save, they are determined to be more proactive in teaching their children about investing — an education they lacked in their childhood. “Our parents talked about basic things like having a bank account and a savings account, but I think for many parents of that generation, the concept of a sophisticated financial plan was not there,” Tajuana observes.
To make sure the message of good money management gets through to the next generation, the couple deposits $75 a month into savings accounts for their two eldest children, Ashley, 5, and Robert, 3, while Christopher, not yet a year old, gets $50. “It’s imperative that we save money for them for the future. The accounts are in our names, and will go toward either college expenses or a down payment on a house,” says Robert.
Looking back, Robert says that he wishes he had started saving sooner. “I look at our neighbors and they are younger than we are, and they are on their second or third homes,” he says. “They started saving earlier in their lives and that has made the difference.”
Set mutual goals and establish targets to build wealth. The Callaways believe it’s especially important for married couples to be on the same page when it comes to family finances. “When you are coming together as a couple, you need to look at your finances as a joint venture, not an individual endeavor,” says Tajuana. “I’ve found that it helps the marriage along, by building unity and consensus over an issue that can be divisive and contentious.”
Consult a financial adviser. “It’s good to have a mediator, someone who can give you direction, guide you into adopting a different mindset, and help you achieve better wealth-building strategies,” says Tajuana. Robert adds that even if you don’t have financial troubles in your marriage, you should still consult an adviser, who can provide a professional, outside perspective with candor.
Look for opportunities to use your money to accomplish your financial goals. “We missed an opportunity when we got married because we received a lot of gifts, but if we could have done it differently we would have asked for cash and put that money toward the down payment on a house,” says Robert.