Time together with family is essential. I’ve never heard of anyone regretting spending too much time with family. One of the reasons family time is essential is because of the necessity of communication in keeping a relationship healthy. Families communicate values, emotions, needs, support, and much more. From a financial standpoint, I’ve witnessed firsthand the destruction dysfunctional family dynamics can cause. Problems range from beneficiaries not understanding the wishes of their parents to spouses being in the dark about assets and arrangements and are extremely common. A great way to combat financial problems is the family meeting. There are a few different financial family meetings that are vital to keeping the peace and goals of a family in tact.
1. The Monthly Budget Meeting
This should include the married couple for certain in families and if it’s a single parent household or just a single an accountability partner is important to have to keep focused. Every month before the next month begins participate in a written zero-based budget. If you don’t know what that is or why it’s important, visit budgeting guru Dave Ramsey’s resource to learn more.
2. The Annual Goal Meeting
Meet with immediate family at least once a year to plan for the year. Write down some goals. This doesn’t have to be limited to financial goals. Family can help accomplish the goals and keep each other accountable.
3. The Legacy Meeting
Talk semi-regularly about what the long-term goals and ambitions are for the family estate. Talk about what happens when someone dies. Make sure everyone knows where all the important documents are like wills, life insurance policies, deeds to the properties, end-of-life care, etc. Be clear and specific about who gets what and make sure the will and beneficiaries on each account are accurate. Give everyone a chance to have input. This meeting can get awkward, but it’s best to have frank and open discussions about this stuff now rather than wait and possibly cause arguments that could have been resolved. This obviously isn’t a sure-fire way to eliminate all conflict. We’ve all seen or known that person who will cause trouble regardless, but the more open communication that there is the less ammunition the black sheep will have to go rogue if a major life-event takes place.