Finding Common Ground

<h2> Common Financial Issues for Families:</h2> <p> Couples are one thing, then there are families. They simply have more issues about everything. Some additions to the couples issues are: No matter how much a family tries to be good financial stewards there are some problems that simply pop up and need solutions. Good leadership is an excellent trait at this point but not every family has the ability to cope equally. Learning how to resolve financial issues is one of the difficult parts of budgeting because they are not always black and white.</p> <p> It is very rare that a couple have the same spending habits and savings ideas. Here are some issues and possible solutions:</p> <h3> Budgeting;</h3> <p> Every family should create a budget of some form and follow it. The budget will focus on: saving first (putting funds aside upon being paid) so that savings are available for future necessities; and spending for fixed costs (the most needed) and variable costs (needed but price, quality and quantity are controllable).</p> <h3> Proportioning out funds:</h3> <p> Problem: Some people want more of the pie (their share of the budget) or some people spend more of the pie (over-spending). Solution: One way to alleviate some of the stress is to give allowances. This way a person can spend the way they want and aren't constricted by the family budget. This simplifies the budgeting process, allows more spending freedom and reduces stress. It also makes each person more responsible for their part of the budget and hopefully they will learn to be more fiscally responsible. Another alternative to making sure each person understands more of the financial needs of the family is for each person to take turns paying for different things. A couple of months a year each one does the grocery shopping and sees how much stuff costs while the other person may pay the utility bills for a few months to make sure they know what and how much it is costing to run the household.</p> <p> The main point though is to discuss the subject constantly and if necessary, create a budget and get bank accounts that are transparent enough for the wage earners to see what is happening with the family funds. It should be part of every relationship to make sure that the budgets of both people are well understood and some sort of agreement is made. Each person should have their own accounts and the family should have a special joint savings account. This way the main savings account can't be depleted in a undesirable manner. If there are problems that can't easily be resolved try going to your local bank and see what their financial advisers say. They may be able to resolve issues that people can agree to work with.</p> <h3> Children:</h3> <p> It may seem like a nice idea but the fact is that they not only create a lot more expenses but there are a lot more issues that come up. Therefore, plan this issue well ahead rather than let it accidentally creep up on you. Many people make only have enough for themselves yet they want children. That isn't really fair to the adults or the children because there isn't enough funds to go around in a responsible way.</p> <p> Discussion is only part of the answer here. Make sure to look up all of the issues that will occur when having children, all the way from what is expected from the husband before birth and how much the husband will be expected to handle after the birth. How well the adults as a team handle their children.</p> <ul> <li> Will they spoil them or will they keep costs down.</li> <li> How will look after the child while the parents work?</li> <li> What kind of schooling will they get.</li> <li> Will they be able to afford all of the basics the child will need in order to function in society.</li> <li> Seeing there is so much information available now days, get the info and use it.</li> </ul> <p> Once new standards are arrived at, it may take some time to learn the new rules. Allow a bit of leeway.</p> <h3> Wills:</h3> <p> They are created to make sure that in case of the worst possible scenario there is an instrument available to sort out financial issues in a quick and precise manner. Lack of wills can cause a lot of frustration in sorting out a families financial situation. Lawyers can wind up being the beneficiary of an estate rather then the family members. A will may cost a few hundred to do a proper one. It must be noted that a simple will can be written up but it is easy to misinterpret even the simplest of ideas. Talk to a notary about making a will to find out what problems may crop up and then decide on how to proceed.</p> <h3> Ways to solve issues:</h3> <p> One thing a couple mentioned was that they never went to bed at night until they had come to a conclusion about any problems that had cropped up. It is likely that some decisions were to discuss it more tomorrow but at least it was on the table and would be talked about and finalized. They do seem to have their finances in very good order. These issues are all part of the planning process and it is felt that talking through the problems and using a budget are two great ways to look at the financial needs of a couples or families.</p>

<h2> Common Financial Issues for Families:</h2> <p> Couples are one thing, then there are families. They simply have more issues about everything. Some additions to the couples issues are: No matter how much a family tries to be good financial stewards there are some problems that simply pop up and need solutions. Good leadership is an excellent trait at this point but not every family has the ability to cope equally. Learning how to resolve financial issues is one of the difficult parts of budgeting because they are not always black and white.</p> <p> It is very rare that a couple have the same spending habits and savings ideas. Here are some issues and possible solutions:</p> <h3> Budgeting;</h3> <p> Every family should create a budget of some form and follow it. The budget will focus on: saving first (putting funds aside upon being paid) so that savings are available for future necessities; and spending for fixed costs (the most needed) and variable costs (needed but price, quality and quantity are controllable).</p> <h3> Proportioning out funds:</h3> <p> Problem: Some people want more of the pie (their share of the budget) or some people spend more of the pie (over-spending). Solution: One way to alleviate some of the stress is to give allowances. This way a person can spend the way they want and aren't constricted by the family budget. This simplifies the budgeting process, allows more spending freedom and reduces stress. It also makes each person more responsible for their part of the budget and hopefully they will learn to be more fiscally responsible. Another alternative to making sure each person understands more of the financial needs of the family is for each person to take turns paying for different things. A couple of months a year each one does the grocery shopping and sees how much stuff costs while the other person may pay the utility bills for a few months to make sure they know what and how much it is costing to run the household.</p> <p> The main point though is to discuss the subject constantly and if necessary, create a budget and get bank accounts that are transparent enough for the wage earners to see what is happening with the family funds. It should be part of every relationship to make sure that the budgets of both people are well understood and some sort of agreement is made. Each person should have their own accounts and the family should have a special joint savings account. This way the main savings account can't be depleted in a undesirable manner. If there are problems that can't easily be resolved try going to your local bank and see what their financial advisers say. They may be able to resolve issues that people can agree to work with.</p> <h3> Children:</h3> <p> It may seem like a nice idea but the fact is that they not only create a lot more expenses but there are a lot more issues that come up. Therefore, plan this issue well ahead rather than let it accidentally creep up on you. Many people make only have enough for themselves yet they want children. That isn't really fair to the adults or the children because there isn't enough funds to go around in a responsible way.</p> <p> Discussion is only part of the answer here. Make sure to look up all of the issues that will occur when having children, all the way from what is expected from the husband before birth and how much the husband will be expected to handle after the birth. How well the adults as a team handle their children.</p> <ul><li> Will they spoil them or will they keep costs down.</li> <li> How will look after the child while the parents work?</li> <li> What kind of schooling will they get.</li> <li> Will they be able to afford all of the basics the child will need in order to function in society.</li> <li> Seeing there is so much information available now days, get the info and use it.</li> </ul><p> Once new standards are arrived at, it may take some time to learn the new rules. Allow a bit of leeway.</p> <h3> Wills:</h3> <p> They are created to make sure that in case of the worst possible scenario there is an instrument available to sort out financial issues in a quick and precise manner. Lack of wills can cause a lot of frustration in sorting out a families financial situation. Lawyers can wind up being the beneficiary of an estate rather then the family members. A will may cost a few hundred to do a proper one. It must be noted that a simple will can be written up but it is easy to misinterpret even the simplest of ideas. Talk to a notary about making a will to find out what problems may crop up and then decide on how to proceed.</p> <h3> Ways to solve issues:</h3> <p> One thing a couple mentioned was that they never went to bed at night until they had come to a conclusion about any problems that had cropped up. It is likely that some decisions were to discuss it more tomorrow but at least it was on the table and would be talked about and finalized. They do seem to have their finances in very good order. These issues are all part of the planning process and it is felt that talking through the problems and using a budget are two great ways to look at the financial needs of a couples or families.</p>