Family & Personal Finance (with audio)

Family & Personal Finance deals with skillfully managing your money. Money is a vital resource to fuel the growth of your family as water is to the growth of a flower.

Families and individuals can achieve incremental excellence in this critical element providing abundance of resources for Family and personal growth.

Financial Management

Financial management is the process of wisely budgeting, spending, saving, and investing the money you earn. Managing money is an important part of being in a relationship and family well being. Finances can affect the health of your relationship and the family.

For example: 

• When you and your partner want to spend money in different ways, it can lead to disagreements.
• Consumer debt and financial problems (such as credit card debt or payday loans) can cause stress and increase conflict.
• Not using mainstream institutions, such as banks or credit unions, may leave you and your partner at risk if something unexpected happens, such as losing your wallet.

Healthy financial management in a relationship involves learning how to spend and manage your money wisely, using communication and conflict management skills, and building and maintaining a strong foundation of trust with your partner.

Couples who communicate openly about money, have little or no debt (or who are actively working toward paying off their debt), and don’t spend more than they earn tend to be happier and more stable in their relationships. Couples who struggle with financial issues often have increased stress and tension in their relationships.

Setting Financial Goals

Sit down with your partner and discuss questions such as, “What would our lives be like if our finances were in order?” Talk about different types of goals you can set to help work toward that future.

Start with small goals like writing down your household monthly budget. Then work toward saving for your emergency fund or paying off a specific high-interest loan. Everyone needs to know how to manage money skillfully.

Learning good financial management skills can help you and your partner build a happier and more stable life together, and the life of your family. Seek out master craftsmen and women in the financial crafts to learn and discuss skillful financial management practices, then practice and develop the skills that will help you and your partner be happier and more prepared to deal with times of stress.