Parents and Money Relationships

Overview:

It’s complicated! Isn’t it? Discussing money with Parents at any stage of life is tough. The moment we decide to discuss money matters with our parents, most of us have the habit of rehearsing various situations and what to speak. Right from our childhood till our studies are over, we are dependent on money we receive from our parents.

It’s very important to discuss money matters with parents as that develops as a habit and avoids confusion at later stages of life. Children tend to ignore discussing money with their parents as it is considered as taboo. Sometimes, confusion might create conflicts especially when children are staying with their parents. Make it a habit of discussing your investment plans and logics with your parents; you might get a handy tip out of their sheer experience.

There are 5 important ways to get going on money matters with your parents:

  1. Make it a Sunday-to-Sunday affair: You can kick-start the discussion while reading the Sunday morning newspaper. Pick up a topic from the business section of the newspaper and gradually link it to your own agenda. It will make the discussion quite light and healthy.
  1. Ask for Advice: Never shy away from asking for advice from your parents on financial matters. They certainly have the experience and have seen a lot of economic cycles.
  1. Start with an example pertaining to somebody else: Rather than hitting the cord straight away, take an example pertaining to a close family member or friend. It acts as Ice-breaker and sets the tone for rest of the discussion.
  1. Never get into aggressive mode: There could be situations when your parents might scold you or your spouse on money matters. You might have bought a new mobile; they could feel that it is overspending. But you need to sit with them and explain the reason behind buying something. There is no point in getting aggressive. There are few things which you need to ignore considering generation gap.
  1. Become an advisor for your kids: Whenever you wish to discuss something with your parents, start a topic of similar nature with your kids and slowly turn the conversation on to your parents. This trick works wonders. Since it has dual benefits. You are getting and giving advice at the same time. Your Parents will also be more involved when the matter is related to their grandchildren.
Updated: December 21, 2016 — 6:15 pm

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