SJP How to have better conversations about money
Talking about money with your family
Money sparks more family arguments every week than almost anything else. Sometimes we’re arguing about who spent what, or how much. But often, it's about something more personal.
Questions such as ‘What would happen to my family if I died tomorrow?’ ‘What if all our inheritance goes on long-term care?’ or ‘Do you think our parents might be able to lend a hand with the school fees?’ can be difficult, and distressing. They can leave us feeling emotionally bruised, or side-lined, and cause family rifts.
No wonder that often, we don’t broach such subjects until we absolutely have to.
But if we don’t have those meaningful conversations, we can find ourselves rushed into a crisis decision that could cost us both emotionally, and financially.
Having a third party, such as a financial adviser, on board can be really valuable in bringing people together to talk openly about money. They may give you options and alternatives you hadn’t considered.
Preparing for a ‘money conversation’
Having open and honest conversations about money helps everyone achieve a better outcome. There are a few things you can do to help with these conversations:
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1. Prepare in advance
Think about the purpose of the conversation. What points are important for you to cover? What sorts of questions might come up?
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2. Pick your time
Check when’s a good time for everyone to meet. Big family events can be an ideal time to get the family together, but consider doing it on other occasions if the topic is sensitive.
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3. Invite everyone to share their views
Think about the purpose of the conversation. What points are important for you to cover? What sorts of questions might come up?
Check when’s a good time for everyone to meet. Big family events can be an ideal time to get the family together, but consider doing it on other occasions if the topic is sensitive.
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4. Don’t rush
It can take time and many conversations for people to arrive at the same page, so take your time. Nobody wants to be rushed into a decision they can’t afford or might regret.
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5. Get support
Ask a third party to help facilitate the conversation, such as a financial adviser. They’ll provide expert advice with a view from a third-party.
More on the benefits of financial advice
It can take time and many conversations for people to arrive at the same page, so take your time. Nobody wants to be rushed into a decision they can’t afford or might regret.
Ask a third party to help facilitate the conversation, such as a financial adviser. They’ll provide expert advice with a view from a third-party.
More on the benefits of financial advice
