Talking about money in relationships can be quite challenging, so here are some tips that might help!
Did you know that 61% of women are more willing to talk about their own death than to discuss money with friends and family?! Yikes!
Talking about money in relationships can feel like stepping barefoot on LEGO blocks: it’s awkward, painful, and something you'd rather avoid altogether. But these conversations are important because they not only protect your finances, but also your relationships and mental health in the long term.
And there’s an even bigger challenge when you have a deep relationship with your family or feel a sense of obligation to them. Not to mention, cultural expectations can add an extra barrier to talking about money with family.
There are many awkward money moments that can arise with family:
💰 Loan for emergencies
💰 Supporting a family member through a tough time
💰 Repaying a loan on behalf of family members
💰 Cultural expectations to pay for family members
💰 Running a family business
💰 Paying for medical bills
However, in all these scenarios it’s important to be aware of the impact of financially supporting your family on your own personal money goals.
It’s time for financial boundaries
If you start to feel angry, resentful, stressed or uneasy when the topic of money comes up with your family, it’s time to set some financial boundaries.
Reflecting on the below questions might help you figure out how you feel and what your boundaries need to be.
Take a deep breath and give yourself a pat on the back. You’ve just taken the first step to financial self awareness!
In the next article, we’ll cover how to set financial boundaries, tips on navigating cultural expectations in money conversations, and understanding the risks of financially supporting your family.
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