Money-SAV­ING TIP

CityPress - - Tenders -

These days, fam­ily doesn’t just mean two par­ents, 2.5 kids, a cat and a dog. Now house­holds have to con­tend with liv­ing with many other mem­bers of the fam­ily, in­clud­ing grand­par­ents, cousins, aunts and un­cles.

While hav­ing many mem­bers of the fam­ily un­der one roof can have its ben­e­fits, such as shar­ing the cost of bills, it a can also put a fi­nan­cial strain on the house­hold.

How­ever, with care­ful fi­nan­cial plan­ning, you can keep these costs un­der con­trol and still save money.

“En­gage with a fi­nan­cial plan­ner to pre­pare a multi­gen­er­a­tional fi­nan­cial plan.

“The fi­nan­cial plan­ner should as­sess the fi­nan­cial po­si­tion of the aged par­ents and the adult chil­dren, and will build a work­able suc­ces­sion plan that pri­ori­tises ev­ery­one’s needs.

“Un­der­stand your aged par­ents’ fi­nances so that there are no surprises. En­sure that all le­gal and tax plan­ning is­sues are taken care of, es­pe­cially if there is joint prop­erty own­er­ship in­volved,” ad­vises Craig Torr, di­rec­tor of Crue In­vest.

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