The popular financial planning application, Mint, did an Expert Interview with Elaine King Fuentes on Family and Money Matters. Family and Money Matters is not only the title of her highly acclaimed book and non-profit financial institution, but also characterizes her approach to financial education. Through her work with hundreds of families, Elaine has found that most families are more likely to achieve financial stability by working cohesively. She says, ‘the family is a system that can be powerful together.” Educating younger children with good money management skills or creating a budget with your spouse collaboratively increases your chances of financial growth. When asked what are the three typical mistakes families make when managing their money, she responded with “lack of communication, goals and an action plan.
To help families prevent these mistakes she employs her 4 step process of planning, saving, investing, and sharing. fuentes said, “we work around the qualitative aspects of money first by helping them understand what motivates them…We also work on a 6-month program to transform the 4 strategies into a habit.” She emphasized the significance of sharing this process with a family member. Fuentes was also asked how she is able to incorporate the entire family into the services. “We work with parents and children 10 and over and do exercises together around the four strategies. We plan together for things they all want, like something in the house or an experience as a family. For younger children, we have a program just for them” she replied.
Elaine also shared how much families can benefit from participating in the process. “By understanding what motivates you, how you behave in different circumstances and being aware of the core basic planning strategies you invest in growing as an individual, the better understanding and the more contribution you can make towards financial sustainability.”
Expert interviews are shared with users on the Mint app to help them better manage their finances.
Find more great tip from Elaine and the full interview here.