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Posts Tagged Family

Talking to Your Family About Money

Growing up, there were three topics that I was told never to discuss with other people: politics, religion, and money.  As a result, finances were never discussed in my family. I never heard the word “budget” or had a good understanding of what a budget was. Nor did we discuss money management or the importance of saving.

My husband and I don’t want to repeat that same mistake, and discuss our budget and financial situation openly with not only our children, but our parents as well. Approaching the topic of finances can be tricky, but if you know what to focus on, hopefully the awkwardness will quickly fade and this once taboo topic can be openly discussed.

Talking With Your Spouse or Significant Other

When talking about your money with your spouse, you want to set aside time where  you can find some common goals that will require you to be on the same page financially and work together as a team. Perhaps you want a certain amount set aside for retirement, or would like to rid yourself of all of your debt. Set a common goal and then come up with a plan to start working towards that goal.

The next step is to sit down with your spouse and develop a spending plan or a budget. Both parties have to be in agreement, so be prepared to compromise. Don’t forget to include personal spending money for each of you. This will allow you to spend freely, up to a certain amount, so you don’t feel constricted by the budget.

Talking With Your Children

Teaching your children the value of money early on will set them up for success later in life. Understanding the importance of spending wisely and saving will provide the foundation that they will need as they get older and start to earn their own income.

We follow the 10% rule for saving with our children. Each week they receive $5 for chores completed. We set them up with both a checking account and saving account at our local bank, so each week, the girls will deposit their $5 dollars into their checking account and then immediately transfer 10% into their savings account. This also goes for any money that they receive for Christmas or their birthdays.

If you’re comfortable, it’s also helpful if you are honest about your money mistakes as they get older and talk about how some of those mistakes impacted your ability to save or give. You can also make them part of the budget meetings and have their input about family goals that are important to them and show them that in order to achieve those goals, other line items might need to be scaled back or sacrificed.

More than anything though, it’s important that you lead by example. What children see happening in the home has a far greater impact on their future behavior than just discussing what they should be doing with their money.

Talking With Your Parents

Although discussing money with your parents as a grown child might be the most awkward money conversation you’ll have, it’s important to have these conversations as early as you can. It’s important to be informed about their estate plan, whether they have planned for retirement, and what arrangements, if any, have they made for long-term care.

Before beginning the conversation, you want to make sure that you also talk with siblings or other family members on the best way to bring up the topic and plan for a time when the family is together. The time when you decide to approach the topic will depend on your family dynamic.

Deciding when to approach the topic is one thing, figuring out how you’re going to start is the tricky part. If you don’t know where to start, try starting with your own experiences first. You could start off by sharing that you’re thinking of purchasing long-term care insurance or looking at how much is enough to set aside for retirement and ask for advice. Their responses could then be used to get into the conversation around how prepared they are and what measures, if any, they have in place for their long-term care should they get ill and be unable to care for themselves.

The most important information you want to gather from your parents is information about their will, health care arrangements, and power of attorney. Your parents should have in place a will outlining who they have named to make any medical or financial decisions should they become unable to. Ask your parents to assemble a list of accounts, and contact information for their advisers, lawyer, and accountant if they have one. Getting organized while everyone is healthy is key. There is nothing worse than trying to scramble to gather all of the necessary documents in the face of a medical emergency or when dealing with grief.

Your Turn!

 

 

  • What conversations have you had with your family about money?

Tiny House Plans For Families

As more and more people join the tiny house movement we are getting a lot of folks looking to make the leap with families.  I get the question a lot: “how do I live in a tiny house with a family?”  People want to know how they can enjoy the family life and set up houses for tiny house families.

Tiny House Families

There are a few approaches to this:

  1. Choose a small house that has enough room for the family, but the per person square footage is reasonable
  2. Build a slightly bigger, tiny house; maybe expanding to 10 foot wide and up to 40 feet long.
  3. Start with a small house when your kids are small, then add on or move to a bigger house later
  4. Build multiple tiny houses: adult’s/kids houses, sleeping house/living and kitchen house, other arrangements

The point here is to not get tied up in what a tiny house is supposed to be, but what works for you and your family.  I have people email me all the time who feel that they have to live in a traditional tiny house that’s 150ish square feet. Nope!  Forget that unless it’s right for your situation.  Tiny houses have thrived because they are flexible housing solutions, not some rigid definition.

Some of my most popular posts of families who live in small spaces are:

I also have posted some small houses that I think could lend themselves to being used for a family or adapted:

When it comes to designing a tiny house for a family I thing there some important things to think about when it comes to the layout, storage, number of rooms etc.

