Making Cents on MetroFM – 2020.02.04

Family Finances

Mary J was invited by SPHEctacula and DJ Naves to share her views on the topic of family finances and budgeting.

A family budget is a record of what you earn and a great way to plan what you want to spend. We often call it a “Spending Plan” vs a budget as it just feels better and more inspiring. A family Spending Plan should help you spend your money wisely on the things you must have as well as provide for setting aside money for unforeseen expenses – for example, if your car breaks down and needs repairs.

Having a Spending Plan can help you to stop accidental overspending, as it serves as a way to hold yourself accountable to your goals and what you want your money to do for you and your family.

Questions explored included:

  • What does family financial wellness mean?
  • Should there be one person involved in managing the family budget?
  • How do you get children involved?
  • How does a family determine and differentiate between their needs and wants?
  • What the first three things one can do are to get started.

Listen below.

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