January is the month of New Year’s resolutions, and with high stress about finances in the coming year, there’s a way that families can work towards a financially healthy 2026: setting a shared goal.
Love keeping up with business news? Download the Audacy app and follow WBBM Newsradio to get WBBM’s Weekend Wallet newsletter!
Craig Bolanos, co-founder and wealth advisor at VestGen Wealth Partners, joined WBBM Newsradio’s the Noon Business Hour this week to discuss the benefits of this teamwork approach to boosting finances. He included tips on how to start up the conversation without things getting awkward.
“I think money, for some reason, is still taboo for some families,” Bolanos said. “When we talk about having this family meeting, when we discuss creating a shared goal and inclusion, you know, that doesn’t mean that the children need to financially participate to the goal. But I think mom and dad should be discussing with the children: ‘Hey, here’s what you can be expecting,’” when it comes to prioritizing needs over wants.
He also offered a few options for goals, from saving money for college or travel to a shared family resource like a vacation home or just bringing down debt. This type of team work from a young age can also help kids develop financial planning skills that could help them later on.
“The bottom line is, I think, when parents are communicative with each other and then that communication finds its way into the rest of the family, you get buy-in and with buy-in you can create this wonderful leverage where everybody works towards accomplishing,” Bolanos told WBBM.
To track progress, he recommends that parents give regular (but not daily) updates on the family financial goal over dinner. As a bonus, Bolanos said these check-ins can help keep family dinner conservations alive.
“I think when people have shared visions, we end up creating shared realities. And I see this throughout our financial planning practice,” he said.