First step is to create a list of needs.  What does your family need to function or put another way, what does a house need to provide you with to live your life?  I like to think of this room by room, I’ll go around the person’s current space and look at what function or activity takes place in each space.  So on our list we will put for the kitchen: pantry storage (10 cubic feet), food prepping area (sink, 6 square feet counter top, trash can, cutting board, knife), washing dishes (4 square feet for dish drying rack, place to hang towel, soap, sink)

You can see the idea here.  We are trying to operationalize everything in our house, making sure to only write down the core functions, our true needs and the minimum that we need to achieve them.

Here is a video of two parents that have designed and lived in their tiny house for a few years now with two young kids:

 

I think the two biggest challenges when it comes to designing a tiny house for a family is storage, larger food prep/eating area and extra bedrooms.  For storage realize that not all your possessions have to be crammed into your tiny house.  You can read about my extra storage space which is a cargo trailer here; families could easily do something similar, maybe even have the trailer sub-divided into compartments for each person.  Also think about rotating wardrobes, for many people they have a winter set of clothes and a summer set of clothes, try to have another place to put the out of seasons clothes.

For extra cooking space for bigger meals, design the kitchen around what your needs are.  If you freeze a lot of things, have a space for a freezer.  If you supplement with canned vegetables, build in a can rack.  Here is a pinterest board that I’ve made up of great space saving storage ideas for tiny houses:

Follow The Tiny Life’s board Tiny House Storage on Pinterest.

The biggest challenge for tiny houses for families is the extra bedding spaces.  I think there are two approaches to this: 1) have bedrooms for every person or parents, boys, girls.   Or 2) have spaces that convert to a bedroom.

First here are some small house designs that have multiple bedrooms that might work.  Please note, these are just floor plans, there are now building plans for them.

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source: http://www.tinyhousedesign.com/books/

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The next major option for beds for you children might be having convertible spaces such as having some of these ideas below in your living room, at night it would become the kid’s bedroom.

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A futon that lays flat to become a bed, then a trundle comes out for another bed.

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This is a trundle bed, but I liked they made a tent which would be fun for kids, but also allow them to close the flap and afford them some privacy or alone time.

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Here is a elevated trundle that has two beds and storage.

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A standard trundle bed

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A double bed, bunk bed Murphy style

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two bedrooms in a small space.

 

Your Turn!

  • What did I miss?  What else would you need for your family?
  • What will your tiny family house look like?

Nada House

Today we have another for the tiny house family readers, a Japanese house that is 678 square feet for a small family on a very narrow lot.  What I really like about this house is the central part of the house is flooded with natural light through all the floors, while at the same time almost becoming an architectural focal point itself with the natural wood shelves.

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Via

Small House For The Family

One thing I like to say when talking about tiny houses is that it is not a certain square footage that makes a tiny house a tiny house, but a reasonable square footage per occupant.  So that means that for families, a tiny house is going to be getting into the small home category and there is nothing wrong with that, in fact it’s great!  So today I found this beautiful small house the has three bedrooms and two full baths, but still  is reasonable in terms of space and extends living to the outdoors.  The house is under a thousand square feet (not sure exactly) and was built in BC Canada.

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Via

Tiny House Chat: Famlies

Mark your calendars for the next Tiny House Chat!
8-9 EST, 5-6 Pacific on December 10th.
The chat will be held here and how to login instructions are here

 

In the spirit of the holidays we will be talking about FAMILIES in the tiny house world, among other things! Joining us we will have guest hosts Kacie Erickson from TreadingTiny.com as well as Peter and Abby with FatandCrunchy.com  As always Macy Miller from MiniMotives.com will be co-hosting the chat with me.  Please bring any questions you would like to chat about with these folks and others!

 

For those of you who aren’t familiar with this, Tiny House Chat is a space for Tiny House enthusiasts to come together and share ideas and stories. The concept of this is to be for the Tiny House community and facilitated by the community. We hope that this platform will achieve the following:
  • Develop lasting connections among the Tiny House community.
  • Strengthen and expand the community.
  • Foster the sharing of ideas.
  • Provide a resource for the various stages of a tiny house
  • Have a lot of fun and get to know each other better!!

 

The Chat will take place at these times in the various time zones:
5pm-6pm Pacific Time
6pm-7pm Mountain Time
7pm-8pm Central Time
8pm-9pm Eastern Time
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