ovation, move forward at a time and win the race for your family TOGETHER.

Discipline Yourself: One thing you need more than anything else is discipline, when you are setting a new course for your family finance. Discipline is the mother of distinction.

Don't buy what others are buying because they are buying it and never buy to impress anybody because the people you want to impress are not really impressed.

COME TO THINK OF IT...

Can you imagine running any company, business organisation or your home-based business without any form of financial system in place? Yet, that is how we, often times, treat our finances. That is definitely not good enough.

One principle that has worked for my family and that I recommend to people is that you should handle family financial issues OFFICIALLY. I know that may sound kind of boring to many of us, but it works. It is the first lesson in financial eduaction and intelligence that you and your spouse must learn.

I have realised that those who handle even personal financial issues officially fare better than those who don't have any structured plan on how to make, spend or invest. The same principle apply to your family's finance.