What It Means
A family budgetBudgetA plan for a set period, usually a month, that lists the money you expect to receive and how you'll spend or save it. See more meeting is a planned, regular conversation where the people who share a household's money go over the budget together. It's where you check how last month went, make decisions that affect everyone, and agree who will do what before the next meeting. Some families include children, and the FDIC describes family financial meetings as a way to show kids the choices you make with money and the reasons behind them.
Try It: Walk Through a Family Budget Meeting
The CFPB's tips for a productive money talk, one step at a time.
Set goals. Decide what the meeting is for and which decisions it needs to make.
Voice and vote. Agree who gives input and who makes the final call. They don't have to be the same people.
Share an agenda. Send it ahead, and bring what the talk needs, such as the budget or a recent bank statement.
Listen. Repeat back what you heard, keep your tone calm, and leave old disagreements for another time.
Recap. Write down each person's next steps where everyone can see them, and set the next meeting.
Follow up. Do what you agreed before the next meeting. A checklist helps.
How It Sounds at Home
- "Money meeting Sunday after dinner, everyone."
- "Put it on the agenda for the budget meeting."
- "We'll decide about the trip at the family meeting."
The Breakdown
A short example. Before starting a new job with longer hours, Luis drafts a tight budget for the household and hands it to Carmen at breakfast: no more takeout, a lower grocery line, done. Carmen, who does most of the cooking, feels judged and points out the weeks she had no time to cook. The talk ends with nothing decided.
Where it goes wrong. The plan was made alone and dropped on the other person, with an old complaint attached. Advice from the CFPB on money talks runs the other way: share an agenda ahead and invite changes, decide who has a say and who decides, bring the numbers, stick to the topic, and finish with written next steps and a date to meet again. In its own example script, each person comes with one to three personal goals and one to three family goals.
What to watch for
- A fixed time that repeats. Utah State University Extension describes one family that met on the first Sunday of each month.
- An agenda everyone has seen before you sit down.
- One topic at a time, and old arguments saved for another day.
- Written next steps with a name beside each one.
Including kids. Utah State University Extension suggests listing the household's income, asking the children to list the expenses, checkingChecking accountA bank or credit union account for everyday money going in and out, used by debit card, checks, transfers and direct deposit. See more past statements for the real amounts, and having a child work out the difference. The FDIC suggests putting things in terms that fit each child's age.
Good to Know
The CFPB's tool "Discussing money productively," from its Your Money, Your Goals toolkit, is a free checklist for preparing, running and following up on these talks, with notes space for each tip. Keep children's part to what suits their age; the meeting doesn't have to share everything. If money is used to control you, or a partner frightens, threatens or hurts you, that's abuse, and a meeting format won't fix it. The National Domestic Violence Hotline is free, confidential and open 24/7: call 1-800-799-SAFE (7233) or text START to 88788. In an emergency, call 911.
FAQ
How often should a family have a budget meeting?
No official schedule exists. Buhata's suggestion is once a month, at a set time, with a short extra meeting before any big decision. Utah State University Extension describes one family that met on the first Sunday of each month.
Should kids be part of family budget meetings?
They can be. The FDIC says family financial meetings can show children the money choices you make and why, explained in terms they understand, and Utah State University Extension suggests having them help build the monthly budget.
How do you keep a money meeting from turning into a fight?
The CFPB suggests sharing an agenda ahead, listening and restating what you heard, staying on the topic at hand, and leaving old disagreements for another time. End with written next steps so everyone knows what was decided.
Do It in Buhata
Household budget, Boards and channels, Calendar
Put the meeting on the Calendar in a Household Space, post the agenda in its Boards and channels beforehand, and set the Household budget limits you agree on before everyone leaves the table.
Open BuhataRelated Terms and Categories
- Budget review
A regular check of what you actually earned and spent against your budget, followed by changes to the plan where it no longer fits real life.
- Household bill split
Dividing a household's shared bills, such as rent, utilities and internet, among the people who live there, and settling up who owes whom.
- Allowance
A set amount of money a child gets on a regular schedule to manage, often with an agreement about what it has to cover.
- Financial literacy for kids
The money skills, habits and knowledge children build over time, from waiting for something they want to budgeting, saving and weighing choices.
Sources
Consumer Financial Protection Bureau, Your Money, Your Goals, "Discussing money productively"; FDIC, "Teaching Children About Money Now, Pays Dividends Later" (September 2020); Utah State University Extension, "Teaching Children Money Management"; National Domestic Violence Hotline, "Get Help"
- files.consumerfinance.gov/f/documents/cfpb_ymyg-servicemembers-tool_discussing-money-productively.pdf
- www.fdic.gov/consumer-resource-center/2020-09/teaching-children-about-money-now-pays-dividends-later
- extension.usu.edu/finance/teaching-children-money-managment
Last updated .