Do’s and Don’ts of Talking Money with Family

Never postpone conversing about money with family members and when doing so, keep some of these points in mind:

• Don’t wait for a problem to make a start. Use dinner time to start a conversation, just the way you do to check on children’s progress in the school or your spouse’s day at work.
• For bigger financial decisions like buying a car or planning a family vacation, involve everyone with a clear budget available and how to make up for any short fall.
• Do not avoid difficult situations. If you disagree about an investment choice with your spouse, do sound out your concern. Silence, in money matters never helps.
• In case of major disagreements over money matters, meet a financial planner or family member, whom you all trust to get a view and suggestion on sorting the impasse.
• Most importantly, open up the conversation to the whole family—even younger members. The way children learn about money affects how they’ll respond to financial situations during adulthood, and learning to communicate responsibly is a great place to start.
• Set common goals, both financially and otherwise. Consider all that you share as a family, which may be financial assets as well as values, principles and even stories.

olmdesk@outlookindia.com