Talking about money is a challenge in many families as personal finance is frequently viewed as a taboo subject.  Poor communication about money is often a major reason for financial problems in a family.  When families are unwilling to discuss money, even the best financial plan will fail.  Communicating about money may not be easy or come naturally, but it is important.

Creating a system of open communication about money in your family may take time and effort.   Regular family meetings to discuss finances should be held rather than waiting until problems occur.  During family meetings, shut off the television and telephones to avoid disruption.

Allow even young children to participate in family discussions related to money.  It is important to keep discussions developmentally appropriate, but young children can learn much about money management by participating in family meetings.  Share the basics of the family budget with all members of the family.  Involve family members in shopping decisions and teach children how to shop using a budget.

It is also important for all family members to participate in setting goals.  Is your family’s goal to go on a vacation in the future?  Make a chart that shows the amount of money that needs to be saved for the vacation, and each month mark how much has been saved towards meeting the goal.  If your family’s goal is to pay down debt, create a chart demonstrating progress.  Make sure and celebrate when the goal is met.  Including your children in financial conversations will teach incredibly valuable life skills.