How To Talk To Your Family About Paying Down Debt
If you have made the decision to get out of debt, congratulations! That’s a big step in the right direction, but in order for you to actually see results quickly, you will need to get everyone in your family onboard. After all, it doesn’t make sense to work tirelessly saving up money if your family members end up spending it on something else. Of course, we live in a society that makes talking about money somewhat taboo and uncomfortable, so it can be hard for some people to do. In order to make things easier, we made a tip sheet for those in need. We hope it helps!
* Have a plan before you sit everyone down. Come up with a couple of brief aspects that you want to cover. You may want to talk about each person’s spending habits, what will happen if you don’t get out of debt, as well as the overall expectations you have from each family member.
* Remind them that you cannot do this alone. Appeal to their need to be part of a team. This is a team project, and it’s something that will affect everyone.
* Bring your children into this meeting, too. This can be an excellent opportunity for kids to learn about debt relief, and learn about how to manage their money. Kids often react very well to being included in more adult responsibilities, and showing them that you are taking control of the situation is a good way to lead by example.
* Allot budgets to everyone, and have a way of keeping it reinforced. Everyone is going to need to stick to their budget and make changes in order for this plan to work.
* Make sure to keep a positive spin on everything. If you need to, tell your family that this situation is temporary, and that it will make everyone stronger after the fact. Optimism is key.
* Have some alternatives to regular family activities in mind, and keep your family happy by showing them that you don’t need cash to be happy. You want to highlight the good about being on a budget, and provide happy alternatives to expensive meals, activities, and items that you may have had before.
* Avoid accusations. Unless you want the meeting to potentially turn into a massive argument, don’t blame anyone. Everyone makes mistakes. Now, it’s time to pick up the pieces, and you should work on that together.
Talking about debt is never easy, especially if you aren’t the type of person who is comfortable talking about difficult subjects. However, you will need to talk to your loved ones in order to make this plan work. The sooner you talk to them, the better off you will be.