2. Many of us are still uncomfortable when it comes to discussing
our family finances, but doing so can help the whole household
to save money and ensure that wealth within the family is
protected for future generations.
3. Even if you don’t wish to go line by line through your household
incomings and outgoings, or to produce a household budget –
both of which can be very useful for financial planning – there
are several key areas you really should look to discuss with your
family if at all possible.
4. These are your Will, considerations around power of attorney
and planning for a situation where you may no longer be able to
work. All of these elements are designed to ensure that your
family will not suffer undue financial strain in the event of your
death or a serious injury or illness. All of these things are very
easy to put in place, as well as being comparatively cheap,
meaning your family can be protected quickly and easily.
5. Around these considerations, it is also worth having a
discussion about your own and your family’s long-term financial
goals, potentially in the company of a financial adviser.
Discussing where you want you and your family to be in the
future is a good way of establishing financial plans and
apportioning savings to real-life outcomes, rather than just to
have them saved for the sake of it.
6. Are you looking to move abroad? Pay for your children’s
education? Make a big property purchase? All of these things
can help to shape your household finances, as you work towards
a visible end goal.
7. A final area to consider, which many families consider too in-
depth but which can see your household achieve huge savings,
is taxation. Involving older and younger generations in this
discussion can not only help with everyday taxes such as
income tax but also with inheritance tax. With various
allowances, being open and honest about your finances can
mean that your whole family takes advantage in all areas.
8. The first step is deciding to start the family
finance conversation. To speak to a Financial
Planner email letstalk@sanlam.co.uk
The above article is for information purposes and should
not be treated as advice. Individual circumstances should
always be considered prior to purchasing any financial
products. For further information contact Sanlam Private
Wealth by e-mailing letstalk@sanlam.co.uk. Sanlam
Private Wealth is a trading name of Sanlam Private
Wealth UK Limited. Authorised and regulated by the
Financial Conduct Authority.
