Reasons to talk about finances with children
Money is a top reason for divorce, or so some say. But that is not really accurate. It’s not money, but proper communication about money that causes strife in relationships. Help create a better future for your child by talking about finances with them now. The more comfortable they see how you are in discussing financial issues, the more comfortable they will be with their future spouse.
Budgeting is a subject that is not even taught in school, but it is a very important tool to learn. Teach your kids how to budget, and they may gain more respect for you at the same time. Open your books to them; let them see just how much money it costs to have a house, cars, insurance, etc. It will help them to understand the sacrifices you make for their future.
Every parent wants their children to be successful, and we have a tendency to help, even financially, a bit too much.
As children become adults, they need to learn how to be financially independent. That starts with communication. Sit your child down and open your books to them. They will probably be surprised at how much money it costs to run a family. As you show them your numbers, show them how to start budgeting for themselves. Help them set up their own bank accounts if they do not currently have one, and help them to budget how much money they would need to save for rent, food, and necessities. Even if they can’t afford it all now, it gives them a plan and action steps to work toward.
Financial differences are one of the top reasons people get divorced; and financial issues will rarely, if ever, cause a divorce.
These two statements may seem to be at odds with each other, but they are not.
It is not the finances that cause conflict, but the meaning each person puts behind the finances. One partner may see money as a way to go on vacations, buy new clothing, and go out more often. However, the other partner may see money as a way to save for retirement and the feeling of security that offers. Every person equates money with a certain feeling or set of feelings, and it is those feelings that cause strife between partners in a marriage.
There is one reason why finances can negatively affect a marriage: When both people are not on the same page. And the number one reason both partners would not be on the same page would be a lack of communication. Chances are, if money is a negative stress factor in your marriage, you have not had good discussions on money. Remember, marriage is about compromise. You do not have to agree on everything, but if you can come to a good compromise on how you handle finances, your marriage will grow by leaps and bounds.