Jun. 09
Annabel Nash   |   

The Importance of Family-Oriented Financial Planning

The times we live in have us all under so much pressure which comes as an addition to all the pressures of society which have developed and evolved over time. Looking at it from the point of view of men, society perhaps expects them to be well-off financially, decent looking (by the standards of the models used on men’s magazine covers and on TV) and to play a leading role in their communities.

Women perhaps have it even harder because now we’re well and truly in an age when we are seen to have equal opportunities, so balancing something like your career with your predefined role of being the glue that holds a household together can really take its toll.

Somewhere in the middle lives what appears to be a no-go area by way of discussion, which is the finances of a couple. Newly-wed couples in particular seem to suffer from this phenomenon the most, that being how they feel it is their duty to preset the best of themselves to their significant other, which is all good and well until it gets to the point that some very pressing financial matters aren’t discussed.

By the time the couple grows into a family structure with kids involved, if that still happens in this day and age (people tend to have children first and then get married), only then does it typically become apparent that more targeted financial planning is in order. At this point it’s very late, but by no means is it too late. It’s never too late, but the earlier you iron out your family-oriented financial planning details, the better.

To be brutally honest, life is much, much better when you share it with someone and they share theirs with you, with the joy that comes with this sharing of lives added to by a growing family which introduces children into the picture. Unfortunately because of some age-specific landmarks placed on what success is and what financial success is, most people who haven’t quite hit those targets by a certain age feel as if they’re not worthy of getting into anything meaningful by way of relationships.

The approach should rather be that of laying out your finances to each other and then moving forward as a unit, with clear plans for what you’re going to do to get out of debt, as is typically the case with many young adults, so too how you’re going to proceed should the unfortunate happen and you find yourself in a situation where you have to go your separate ways. This is how expensive lawyers for both parties are avoided and in actual fact this is how a lot of headaches are avoided as far as the effects of poor financial management.

Give your family one less thing to fight about because money is indeed a major reason why couples and entire families fight. Sometimes it isn’t even directly about money, but rather about the effects of how it is handled, how much of it is coming in, etc.