Talking to Your Family about Money

Previous generations had a strange taboo about discussing money, especially with children. Even now, most kids leaving home have only the slightest financial education, often not knowing how to properly balance a checkbook. Is it any wonder there is so much family strife caused by money?
You must first have a financial plan. When the paycheck comes in, pay yourself first by setting aside at least 10% for savings and investments. Explain to your kids that saving for the family’s future and paying the bills comes first. Sit down and explain the realities of your financial situation. If the kids are lobbying to take a trip to Disney World, for example, then work up a plan to save the money to go.
Get the kids involved by exploring the costs of the proposed trip with them. These hard realities may be a bit shocking to them to learn. How can they know how difficult it is to pay a mortgage, homeowner’s insurance, utilities, health insurance, buy food, clothing—all the responsibilities that you have, unless you tell them? You may be surprised at the maturity that they will show when they understand the reality. Speaking of kids, if you are looking for some leather or messenger diaper bags
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When they want to go to the movies, or shop for those fancy athletic shoes, let them know how much longer that will delay the trip. Take the emotion out of the equation and discuss money in a matter-of-fact way that clears up the murkiness and mystery.
One of the first rules of good communication is listening. Hear everyone out patiently. Resist the temptation to jump in until they have had their full say. Above all, never belittle anyone’s expressed desires. Even if their desires seem silly to you, show them that you respect their needs and dreams.