Preparing for major life events like marriage and parenthood involves careful planning and effective budgeting. Explore how budgeting helps manage significant life transitions by setting goals, controlling expenses, and planning for the future. Tune in for valuable insights and expert advice on managing finances with your partner as you navigate key life changes.
Dr. Pushpa Wood is the Director of the Financial Education and Research Centre at Massey University, with a robust background in adult and financial literacy advocacy. She has previously served as Education Manager at the Commission for Financial Literacy and Retirement Income and has contributed significantly to literacy and financial education across various sectors.
Dr. Pushpa is also the Chairperson of the Adult Literacy Practitioners’ Association and is known for her expertise in developing educational resources and training. Her research focuses on financial behavior change, women’s future planning, and culturally appropriate evaluation tools. Additionally, she has a specialization in Hindi language and literature and serves as an expert witness on Indian culture.
In the episode of On the House, Dr. Pushpa Wood discusses the multifaceted nature of household management. She emphasizes the importance of leveraging each family member’s strengths in managing finances and other responsibilities, while also preparing children for financial independence through practical budgeting skills. Dr. Wood stresses the need to distinguish between productive and destructive debt.
Dr. Pushpa explores how major life changes impact budgeting and financial planning. She underscores the need to anticipate changes in income and expenses. She also advises planning for both immediate and long-term expenses, suggesting practical approaches to manage financial adjustments effectively.
Having financial conversations with a partner can be challenging, especially if one is reluctant, with men often finding these discussions more difficult. Dr. Pushpa showcases practical strategies to involve the partner in budgeting decisions or setting clear roles. She also suggests methods to control spending.
This episode emphasizes the importance of open communication about finances within relationships and families. It provides practical strategies for involving partners and children in budgeting, promoting shared responsibility and financial literacy. By implementing these approaches, families can foster a healthier financial environment and improve their overall financial resilience.
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