Tips to discuss sensitive money matters with family
Money is a touchy subject, which can divide even the closest families. To protect your finances and preserve your close relationships, it’s crucial you tackle these conversations the right way. Here are five ways to display decorum when talking money with your family.
1. It all comes down to timing
There’s a time and place for everything, and so too is this true for discussions about money. Asking your adult children about their finances as they walk through the door or in the middle of dinner probably isn’t a good idea. Finding the right moment to broach the topic can be as hard as bringing it up itself, but it makes the conversation much easier.
2. Remember to have a conversation
Especially with adult children, it’s important to remember you’re having a conversation. While you may be well within your right to criticise, it can really send the conversation down the wrong path. Remember that you’re having a conversation. By avoiding the urge to criticise there’s a better change you can find common points you agree on.
3. Honesty and openness is key
Lies and deceit too often find their way into money matters regarding family members. If you’re being honest and open with your family members they’re more likely to reciprocate. Honest and openness is the key to success when discussing money.
4. Don’t expect to come to a resolution straight away
Good things take time, and you need to understand that you won’t be able to solve all your problems at once. By being mindful of the fact that you’re probably not going to come to a resolution straight away in your money talk, the conversation can be more practical, useful and help you come to a goal that is significantly more realistic.
5. Make sure you also listen
And, as is the key with any important conversation, when you’re talking money with family members it’s important to make sure you also listen. With both parties at pains to listen to each other, there’s a far better chance that the conversation will be constructive and the two of you will be able to come to a conclusion that meets everyone’s expectations.
Have you ever had to have a tough conversation with a family member regarding money? What was your approach, and did you think it worked?
Let us know in the comments.
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