facebookFamily Finance: Open Communication or Family Dispute? How do you discuss finances with family members and prevent arguments over differing views - Seedly

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Just Being Ernest

Content Creator at www.youtube.com/c/JustBeingErnest

03 Jun 2024

Couple Finance

Family Finance: Open Communication or Family Dispute? How do you discuss finances with family members and prevent arguments over differing views

Talking money with family can be a recipe for arguments.

What are your tips for fostering financial harmony!

Discussion (3)

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Kent Toh

Edited 10 Jun 2024

Consultant at Sprinklr

Every family dynamics are a little different. No judgement.

When you are married, you will see and learn to accommodate. With spouse, and his/her family.

Some deem money more important than the others, find and pick the right person with equal wavelengths to talk to. Form 'alliances' if you need to.

If there is a need to compromise, then you could do some prep work (individual or as a team), prepare clear steps and proposal along with evidence.

Need to be logical and not emotional.

Ultimately, be patient.

I'm lucky to have easy-going & trusting spouse, parents & sibling.

My spouse follow my financial decision, my parents are open to my suggestions (except on spending less on their grandkids) and my sibling & i dont "look forward" to our parents' money (individually independent & also parents are splitting in equal shares). All of them willingly transfer me the money whenever i ask for it - to invest, to split birthday celebrations' bills, to grow CPF, etc.

Most important tip is to communicate! That is how you understand each other's [goals and targets...

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