Money remains a sensitive and uncomfortable topic for many households and families in Lesotho. Sadly, if families do not have honest and healthy money conversations, the unspoken expectations have the potential to negatively impact relationships. This week’s article shares tips on how families can work towards having healthy money conversations.
Set financial goals.
A good starting point is to set financial goals the family wants to achieve individually and collectively. Examples of financial goals can be a family trip in December, house renovations or savings for education fees. It is also important that families identify individual family member’s financial goals, discuss and prioritise them.
What goals does the family want to achieve?
What do individual family members want to achieve?
When do they want to achieve it?
How does the family prioritise each goal?
Does the family have a financial plan?
Have money dates.
Families (depending on the size and make up) should schedule money dates to discuss and review finances collectively. Money dates can be a family meeting, dinner or outing where families have an opportunity to talk about their finances. Money dates can also provide insights about individual family member’s relationship with money, how their upbringing impacted how they use it. Ideas on how to start money conversations can be:
How would you describe your relationship with money?
How did your upbringing impact your relationship with money?
How would you describe your money personality? Are you a saver or spender?
What are your deal breakers when it comes to managing money?
What financial goals have you always wanted to achieve? Why is achieving these goals important for you?
Are we happy with the current spending patterns?
What expenses are a priority this month?
Money dates can be once a month and family members should use open-ended questions to keep the conversation flowing. Family members should make money dates fun, exciting and non-judgemental. Be creative, host dates at new places, add humour and get to know each other’s financial personality.
Communicate and set financial boundaries.
Since money conversations are sometimes uncomfortable, many people avoid them. Unfortunately, if money issues or expectations are not openly communicated, this can lead to many problems. It is important for families to identify and manage expectations if there are any. Where need be, setting financial boundaries is encouraged. It is important to consult a qualified psychologist to help you navigate any issues pertaining to setting healthy boundaries if you are struggling. When expectations and boundaries are not openly communicated and managed, this often leads to conflict and resentment.
Money conversations do not have to always be uncomfortable because when families are aligned and have a financial plan, the overall relationship is healthier. I encourage you to have healthy and honest money conversations.
Likhomo!
