Talking to Your Family About Money

Families talk about all sorts of things, but conversations about how to manage money often don’t make it to the top of the list. Whether you have children in your family or not, having regular and open conversations about each family member’s wants, needs, financial goals and means to attain those goals is important. These conversations are especially crucial as family members’ interests, priorities and spending power change throughout the years.

65 per cent of people say that one person in the household manages all the household finances on their own, while only 24 per cent say they and their spouse manage household finances equally. While it’s generally smart for partners to maintain some financial independence in a relationship, they also need to have shared financial goals and plans, as well as knowledge of where their family money is coming and going. Keeping the communication lines open ensures family finances are fair to both parties and reduces stress around potential money issues.

Here are some tips on how to communicate about money management with the adults in your family.

	Set aside a regular time to discuss money matters.
	Make sure you both have the time and energy to address each financial issue/scenario. If one person is tired or sick, find another day.
	Schedule a separate discussion if someone has a change in job or income status.
	Encourage each other to talk about any potential financial issues such as needing to borrow money.
	Be sure to remove all distractions, such as televisions, phones, pagers, etc. when discussing money matters.
	Keep each other regularly informed about all individual assets and expenses, as well as any changes in order to avoid surprises!
	Look closely at your financial situation, create a plan to stay healthy and commit to it.
	Be positive and constructive about solving any problems. Avoid blaming each other for financial differences or problems that arise.