Financial Planning With Your Family This Festive Season [column]

SINCE the holiday is around the corner, this means more ‘family time.’ It is important to make use of this time to structure your dreams, goals, resources, and responsibilities of the entire family. If you have a partner or children, you may need to show them the importance of this exercise and how all will benefit in the long run.

This exercise can only be successful if the whole family is involved and if they have committed to their goals. Without their participation one will face a continual uphill battle when it comes to your family’s finances. As a family, you will face many challenges along the way. Examples can typically include over spending this festive season, travelling on a shoe string budget or even taking loans just to have a jolly vacation. But if you and your family plan well in aance your activities and costs, this will no longer be a challenge.

So how do you get your family on board and how do you ensure that it lasts throughout the year, as one of your new years’ resolutions? Firstly, you should motivate them and remind them what your family goals are and how much further away you are from reaching them. In any scenario, it is equally important to motivate yourself with your given finances. So how do you motivate yourself when it comes to your personal finances? It is simple. Use practical and reachable goals and not the unrealistic ones. It’s much more devastating not attaining high goals, but create step by step goals to get there. With each and every little reward after achieving your personal goal, this will make things simpler and faster for your ultimate family financial planning.

Most importantly, financial family planning should always emphasise on great morals and lifetime values. This may include hard work, determination, commitment, sacrifices and passion. So when sitting down with your family this festive season, it is recommended that financial planning is part of your discussion.

* Ilke Platt Akwenye is the senior marketing and communications consultant at Sanlam Namibia

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Source : The Namibian