Getting the Family Involved
When setting up your family’s budget make sure they all know what you are doing and why. Look, this is critical to the success of your budget!
By working with your partner on what you both want to achieve and setting mutual goals that you can both work towards, will go a long way to ensure the success of your budget. Let your children know that you are creating a budget and why, obviously this will be dependant on their age and ability to understand.
Teach them that the reason you are creating your budget is to achieve the financial goals you have set and they will very quickly become part of the overall process. Ask them what they would like to see in the budget, be it a holiday, new car or whatever.
I know from personal experience that I no longer take my youngest daughter to Bunnings with me anymore. Bree would ask me when was I looking at some power tool, ” Dad do we really need it or is it just a want?” but the best one is ” Dad is it in the budget?” and the absolute killer ” Does mum know about this?” You guessed it, I’ve created a monster.