How to Approach Your Family When Discussing Financial Problems

Financial difficulties plague many. In addition, many people don't like to talk about money with others, and this tends to compound the problem when secrets are kept from the rest of the family. The following are some tips to use when you must discuss financial difficulties as the situation has become so dire there is no other choice.

A Difficult Topic

Recognize that talking about money isn't easy for people. In fact, Wells Fargo conducted a study in 2014 which found that people find it harder to talk about their personal finances than they do about death, religion, politics, and personal health. Nevertheless, finances remain one of the major stressors in life, and men and women need to recognize this and discuss their problems with others. Don't let the problem get so bad that family members are blindsided when everything falls apart. This is the main thing to keep in mind as you move forward and look for a solution to this problem. Lack of communication is one reason many relationships fall apart and you can learn more from adzlaw.com about options available to you if the relationship or marriage has already reached the point of no return.

Schedule Regular Talks

The best way to ensure everyone is on the same page when it comes to family finances is to set aside a regular time for money talks. This way one or more family members won't feel like they are being singled out or attacked during the meeting. Never wait until the situation has reached a crisis stage or someone desperately needs money. By making these talks a regular part of family life, the meeting becomes less tense and everyone is more willing to participate and contribute ideas and suggestions.

Attitudes Toward Money

Be aware that people look at money differently as they move through the various stages of life. For this reason, a person must be willing to listen to everyone's point of view. Monetary gifts are a good example of the generational divide. Older Americans look at a gift of this type as a way of showing their love. However, younger generations see a monetary gift as a way for the giver to have influence or control over the younger person's life. By being aware of these different attitudes, family members can obtain a different perspective on where everyone is coming from and try to find a common meeting point.

Be Open and Honest

While there is no reason to pull out your bank and credit card statements and share every transaction with family members, it is best to answer any questions openly and honestly. The goal is to make everyone aware of your current financial situation so they aren't surprised when cutbacks have to be made. People like to know what is in store and finding out at the last minute that the funds are lacking for something is never pleasant. By sharing general information without going into minute details, everyone will feel more comfortable knowing where they stand and what to expect.

Money problems are very common. Sadly, if they aren't addressed promptly and in a positive way, they can lead to problems within a relationship or family. Try to minimize the risk of this by making use of the above tips. While very few people wish to discuss money, doing so is required. When handled properly, this conversation isn't as unpleasant as many imagine and can actually make a relationship stronger rather than hurting it.