Do you know about - Who's Spending Money at Your House? For What?
Donate Car! Again, for I know. Ready to share new things that are useful. You and your friends.One family I know has recently started to gain operate of their finances. They perceive that if they are going to put more money into their Iras, that money needs to come from somewhere. Finding at the money they have spent while the last three months, they identified car payments, rent, other housing linked items, and the buy of food. After those categories, it is more difficult to identify where the money went. Both parents use the family credit card and don't narrative what the buy was for. Their two adolescent kids take money from their mother's "stash" and don't remember to write down what it was spent for.
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It is becoming determined that whatever in the family can spend money without being held accountable. And that means nobody is in fee of controlling where the money goes. About a month ago, they had a family meeting to talk about the need to operate their spending. Mom agreed that her "stash" was a institution that was carried over from before the kids were born. It was easy to keep track of spending back then, when only the parents were in the picture. But today the "stash" is a source of major leaks in the household budget.
As a supervene of that family meeting, Mom is now in fee of retention track of what the "stash" is spent for. And Dad is in fee of retention track of what the credit card is used for.
It didn't take long to see how money was being spent willy-nilly on whatever they wanted. The "stash" was being spent by the kids to grab a bite to eat at fast-food joints when they were out with friends. The kids were also buying clothing and accessories with the money. Their daughter had redecorated her room with money from the "stash". And their son just bought a new iPod with money from the "stash". In the "old days" Mom used the "stash" to buy groceries, put gas in the family car, and for an occasional visit with her hair stylist.
Last week, the family had someone else meeting to talk about the need to form operate over the family finances. It didn't go well. Dad didn't want to be in the position of having all spending decisions presented to him for final approval. Mom wanted some money that she could spend on whatever she wanted. The kids were concerned that they would need money for events at school and would have to wait for the money until they talked it over with their parents. Nobody wanted to give up the operate they had over their personel capability to spend money.
Mom pointed out they were each spending, individually, on things that added up to a big whole of money being spent without much of a plan. Some examples from the last three months: The kids had given small donations to "good causes" at school such as helping the earthquake victims in Haiti, and several other causes. It took a while to outline it out, but that charitable giving came to almost 0. That 0 was in expanding to charitable giving the parents had included in the family budget. In someone else example, their daughter spent on new sheets for her bed to complete the décor update. And, their son spent for a "new" skateboard even though his grandfather bought him a new board while a shopping spree a few months earlier.
Dad had done his part, too. The new Tv in the basement was expensed to the credit card when he found the set on sale at Best Buy. He idea it would be nice to have a place where the kids could ask their friends over to watch a movie. That didn't elaborate how Dad justified adding the sports holder to the cable-Tv service.
Realizing how each family member had been spending money on their own, they decided to identify where the family wants to spend money. Each man will make a list of how they spent money while the past month. Then, they will list the spending they expect to have in the next month. The family will work on this together. In a month, they will meet again to report how each member of the family wants to spend money. The parents want to add 0 a month to their Ira, and 0 to be set aside for expanding their crisis fund. The schedule for the next family meeting is to identify what types of spending will be cut back in order to find ,000 that can be set aside to fund the Ira and crisis fund.
This family is working together to form a best use of their money. Getting every person to understand and cooperate will be a slow process. But every person learns from the discussion. In a family, no one man gets to claim all the treasure. every person wants to feel like they have some say in what the family chooses to do.
Eventually, Mom and Dad will find a way to give each of the kids operate over their personel spending - probably by setting up allowances based on their spending needs. You can see the first steps of teaching the kids how to budget coming through in the family discussions. As the teenagers get jobs and earn their own money, they need to know how money is managed. What they learn from their parents' finances, they will hopefully apply when they spend their own money.
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