Culturally, it’s frowned upon to discuss money matters with family - but it’s the need of the hour.
Your family should know its financial status to manage it in your absence.
Your family needs to be aware of all the key financial documents and where they are, as well as the overall state of finances in the family.
Share details of large expenses. This helps you understand spending habits, plan for payouts, save for upcoming important expenses, and build trust.
Knowing where you stand financially each month is a great way for the family to work towards financial goals.
This means doing a monthly review of your expenses vs the budget allocated.
As an armed forces officer, you can save a lot if your family has a mission-centric approach towards finances.
This means agreeing to savings goals together after calculating non-negotiable expenses.
Debt can be a major reason for discord in a family, especially if one member is unaware of the debts of another.
Ensure there is transparency when it comes to credit cards and personal loans.
Discuss investment plans with your family based on what they are trying to achieve - is it to fund a holiday, or for higher education? How will you achieve these goals?
Once you know what your financial goals are as a family, you can speak to a financial advisor together if you aren’t confident of making these decisions by yourself.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.