The happenings "inside" the Wisconsin State Treasury and across the street at the State Capitol

Money Matters: Family Financial Meetings


This post is from our friends at Practical Money Skills and offers a great deal of information on what to discuss in your Family Financial Meetings.

 

It’s a smart idea to sit down together annually or more often to discuss your finances with the entire family.  You can take that time to assess where you are, determine whether your financial goals have changed, and decide how to better meet them.  Other items to discuss might include:

  • Important Documents. Do you both have access to insurance policies, wills, tax forms, bank account numbers, other important documents?
  • Current Debts and Assets. How much do you owe and are you paying off your debt as quickly as you could be?
  • Budget. Is your current budget working for you, or are there areas in need of adjustment? If your spending doesn’t match your priorities, fine-tune your budget to get the most out of your income.
  • Goals. Revisit the financial goals you made in the past. Are you moving toward them as you’d like? Do you have any new goals to discuss with your partner?
  • Financial Vulnerability. Find the weak links in your financial house. Do you have too much debt? Is your income secure? Do you have insufficient income to cover spending? Identifying your financial weaknesses is the first step to strengthening your financial picture overall.
  • Responsibilities. Is your division of financial responsibilities working for both of you? If not, what can you change to make everyone happy?
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