Family and Friends

Keep Your Loved Ones Part of Your Financial Strategy

Keep Your Loved Ones Part of Your Financial Strategy
 

Sometimes financial planning goes beyond the individual. If you have a partner or a family, your saving and spending goals are part of a bigger picture. Additional household members don't have to make your financial strategy more difficult—it just means increased communication.

1. Have one conversation each month regarding your finances with your family members

Effective conversations depend on listening even more than speaking, and this is especially true concerning household finances. Since family members of different ages have different understandings, talk frequently to get everyone on the same page about how much is coming in, how much is going out and what the family priorities are.

2. Develop one shared household financial goal

Each month, when having your financial conversations, come up with a goal that you can all get behind. Whether it's short term (new TV set, anyone?) or long term (paying down your mortgage), decide what is in all of your best interests and pursue this goal together.

3. Develop one financial goal for each family member

Just because all eyes are on a shared goal doesn't mean the members of your household don't also have their own plans or ambitions. Different family members may be at different stages of their lives, educations or careers—and they should have individual goals to reflect this.

4. Set up a shared household savings account to support your savings goal

Now that your shared family goal is on the table, it's time to take action toward reaching it. This involves setting up a dedicated account, so you can stay on track. You can enable account balance alerts for everyone or keep them all informed during your monthly conversations.

5. Set up individual savings accounts to support individual goals

Accounts should be set up for each family member's goal as well because individual accounts will not only make the goals real but also attainable. There is no point in setting goals if you don't plan to reach them, and tracking progress—together—will help everyone stay accountable.

Include the Family for a Better Financial Future

Choose the right joint checking account for you and your loved ones to keep financial planning simple.

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

Related

What's New

 

Investment and Insurance Products:

Are Not FDIC or any other Government Agency Insured   Are Not Bank Guaranteed  May Lose Value 

© 2018 SunTrust Banks, Inc.

equal housing logoEqual Housing Lender. SunTrust Bank - NMLS #93471. Member FDIC.

SunTrust, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are trademarks of SunTrust Banks, Inc. All rights reserved. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are offered through SunTrust Mortgage, a tradename for SunTrust Bank, and loans are made by SunTrust Bank.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.