Money disagreements can ruin families, especially this time of the year.
Festive season is usually the time families come together and spend the most money. With all the extra groceries that need to be bought, family outings to fund and presents to be a good financial structure of splitting all the costs.
Try these tips to avoid unnecessary money quarrels with your family this festive:
We all have been in a situation where we would rather bite our nails than talk about money or expenses. Do not do this, try your best to communicate about it, do not make it a thing that you do not speak about or is awkward to bring up.
Recognise your financial differences in the family. Not everyone is on the same financial level, some do not get paid as much as others, others may have way more financial responsibility. Recognise and respect each person’s financial standing and split bills accordingly.
Avoid wild exaggerations, do not accuse family members of “never contributing”, before jumping to that conclusion, communicate and find out the reasons why.
Save, you can either have a joint family savings account or an individual savings account. Avoid last minute financial plans as this will contribute to family financial feuds.
Plan ahead, you probably know how many family members you have. If you are coming together during the festive season, plan the family holiday itinerary ahead, including the cost so that everyone can make the correct financial preparations.
Also see: Financial risk for festive season FOMO