Family Finances

Family Finances

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Abstract

Finances are one of the most challenging issues in any family, and this article focuses on some of the ways to deal with money fights within the family. According to the author, some reasons why families get into money fights include increased spending or parents fighting on whether to help an adult child financially. Issues to do with money tend to make people very angry, given that a person’s money habits often run deep. Money can also influence other areas of a person’s life, including love and control of other people. The article offers some tactics on how to address a situation involving money fights within the family. These are meeting in a neutral place, focusing on one topic, hiring a professional to help hash out issues, active listening, maintaining respect for each other, and agreeing to disagree on some issues. People can choose two different strategies when it comes to conversations with family members regarding finances. The article explains some of the best ways to tackle to the topic of finances by consulting elderly parents, adult children, new partners, siblings, and spouses. The participants expressed different ideas on how they preferred to deal with money issues, with some expressing preference for a tough-love stance and others taking the fuzzier approach. The main findings of the article are that every family has money fights, and it is crucial to come up with a strategy on how to deal with finances within the family. Different families take different approaches, but it is essential to address such issues while maintaining respect for each other. One of the best ways is to hire a professional who can help family members come up with a plan on how to manage their finances and find common ground with other members of their family.

References

Stanger, T. (2017, April 06) “Solving Family Money Fights.” Consumer Digest. Retrieved from https://www.consumerreports.org/personal-finance/solving-family-money-fights/