We all think we’re pretty good at sharing. We’ll split a dessert or lend a garden rake with no questions asked. So why does combining our finances with a partner lead to confusion and frustration? Most of us will someday need to change our financial habits, disclose our debts, and establish shared desires to support a family. On this episode of WealthBeing, Travis and Derrick welcome a special guest, Dan Adair, Manager of Island Savings Brentwood Bay branch, for a conversation about taking the chaos out of family finances.

:40 – Money Problem: Derrick’s clients were overpaying in monthly banking fees due to disconnected account management.

2:06 – Expert Examination: Derrick, Travis and Dan discuss the best strategies that families can use for financial management:

• combined or individual finances – what’s the best route?
• how to be transparent with your partner about money;
• developing spending strategies for small to major purchases;
• achieving financial goals together;
• dealing with a change in employment;
• child-rearing financial phase;
• keeping frivolous spending in check;
• family-focused emergency fund;

22:50 – Weekly Financial Fix. Establish a “minimum wear” standard for all the clothing you buy.

To send comments, feedback, or a question that you would like Travis and Derrick to answer, email [email protected]

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