Important Discussions: How to Talk to Your Family About Money

It can be difficult to discuss finances with your family, but if you are facing trouble, then you’ll want as much brainpower as possible on the task of keeping the ship afloat.

Swallow Your Pride

If your financial situation is dire, yet your family isn’t aware of it, the chances they act in a way that puts your financial situation in the ICU increases.

Frame the Problem Correctly

The way you frame an issue helps to get everyone on the same page. First, you need to think about the problem correctly in your own head. .

A Quick Look at Bankruptcy

Looking at US bankruptcy statistics can help to support this point. Only five percent of bankruptcies in the US are attributed to reckless spending.

A Quick Look at the Federal Minimum Wage

Some states have taken it upon themselves to raise the minimum wage in their jurisdictions, and federal employees will see wage increases to $15 an hour.

Make it a Family Effort

Frame your financial issues as a challenge to be overcome through a united family effort. Talk openly about the ways you can work together to overcome your financial hardship. 

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