Talking to your Family about Money

Many families run like fine-oiled machines when it comes to handling chores, errands and daily activities. However, when it comes to their finances it is an entirely different story. Talking about money is often uncomfortable, but it is also one of the most important things for you to be on the same page about.

Out of convenience, it is common for one family member to be tasked with paying the bills. While this can help keep the process organized, it only works if all family members are abiding by the budget. For example, if one partner is working to save money and maintain a balanced budget and the other partner is spending frivolously, it can lead to financial problems quickly. Resentment and anger over money can lead to fighting and, in extreme cases, it can be a major contributor to divorce.

It is imperative for spouses to communicate openly and honestly about their finances. When your children are old enough, they should play a role in creating a financial plan for the family. Teaching your children about the value of money is a lesson that will benefit them for the rest of their lives. It can be as simple as teaching them to earn an allowance by performing chores or making sure they are aware of what items cost at the store. When you allow your children to take part in financial decisions it helps them feel important while also teaching them how to be financially responsible.

Money management skills are a lifetime gift to your children. When they become adults and you are ready to discuss their inheritance or how you wish for your estate to be administered, it will be a much more comfortable discussion. It can make the estate planning process easier and less stressful when you have your family’s input and support.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.