Why talking about personal finance with your family is a must?
29 Nov, 2022 . 4 min read

Why talking about personal finance with your family is a must?

Transparency with your kids, spouse, friends, and colleagues is practical. However, it can be difficult to achieve transparency with everyone. Especially in India, we often get to see our closest friends talk about the silliest of secrets but they consider talking about money taboo.

People are open to discussing romance, religion, medical situation, and politics, but never their salary or financial status.

But we can’t stress enough as we say talking about personal finance with your family is crucial. It’s about your security and future. Not revealing things beforehand might lead to complex cases ahead.

Let’s find out what benefits discussing your personal finance with your family can bring you and them. After all, a reward is always a motivation to get us to do our work, isn’t it?

But first, let’s discuss “The Money Taboo”

The social stigma about discussing your financial status or condition with other people in your community or society (more so in Indian households) is considered to be “The Money Taboo.”

The origin of this lucid idea came from British society where discussing finances is considered to be rude and gauche. Upper-class families often keep their finances private as a practice of good behaviour. But the intensity of this social stigma in India is concerning.

Indians tend even to consider seeking financial advice as embarrassing behaviour. Society shapes it as a disrespectful matter. Such misled perspectives about money are the base of the socioeconomic shortfalls in society.

But in reality, discussing your finances is highly essential and proves to be beneficial for you. Let’s find out how.

Benefits of talking about Money

Listed down are the advantages of discussing personal finance with your family.

Save money

When you become financially savvy, you tend to keep a check on your expenses and understand what’s value for money. From insurance to shopping for home appliances, how do you get the most out of your budget? You can compare your expenses to those of others in similar conditions and analyse your financial situation.

Achieve your goals

You might be looking for mortgage payoffs, planning for retirement, trying to maximise your savings, or expanding your budget, discussing your financial goals with your family will bring in helpful solutions to fulfil your needs. You get valuable insights and guidance about covering your options and reaching your goal.

Strengthen your relationships

Honesty rewards all relationships. Being transparent about your finances in front of your partner helps build a healthy relationship with them. From paying the bills or buying a new family car, money is an important factor that’s part of your daily life. It can be tough to discuss finances but try taking out the emotional sting from such conversations and have a normal one.

Lower your stress and anxiety

Money can bring stress to anyone. You may be worried about your bill payments or your level of debt. There are many ways to deal with financial anxiety but the most effective and easy way to overcome such anxiety is to discuss your finances with your friends and family properly.

Make your life easier

It can be daunting to discuss your finances with a loved one when you aren’t able to make decisions anymore. But it’s worth trying. Discussing your assets and life assurance provisions makes it easy for you to cope with difficult situations.

Still in doubt?

Your child needs a good example of financial stability. Discussing money with your family can be the beginning of that lesson. Every parent needs to instil value and foresight towards their children. It is highly important to talk money to family while there is still an appropriate amount of time left for the uncertainity to happen.

Talk to us for more insights. While you’re at it, our legal team can help you draft a Will and help you make future security arrangements for good.

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