Involve the Family in Your Financial Planning

Involve the Family in Your Financial Planning – Especially in Tough Times

For your budget plan to work, everybody who is affected by it should be involved in putting it together. If your budget requires cutting back on some items, especially in times like these when the economic recession hits hard, those affected need to know why.

Do your partner and your children understand what you are trying to do? If you are single and living on your own, the decisions are easier as you only have yourself to take care of. But, if you have a family, are in a relationship or even just share a house or flat with others, you need to involve them in financial decisions. In a lot of relationships, the financial power is not equally balanced between the partners. Remember, different people have different attitudes to money depending on their beliefs and backgrounds, and these attitudes must be accommodated, yet together you need to find the most rational and conducive approach to ensure financial security in the short and long run.

According to Craig Torr – Crue Invest (Pty) Ltd, in times of financial crisis, many couples have been forced to join financial forces to make ends meet. A couple is only as economically strong as its financially weaker link, and sometimes it takes a global crisis to bring to light the benefits of joint financial planning. Whether you’re married or in a long-term relationship, here is Craig’s take on why joint financial planning works.

Click here to view a video on Craig Torr’s benefits of joint financial planning.