How to Talk to Your Parents about Money (For Young Adults)

February 27th, 2007 • Related • Filed Under • by admin

If talking to your children about money is like holding their hand while they try to ride a bicycle for the first time, talking with your parents is like holding their hand while you walk through a minefield with them. There are a few instances where you might come out okay, but there are a lot more where things could go very badly. A lot of young adults absolutely fear talking to their parents about money probably because their parents will see them as failures and they do not want to let their parents down. When it’s time to have a major talk, sometimes the neighbors think an all out war has begun. It happens a lot more than you think, but oddly enough, this situation can be very easily avoided.

Here are some tips that you can make use of to make a discussion about money with your parents go a bit easier:

Be Honest – If you are lying to your parents about money, such as hiding debt or not being forthright about where your expenses are going, be open about it. This will help your parents get a better idea of where you are financially so that they can help you. This will also encourage your parents to be open when it comes to money as well.

Don’t Come in Firing – If you go into the conversation with the idea that one of you will win and one of you will lose, you will both end up losing. Look at the situation as a way to improve yourself, rather than a way to suck some more money out of your parents. Be calm, honest and thoughtful in your words.

Ask Questions – The reason you are probably having that is conversation to begin with is because you have some questions that are inside of you that you weren’t able to answer yourself. Maybe that’s what got you in a mess to begin with. Your parents have been making use of this money thing for decades, so maybe they know a bit more about it than you do. Be sure to ask each and every question that’s inside of you.

Don’t Get Angry – Chances are your parents will make a statement or give you a suggestion that’s going to make you angry. Most of the time they don’t mean it and just want to help you, but the feelings come up anyway. We get defensive and start arguing back, but chances are what you are being defensive about isn’t worth arguing. Remain calm, no matter how mad you are at your parents.

Talking to your parents about money is definitely not easy when you’ve made a financial mistake, unfortunately it doesn’t get easier from here. Wait until you’re in your mid-40’s, doing very well with money, and you notice that your parents aren’t doing the smartest things with money, then you’re in for some real trouble.