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How do you talk to your family about money? Share with GuardianCard - £200 voucher to be won

(194 Posts)
LucyBGransnet (GNHQ) Mon 08-Feb-21 11:26:01

Whether you’re discussing who has responsibility over your finances or who pays the bills each month, money can be a difficult subject to broach, even with your closest family. Talking about money can make us feel awkward or uncomfortable but these conversations are important and could make your family’s life easier. With this in mind, GuardianCard would like to hear your experiences of talking to your family about money.

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When did you decide to talk to your family about money and how did you get the conversation started? Did you find it an uncomfortable or difficult conversation to have? Have you spoken to your parents about your role in organising their money? Or have you had a discussion with your children about their involvement in your finances? Have you had to give some control of your finances to another person during the pandemic, for example to someone who does your weekly shop?

Whether it’s a conversation you’ve had time and time again or you’re yet to broach the subject, we want to hear from you. All who post on this thread will be entered into a prize draw where one lucky GNer will win a £200 voucher for a store of their choice (from a list).

Thanks and good luck!

GNHQ

Insight T&Cs apply

songstress60 Fri 19-Feb-21 08:27:15

I have no children but I am wary over talking about money to family because some in my family are downright greedy, materialistic and money grabbing. If I did have alot of money it would go to my great-nephew who has always treated me well

DolphinTreeFrog Fri 19-Feb-21 10:01:48

only tell them when they ask.

Isis1981uk Fri 19-Feb-21 10:57:40

I let my son manage his own pocket money - if he wants to blow it on sweets he can, but I advise him to save up for something that he really wants. I also make it clear that it's important to work to earn money to pay for bills and to buy what you want.

Minnibix Fri 19-Feb-21 11:36:01

I find talking about money with my family I still haven't got round to discussing it yet. Hopefully this thread will give me some tips

Lorraine1602 Fri 19-Feb-21 11:56:00

As an only child, my daughter knows that she will eventually inherit any money. I have told her that when I sell my house and move to somewhere smaller, I intend to spend my money on me, as I have spent all my life putting others first. That doesn’t mean that I won’t still help her and her husband out if they need money, but it’s in the form of a loan, to be repaid, which they are happy with. I give my grandchildren of 2 and 5 £1 each pocket money, which they save until they have enough to buy what they want. I prefer to have a small amount of saved money, which they are unaware of.

GrandmaAngie Fri 19-Feb-21 13:42:30

Our family have always talked about our finances. Myself, DH, DD and SIL, DS and DIL all speak about finances quite openly. My DD and DS know all our passwords and we know theirs. In fact we made a point of telling them to make things easier for them when the time comes. They've even got a copy of our wills. My DF who is 96 never talks about money. Maybe a generation thing.

otherwiseknownasGrandma Fri 19-Feb-21 14:26:15

My adult children are both savers rather than spenders. Good job as both have seen their incomes plummet over the last year and would have been in serious difficulty without their rainy day savings. We often discuss finances.

Katyl Fri 19-Feb-21 17:31:01

We are very open about talking to our family about money. We try to encourage budgeting and saving for things rather than get now pay later. If you really want something it is worth working towards it and then appreciating.
We have discussed everything from managing a budget to long term investments.

SJPKGP Sun 21-Feb-21 08:19:52

I find the subject of money quite difficult as my grown up son is hopeless with it, and my grown up daughter is really careful. So I have to tailor my advice to suit each case. I don't think young people are prepared to save and wait for things today, like we did, so sometimes I think it is hard to give advice as it doesn't fit with what they feel is 'normal'.

AliBeeee Mon 22-Feb-21 12:29:27

I have set up a power of attorney and discussed it in detail with my son and daughter in law, who would be the attorneys.

Wendyp Mon 22-Feb-21 12:41:53

I take care of my own finances at present, but have had the delicate conversation with my eldest son about where to find all the relevant information to my will, investments and bank accounts for when the time arises.

fionajk42 Mon 22-Feb-21 19:30:25

We've discussed money with our children since they were teenagers. We tried to impress upon them how to be careful with money, not sure we've been entirely successful.

bobble5366 Tue 23-Feb-21 13:14:30

I have made a will, I'm still working, and have nominated my 2 sons to have my pension 50/50, and let them know my wishes for a funeral.

Seakay Tue 23-Feb-21 17:32:13

I'm quite open about money with close family, although not always going into fine detail.
We were all brought up to be responsible and to know that our debts were our responsibility, that saving for something expensive was usually better than using credit and that it wasa wise to think about the future

hamisha Tue 23-Feb-21 21:06:39

When looking to guide my children I focus on the value of making long term investments/payments, the potential for committing to small monthly contributions by giving up spending on something that might not really be needed now for something more valuable in the future.

SusannaCallaghan Fri 26-Feb-21 20:20:53

We're open about money amongst ourselves but don't talk about it between the generations. Mainly because they refuse to discuss anything.

JulieAAA Sat 27-Feb-21 20:52:30

I've always tried to talk to my children about money, and the value of it, and I think they've learned how to be very sensible with money. I'm very proud of them for that.

dahville Sat 27-Feb-21 22:20:41

My Mum has just entered a care home as her dementia has progressed to a stage where she cannot live with my sister anymore.

My siblings and I have just had to have the money talk and it was awkward.

Two of my sisters have POA over my mother’s money and another sibling and I hold the health POA.

My mum made her wishes clear so three of us don’t have a problem following her very clear directives. It is only one sibling who fights everything.

My feelings are to be clear to the point of bluntness with your family so there is no doubt about how you want finances handled. And, as a POA, respect the person’s wishes. Anything else is offensive.