Having Tough Money Talks With Loved Ones

By Lynnette Khalfani-Cox, The Money Coach®

No matter how tight a bond you may have with your loved ones, it can still be challenging to talk to them about sensitive financial topics. After all, money is often regarded as a taboo subject. Even worse: disagreements about financial matters can potentially strain your closest relationships.

That’s why it’s so important to get the timing right when you need to have difficult money conversations with family members. Unfortunately, many people initiate crucial money talks at the worst possible times.

Here are examples of poor times to have a serious financial conversation:

  • In the middle of an argument, anytime you are upset, or the other party is already angry.
  • Amid a family crisis, since you or relatives may not be thinking clearly..
  • When someone is working, studying or otherwise busy with scheduled activities
  • When your loved ones are enjoying highly anticipated leisure time, such as watching their favorite sports team on TV.

To avoid unnecessary stress, a better strategy is to plan to have meaningful money conversations. Do this by requesting to talk in advance, politely recommending a time, and relaying the general topic that you wish to discuss to the other person.

It also helps to suggest a time limit, as in: “Can we take 30 minutes this Saturday afternoon to talk about Mom’s medical bills?”

By paying attention to your timing, you’ll have more productive and harmonious financial conversations with your loved ones.



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Extra Credit provides general information to help improve our Member’s financial lives. Every situation is different, so please contact us for guidance on your specific needs. The advice provided in Extra Credit is not intended to serve as a substitute for speaking to a loan representative, financial advisor, or GreenPath Financial Wellness counselor who can help tailor a solution for you.

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