EP086 Are your financial demands hurting your family?

Talking with your family about your money and financial demands can be a difficult conversation, but it is certainly an important one. Over 96% of families with children between 18-35 admit that they help their children with their financial burden – including life expenses such as rent and groceries, often at the expense of postponing their retirement. While it can be tempting for young adults to stay in the mindset of accepting financial help from your family or to believe that your family should be taking care of you, how would you feel if it meant that they weren’t taking care of themselves?

 

On today’s episode, I explore how the financial demands of many young adults could be hurting their families and loved ones. I discuss ways you can help yourself and your family to become financially fit, why it’s important for parents and their children to communicate the financial demands that will impact everyone involved, and how a little planning and preparation can help you meet your financial goals without hurting your loved ones. I also share how you can find a financial solution when your family cannot assist with your financial needs.

“It can be a challenge to achieve everything you want financially, but with communication, a plan, and commitment – you can do it.” – Tracey Bissett

 

This Week on Young Money:

 

• The importance of being thoughtful and realistic about your financial needs.
• The importance of setting realistic goals and plans for paying back loans.
• How to prepare for financial conversations with your family.
• Why you should plan a time to talk with your family about your money-related concerns.
• How to come to a mutually agreeable solution.
• Why you should consider other solutions that may decrease costs or increase your income.
• How to plan for unexpected costs associated with home ownership.

 

3 Tips for Discussing Your Financial Demands with Your Family:

 

1. Think through your financial request fully.
2. Schedule time and prepare for your money talk.
3. Find a mutually agreeable solution.

 

Get Your Young Money Questions ANSWERED!

 

Want to learn more about how you can stay financially fit? Or do you want to leave feedback about the show?  Leave a voice message here!

 

Remember – there is no silly question when it comes to your financial fitness.

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