Bringing Everyone to the Table: The Annual Family Budget Summit

Written by: Kathleen McGrath, CFP®, ADPA®

The Annual Family Budget Summit

The idea of a family budget summit is one of the best financial moves a household can make. Gathering regularly to discuss money goals and spending is hugely beneficial for getting on the same page. For example, the Jones family holds an annual budget summit that has transformed their finances.

The Joneses set aside a block of time once a year to meet and talk all things money. They start by discussing what they each value and want to achieve to establish shared financial goals. Then they review actual spending over the past year to confirm it aligns with those goals and values. This summit gets them unified and focused.

Here are a few tips if you want to implement your efficient budget summit:

Schedule it – Mark your calendars and set a firm date. Create an agenda to outline discussion topics like budget updates, upcoming expenses, and savings goals. Sticking to an agenda keeps the meeting focused and productive.

Set realistic goals – Determine specific and achievable objectives like paying down debt, saving for college, or budgeting for a major purchase. Break big goals into smaller monthly milestones for easy tracking.

Review statements – Analyzing past spending shows where your money has gone compared to your priorities. Spot unnecessary subscriptions or fees.

Ask strategic questions – Uncover underlying money attitudes impacting decisions. “What expenses can we cut?” “What money issues excite or concern us?”

Assign action items – Decide on concrete steps like establishing automatic savings, cutting expenses, or meeting debt payoff deadlines.

A yearly family budget summit brings everyone together on the same financial page. Make it a priority to start aligning your money and values today!