Effective financial communication is key when parents are launching young adults.
Both generations are the beneficiaries when parents agree on how to manage their financial resources.
Learning how to communicate openly about financial matters is crucially important for all couples when it comes to resolving fiscal conflicts, butWe all have complicated feelings about what money represents, and we all carry with us long-standing beliefs regarding the best way to generate, save, budget and invest money.
As our children grow up, should we pay them for their contributions to household functioning, like mowing the lawn or babysitting a youngerWhat kind of budget should be in place when it comes to gifts for birthdays or holidays?during the stage of early adulthood—these stakes go up because the amount of money being considered may be going up, as well:At what point do we ask a young adult child who is living at home to begin paying some form of rent?How much money should be earmarked for...
With this in mind, open communication is crucial. And communication of this sort requires parents to continue to develop relational skills that, even after many years of partnership, still require carefulRespecting and negotiating differences, and seeing these differences as assets rather than liabilities.
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