Many of us talk about having a family business meeting once a week. But to make sure it's successful - and everyone's on the same spending page - the meeting must include 5 critical components.
1. Someone must take the lead. Just like a company business meeting, a family meeting needs a strong leader to keep the meeting focused and productive. Here's an idea that's worked for many families: a different family member gets to lead a meeting each time. Even a child of 6 or 7 can be coached or mentored as they lead a meeting.
Changing leaders, or moderators, for each meeting, helps keep adults from feeling that a spouse is too bossy; it teaches children how to be leaders; and it makes the meetings more fun. Each person gets to feel special, trusted, and responsible.
2. Before any meeting, however, there must be preparation. The best way to get ready to lead a meeting is to write up a simple list of topics to cover. And be sure that any backup paperwork is handy and available. For example, suppose there's a credit card spending issue that is causing tension in the family. The leader-to-be should write up the point in a non-accusatory way, and have recent credit card charges available to back up the situation.
3. Successful family business meetings include the following elements:
4. If there's little to discuss, turn the meeting into a financial classroom for you and the children. Be prepared with a topic to explore - and this topic will depend on the make up of your family. If there are school age children, a family business meeting provides a fabulous opportunity to have the children practice checkbook balancing, credit card management (matching the receipt to the statement's line item, teaching the kids how finance charges work, and how they are different from late charges, seeing which items were impulse purchases that might be cut out next time), how the family's actual spending compared to the pre-planned budget, and lessons in money management. Even us adults can use a review of some of these topics.
1. Someone must take the lead. Just like a company business meeting, a family meeting needs a strong leader to keep the meeting focused and productive. Here's an idea that's worked for many families: a different family member gets to lead a meeting each time. Even a child of 6 or 7 can be coached or mentored as they lead a meeting.
Changing leaders, or moderators, for each meeting, helps keep adults from feeling that a spouse is too bossy; it teaches children how to be leaders; and it makes the meetings more fun. Each person gets to feel special, trusted, and responsible.
2. Before any meeting, however, there must be preparation. The best way to get ready to lead a meeting is to write up a simple list of topics to cover. And be sure that any backup paperwork is handy and available. For example, suppose there's a credit card spending issue that is causing tension in the family. The leader-to-be should write up the point in a non-accusatory way, and have recent credit card charges available to back up the situation.
3. Successful family business meetings include the following elements:
- They are held regularly, usually once a month, without fail.
- The meetings are focused, to-the-point, and over in half an hour, tops.
- Snacks, background noise (TV), and multi-tasking are off limits. Let all phone calls go to voicemail, and save all munching for afterwards.
- The meeting room - often the living room or dining table - must be free of clutter.
- Everyone, especially the group's leader, must make a solid attempt to avoid drama. No fear-mongering ("If you keep spending like that, we're all going to end up in the poor house."), no blaming ("Helen, why must you go to such an expensive hair salon?"), no interrupting each other, and no squelching out of anyone's opinion. No name calling, no cursing, no hysteria, and no general whining. Problems must be discussed with compassion, and solutions must be offered. ("Helen, I noticed that the charges for your beauty shop visits are $xx each time. That's going to make it hard for Sandi to buy the prom dress she wanted. How can we work this out? I want 3 ideas.")
4. If there's little to discuss, turn the meeting into a financial classroom for you and the children. Be prepared with a topic to explore - and this topic will depend on the make up of your family. If there are school age children, a family business meeting provides a fabulous opportunity to have the children practice checkbook balancing, credit card management (matching the receipt to the statement's line item, teaching the kids how finance charges work, and how they are different from late charges, seeing which items were impulse purchases that might be cut out next time), how the family's actual spending compared to the pre-planned budget, and lessons in money management. Even us adults can use a review of some of these topics.
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