Roles, communication, and making decisions together as a family.
35 terms
household spending money
A routine budget for daily household needs such as food, transport, and cleaning.
pocket money
Small amounts of money given regularly to a child for their personal needs.
expense tracker
A person or record that logs all household expenses so they stay under control.
family cash
A pool of shared funds used for everyday household needs.
account separation
An agreement between partners to keep some funds in their own accounts, not only in joint ones.
family finance manager
The family member responsible for managing cash flow, bills, and household financial records.
breadwinner
The family member whose income is the main source of household living costs.
maintenance
The obligation to provide for family members' living needs, generally governed by family law.
prenuptial agreement
A written agreement made before or at the time of marriage that sets out the separation of assets and debts.
separation of assets
An arrangement in which the husband's and wife's assets and debts remain separate during the marriage.
joint debt
A loan taken by agreement between partners that becomes a household responsibility.
personal debt
A loan taken by one family member in their own name, outside a joint agreement.
joint agreement
A financial decision made after discussion and approved by all parties involved.
family money meeting
A regular family meeting to discuss budgets, bills, and spending plans.
child education fund
Money set aside specifically for a child's school costs, from primary through higher education.
elderly parent care costs
Expenses for caring for elderly parents, including medicine, caregivers, and housing.
parental allowance
A sum of money given regularly by a child for their parents' living needs.
shared caregiving
Dividing tasks and costs among family members to care for a sick parent.
guardian
A person given the authority to manage a child and their assets, for example when parents are unable to do so.
trustee guardian
A person appointed by parents to care for a child if the parents die or become unable to do so.
child custody
The authority to care for and support a child, usually decided by a court when parents separate.
child support
A former partner's obligation to cover a child's living costs after divorce.
blended family
A family formed through remarriage, including biological and stepchildren.
stepchild
A child from a previous marriage who joins a new family without a blood tie to the stepparent.
adopted child
A child adopted legally or by custom and treated as a biological child.
foster parent
A person who takes on the caregiving and living costs of a child without legally adopting them.
monthly money
A fixed monthly contribution from family members to a shared fund or shared needs.
chipping in
Splitting the cost of something equally or as agreed among family members.
joint liability
A situation in which several people bear the same debt or obligation together.
guarantor
A person who bears repayment of another family member's debt if the borrower fails to pay.
financial power of attorney
A document that authorizes a family member to manage accounts or transactions.
inheritance
Assets left by a person and distributed to heirs according to law or a will.
profit sharing
Distribution of family business profit according to the capital share or an agreement made together.
family business capital
Funds pooled by family members to start or run a shared business.
consumer credit
A loan for household consumption needs, not for business or productive assets.
