Discussing Life Changes
We're all in this together
When the government needs money, it can create more. When a family needs money, they need to either go out and earn it or cut back on something and save it. And, for the most part, the state of the family budget probably dictates what you do and how you live.
Money can be one of the most difficult topics to discuss and still maintain a level head. There never seems to be enough coming in to respond to the seemingly never-ending line of requests for the funds you have. Add in the possibility of a surprise car repair or a leaky roof, and you triple the fun.
Maintaining the family budget should be a family effort. It's neither easy, nor pleasant, to admit to yourself or those you care for that there just isn't any money to do the things you want and need to do.
The best way to get everyone on track is to tackle the conversation early and get comfortable talking about what it takes to keep your family going financially.
Here are some tips to get things started:
- Set the record straight. Many people think that talking about money is taboo, especially with family members. Still, if you want people to participate in the solution, you need to give them some solid information to work with. It doesn't need to be the specific inflows and outflows of each transaction, but you'll want to discuss the overall financial stability of the family and what that means to family members.
- Get people moving in the same direction. You can’t have everyone helping for the common good if they all have different ideas on what that common good is. Discuss the long-term goals for your family. Will you be saving for college? Do you need to buy a new car? Do you want to remodel the house? Once you determine the goals, you need to talk about how straying from those goals threatens the possibility of attaining them.
- It's all about priorities. Talk about what everyone needs and then determine where those needs fall in order of importance. It's hard to agree that someone needs a new music player when the dishwasher is broken.
- What's our plan B? Things happen. Even the best-made plan can falter when some unplanned event interferes. Try talking about how your family might respond if you needed to take money from one place to fix a problem somewhere else. Is there a better way to approach the problem? Will a short-term fix lead to bigger headaches down the road?
The family budget isn't a deep pool to draw from whenever somebody wants or need something. More often than not, it's a whirl of activity that wrings the most potential from every dollar. It's challenging enough to manage as it is. Talking about managing it together can only help.
This article is provided for general, informational purposes only and is not intended as advice specific to your situation.
