Family Relationships and Money

by Miriam Caldwell | More from this Blogger

04 Dec 2006 10:06 PM

Money is a topic that many people feel is very private. They often do not discuss it with family. It can be difficult if you have different views about money than your family members. It can also be difficult to meet certain expectations that are placed on you by family members because of how they perceive you are handling your money.

If you have extended family that like to spend money, and may often spend more money than they have, you may eventually run into some difficulties. It is not uncommon for people who have managed their money well to be approached by a family member with a request to borrow money. This can be an awkward situation. It is one that you personally need to decide how to address it. Generally speaking, if you can not afford to give him that much money you should not loan it to him. There is always a chance that it might not be repaid.

Another situation may occur with expectations when it comes to family vacations or travel. You may not be able to afford to go to the family reunion or on the cruise with the rest of your family. It is difficult to come out and tell your family you simply can not afford the vacation. If your family members are spendthrifts, they may suggest putting it on a credit card, and then become upset when you refuse to do it. It is important that you keep your resolve and still remain respectful of your family.

Another time when difficulties might arise are around the holidays. While exchanging gifts is a great thing, it can bring undue stress to a family who is struggling. The pressure to provide gifts in a similar price range can be difficult, and becomes mores so if the families are large. You can suggest drawing names to save money, or you can have homemade gifts instead.

In each of these situations it is important to be as honest as possible with your family members. It is also important to be respectful of their decisions, and to express your hope that they can be respectful of you as well. If you are trying to get out of debt or avoid debt, share this with your family. This may help them gain a perspective on why you are reluctant to do certain things. It can help to eliminate any hard feelings that may develop.

Related Articles: Do Your Parents Influence Your Spending Habits? How to Handle Your Non-Frugal Friends I

How to Handle Your Non-Frugal Friends II

Learn more about Miriam Caldwell

Miriam is a SAHM mom of three children. She has a daughter who is seven, and two sons, four and two. She loves being a parent and spending time with her children.

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