How to talk to a family member about their finances

Talking to a family member about finances can be a tough discussion, but it’s important to have these conversations, especially if you know all is not well. Here are some tips to help you get started…

Pick a good time and place: Find a time to talk when everyone is relaxed and not distracted by other things. A quiet evening at home is usually a pretty good option.

Be open and honest: When discussing finances, be open and honest about your own financial situation and your family member might be encouraged to do the same. This can help get the conversation started on the right foot.

Use your ears and be open-minded: Listen to what the personal has to say and be open-minded to their thoughts. This will help create a collaborative approach to any big changes that need to be made.

Don’t play the blame game: Don’t shame a family member for their financial choices or situations. Focus instead on working together to come up with solutions to right the ship.

Get help: No I’m not talking about Thor’s favorite con. If the discussion becomes too difficult or if you start talking about complicated financial issues, consider seeking out a financial advisor who might know the right things to say.

When talking to family about money, the goal is to help and not damage relationships. Keep that in mind if you have to have a difficult conversation.