For Parents

Creating a Family Money Mission Statement

Money mission statements for the family are a great way to teach smart money habits!

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Have you ever thought about establishing a Family Money Mission Statement? It’s a unique way to unite your family around common financial goals and values, teaching everyone to be more financially savvy. This strategy can help prevent disputes over money and keep your family’s financial future on track. If you’re curious about how to create one, and how it could transform your family’s approach to money, stay tuned.

What Is a Money Mission Statement?

So, what exactly is a money mission statement? Picture it as a compass guiding your family’s financial decisions, big and small. It’s a personal, clear declaration that spells out your family’s financial goals and values. It’s not about penny-pinching or getting rich quick; it’s about understanding the role of money in your life, and how you can use it to build the life you want.

It’s a commitment, and it gives your family a shared direction.

You’d be surprised how empowering it can be. When you sit down and put your goals into words, you’re taking control of your financial future. You’re saying, ‘This is what we value. This is what we’re working towards.’

Including your kids in crafting this mission statement can be a powerful lesson. Instead of just telling them, ‘We can’t afford that,’ you’re teaching them why. You’re showing them that money isn’t just about spending—it’s a tool to reach your goals.

In a nutshell, a money mission statement is a roadmap to your family’s financial success. It’s about making conscious decisions, living within your means, and teaching your kids the value of a dollar. It’s about financial freedom and starts with a clear, united vision.

The Importance of a Family Financial Vision

Having a united financial vision as a family isn’t just about setting goals but creating a shared understanding of how money can serve those goals. It’s about aligning your financial actions and decisions with your family’s values and aspirations.

Here are three reasons why this is important:

  1. Shared Goals: When you’re all working towards the same financial objectives, it’s easier to make sacrifices, stay motivated, and celebrate successes together.
  2. Financial Literacy: It’s a fantastic opportunity to teach your kids about money management. They’ll learn practical skills, like setting a budget, saving, and giving, that will serve them well in the future.
  3. Unity and Harmony: Money issues are a common source of conflict in families. A shared financial vision can help prevent these disagreements by setting clear expectations and guidelines.

Key Components of a Money Mission Statement For The Family

Creating a money mission statement for your family involves several key components that make it both effective and beneficial for everyone involved.

First off, you need clear, specific financial goals. These may include saving for a new home, funding your kids’ education, or planning for retirement.

Secondly, your statement should reflect your family’s values. Money isn’t just about dollars and cents, but also about the life you want to build together. Hence, your statement should be guided by what’s important to you as a family.

Involving every family member in the process is also essential. This fosters a sense of unity and shared responsibility and provides an excellent opportunity to teach your kids about money management.

Lastly, you need a plan for regular review and revision. Your family’s needs and goals will change over time, and your money mission statement should adapt accordingly.

Steps to Draft Your Family’s Statement

Now that you’re familiar with the key components, let’s explore the practical steps to draft your family’s money mission statement.

Creating this statement doesn’t have to be an intimidating task. Rather, it’s an opportunity to teach your kids valuable lessons about money while shaping your family’s financial future.

  1. Identify your family’s financial values and goals: Start with a family meeting and discuss what’s important to you all regarding money. Do you prioritize saving, giving, or spending wisely? What are your long-term financial goals?
  2. Write a draft of the statement: Based on your discussion, put pen to paper. Keep it simple and clear. Remember, it’s a statement that guides your family’s financial decisions, not a detailed budget.
  3. Refine and finalize the statement: Review the draft together. Make sure it reflects everyone’s input and the family’s shared values and goals. Your kids’ suggestions matter too, so make sure they’re included.

There you have it! You’ve laid the groundwork for your family’s financial literacy journey. Now, it’s time to make your family’s money mission statement a reality.

Stick around for the next section, where we’ll discuss implementing and reviewing your money mission.

Implementing and Reviewing Your Money Mission

With your family’s money mission statement in hand, it’s time to bring it to life and regularly review its effectiveness. Start by integrating it into your everyday life. Discuss it during family meals, hang it on the fridge, or even make it your computer’s screensaver. The more visible it is, the more it’ll serve as a constant reminder of your financial goals.

Consistency is key. Make sure every financial decision aligns with your mission statement. This doesn’t mean every purchase must be a life-changing event, but rather, it’s about making choices that reflect your family’s values and objectives.

But remember, it’s not a set-it-and-forget-it deal. Your money mission is a living, breathing document. As your family’s circumstances change, so should your mission. Maybe you’ve paid off debt, or there’s a new baby on the way. Review your mission statement annually and adjust it to reflect your current financial situation.

Implementing and reviewing your money mission isn’t a one-time task. Keep it alive and relevant, and you’ll build a strong financial foundation for your family. Remember, it’s your mission – make it work for you.

How to Involve Your Kids In the Creation and Implementation of Your Money Mission Statement

Involving your kids in crafting and implementing your family’s money mission statement can be a rewarding and educational experience. It’s an opportunity to teach them about financial responsibility and set them on a path to success. But how do you go about it?

  1. Discuss the Concept:
    Start by explaining what a money mission statement is and why it’s important. Make sure they understand it’s about setting financial goals and creating a plan to achieve them.
  2. Brainstorm Together:
    Once they grasp the concept, invite them to contribute to the creation of your family’s statement. Encourage them to share their ideas and thoughts on saving, spending, and giving. Their input not only makes them feel valued but also teaches them to think critically about money matters.
  3. Implement and Review:
    After you’ve agreed on a statement, involve them in its implementation. This could be through chores, allowances, or savings goals. Regularly review and discuss progress to keep them engaged and accountable.

Examples of Good Money Mission Statements For the Family

Let’s explore a few solid examples of family money mission statements to inspire you. Imagine the Smith family’s statement:
‘We, the Smith family, value hard work, thriftiness, and financial independence. We commit to saving 10% of our income, living within our means, and strategically planning for our future.’
This statement clearly outlines their values and goals, providing a roadmap for financial decisions.

Consider another example, the Johnson family:
‘The Johnson family values financial security and generosity. We aim to live debt-free, save for our children’s education, and donate 5% of our income to causes close to our heart.’
Again, you see a clear set of values and actionable goals.

These mission statements aren’t just words on paper. They’re commitments, guiding lights in the vast financial landscape.
They reflect what’s important to each family and provide a clear path to follow, making financial decisions easier and more intentional.

Create a Shared Vision For Your Family

Ultimately, molding your family’s financial future isn’t just about numbers. It’s about crafting a shared vision, a treasure map leading to shared prosperity.

Your family money mission statement is a compass guiding you through financial storms, a lighthouse illuminating your way toward fiscal success.

So, gather your crew and chart your course. Together, you’ll navigate the turbulent seas of finance, steering your family’s ship toward a safe, secure, and prosperous financial harbor.

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About the Author

David McCurrach

David McCurrach is the founder of Kids' Money. Following a career working in finance for several banks and credit unions, David started Kids' Money in 1995 and has since published three books on kids' financial literacy and allowance programs.

Last updated on: July 8, 2024