Financial Review for The Family

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Financial Review for The Family


           
                            Establish and hold a Quarterly Full Family Financial ReviewMany of The skills needed to operate a corporation are also required for truly effective household financial management. Technique: Utilize business type skills. Hold regular reviews of you and your family finances; keep all family members informed about any changes in the family's financial status. Review Checklist: Balance sheet - Updating will show changes in the family's worth (the difference between assets and liabilities) since the family's previous financial review.Income - Business profits, capital gains, salaries, stock dividends, etc. Categorize these as either non-recurring or regular income.Debts - Automobile, personal, life insurance policy or any loans, as well as installment purchases and charge card account balances. Make sure the spouse has thier own line of credit.This is an exercise that should be performed every quarter.If not every quarter, try to accomplish a full review of your familys financial review at a minimum of twice a year, or if there is anyone in the family that could be suffering from life threatning health issues.It would be impossible to list every item that should be reviewed for every individual family, but this should serve as a great starting point. It is also a great idea to involve appropriately aged children in this process as much as possible. Allow your children to play a role in the development of the family as a business entity, allowing them to help with decisions and ideas. This is an excellent way in which to expose your children to the knowledge of, and realities of individual and family finance terms and concepts. Get your kids excited about the family as a business entity with the concept of growth in mind, and over time allowing the children to grow up seeing the up's downs, wins and loses of a family as a business entity.Appropriately presented to appropriately aged children can make it almost like a financial game sort of like a real life Monopoly.
               

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