A spider web planning approach is often taught in writing classes. The idea is to put a main idea in the center and put web threads surrounding it that support your main idea. What if a similar approach could be used to assist in planning your finances? 

It might be worth trying with an income tax refund, a bonus, or other unexpected money. Many times, family members have differing ideas on what to use money for. For an example, put the amount, we’ll say $3000, in the center. 

Next, draw lines all around it with items and estimated amounts for each different need or want. Don’t be too concerned at this point if the amount adds up to $3000. This process provides a picture that, with some family members, is worth far more than a spreadsheet. Speaking of pictures, family members could actually cut out pictures of items to better illustrate.

Prioritization comes next. The amount of $3000 is what you have to work with, so at this time evaluate your needs versus wants. Dad would like to add $500 to the emergency fund, while Mom is concerned that the attic fan is making funny noises. She has priced a new fan for $250. The teens have requested that the old television in the family room be replaced with a flat screen model. They have found the one they want for $750. Final allocation may be dependent Whether family consensus factors in or if the parents make the final decision may be dependent on the amount of money and the particular family dynamics in place. 

Whatever decisions are made, this approach evokes a listening mode. It may also help to develop important family money handling skills. These webs might also be saved, for the next time, as a starting point for further money discussions. 

Please remember to contact the staff at your local Bruning Bank branch for ideas on accounts to meet all your personal and business financial needs. 

-Customer Service, Kearney