Back

Why You Should Name a Family CFO

Do you have a family CFO? The family CFO is the family member who is responsible for the family finances - paying the bills, tracking the budget, and managing savings. While most families have one person who is in charge of the family budget, it’s essential that all family members understand the financial situation of the family, as well as the short-term and long-term goals. 

When changes occur with the family’s financial situation, including layoffs, increased bills, or unexpected medical situations, it’s a good idea to have a family meeting to talk about the financial implications.

Gather all of the family members together, including any children who are old enough to understand. While some parents may not want to involve their kids in any negative financial discussions, it’s a great way to teach your children financial responsibility, and also gain their understanding and cooperation with any changes you will be making. Not only will your children be more inclined to assist with your changes, it will also help set them up for financial literacy in the future.

Before the meeting, the family CFO should do some analysis to determine what the current situation is for the family. If an event has occurred that will require major changes in spending, having some information about what should change would be a helpful starting point for discussion. 

The family financial meeting should occur with little to no distraction. Keep the television off, and refrain from answering the phone, texting, or looking at your Blackberry. During the meeting, the family CFO should lead the discussion, explaining what changes are occurring, and how that will impact everyone. Depending on the ages of your children, brainstorming some solutions is a great way to involve the entire family.

Going forward, having some follow-up discussions is helpful. The family CFO can explain how well the family is following the financial plan, and the family can continue to refine the financial plan.

A woman in her fifties hugging her dog in a park.
Take the Next Step
Make the most of your money and connect with one of MMI's trained and certified debt and budget counselors!
Get Started
  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.