Elaine King, a bilingual financial planner, was featured in an article that appeared in the leading Peruvian finance newspaper, Gestion. The article discussed volatility in the family vs. in the economy in Peru. In the article, King highlighted how strong families can mitigate the instability of changing political and financial climates. It was published in Gestión, a Peruvian newspaper.
Peru, like many countries, is facing an economic slowdown. Economic instability understandably makes people nervous. But, there are many practical strategies people can use to avoid the negative effects of this instability, explained King, who is the founder of Family and Money Matters Institute.
Some strategies for strong family finances mentioned in the article include:
- Having an Emergency Fund: A medical emergency, accident, illness, or even family discord can be costly. An emergency fund can help families work through these and other situations without ruining the family financially.
- Culture of Financial Health: Habits such as using a budget and managing cash flow are important elements of planning. If families use these strategies, they can maintain healthy finances.
- Open Communication: Communication about money can help make sure that practical information is discussed. For example, it can help make sure everyone’s on the same page with the budget. In addition, it helps family members talk through values and how money should be spent.
These, among other strategies, can help families stay strong and stay together even through economically trying times.
Curious to learn more? Don’t miss the other strategies and suggestions Elaine King, an international expert in family finances, shared in this article. Read the full text in Gestión here.