Posted by Andrew Lipsitz
Written by Motley Fool Staff
Many families delegate chores and other responsibilities by assigning them to particular family members. You might be responsible for mowing the lawn every week, while your partner takes care of making sure your cars get regular maintenance, your son cleans out the cat's litter box every few days, and your daughter puts the toys away every night. By giving everyone something to do, you not only make sure that important things get done, but you also create an environment of teamwork.
Unfortunately, the same parents who do such a good job of incorporating each other and their children into the day-to-day life of the family often fail to extend their efforts to financial matters. Instead of openly including everyone in discussions about family finances, one adult frequently takes primary or even sole responsibility for all aspects of the family's financial plan.
By making each family member aware of elements of the family's finances, you can avoid many problems that can arise when just one person handles everything, and you can contribute to the financial education of your kids at the same time.