Many a time, we tend to blame the government, society, schools and teachers for failing to offer the most appropriate education for our families. Little do we know that education begins at family level. It is at the family level that many hours should be dedicated to teaching good financial habits and ensure that they are understood and practiced.
Logically, it is much easier to face each member of the family, know their own fears and incorporate them in the family’s financial education curriculum. The best thing about this is that if practiced for more than 21 days, it can become a habit, a very good habit. However, for this, we must have the support of our partners, or persons with whom we live together.
Ideas for financial education in a family
In a family, there must be a leading figure. This is, by all means, the father of the family. He should put the points and rules on the table. Today, we give you five key steps that you can incorporate in your financial education from today within your family.
- Balance of expenses and income, and family budget: Make a thorough study of monthly income and expenses in the family. Once done, agree on a day to hold a gathering of financial education at home. Surely, the first reaction will be few smiles, but when they see that you are serious, they will undertake to commit themselves to it and render it a necessary issue. You must have the commitment of all members of the family. It is important that on that day, no one dodges the session under any pretext or excuse. Gazette the last Saturday of each month for family financial education.
- Family Financial Education meeting: On the day of the meeting of financial education, present the most detailed statements of accounts. What is spent on supplies, fuel, taxes, whims, meals, insurance, mortgages, loans, gyms, etc … in an excel sheet. Make your family to know the real costs of your family finances. Long ago, it was a taboo to talk about money at home with the kids. Today it is necessary and should be mandatory. We can not wait to talk about money and financial education to our children when they are 20 years old.
- Plan cost adjustments: Allow family members to make their contributions on how costs can be adjusted. Each member of the family should have a turn to speak and say what they can bring to reduce expenditure and to increase revenue. Develop a monthly budget for the next 30 days, provide more commitment, and certainly ensure more involvement by the whole family. Try to make it a game. Everything should be duly noted, and after the meeting of financial education, everyone should have a copy of the budget.
- Track the progress, and issue reminders every time: It is very important that during the first month, on top of reminding family members of their daily commitments, they should be encouraged to make such practices habits. Remember that the habits ingrained since childhood, cost us a lot of change.
- Monthly meetings of family financial education: At the second meeting of financial education after spending in the first month, you must review the state of past costs, and make a comparison with the current. There will be many expenses that are bimonthly, but concerning fuels, restaurants, whims, bars, parking meters, bank charges, snuff, hours gardener, hours of cleaning assistant, etc … can be measured daily, so you’ll see if the column of expense has worked satisfactorily.