How to approach parents about financial concerns as a child.

MUW Team

// July 6, 2023

Financial education, For families

Introduction

As a child, you’ve probably learned to talk to your parents about everything from homework to what happened at school. But talking with them about money can be uncomfortable, especially when you’re concerned about how they’re managing their finances. The good news is that with just a little preparation and practice, it’s easy to start the conversation.

Know what you’re talking about.

The first step is to make sure you know what you’re talking about. Before you approach your parents, try to educate yourself on the situation. This means learning about:

What resources are available in your family’s financial situation? Is there a budget? How much money does each person get for spending? Does anyone hold a part-time job or receive an allowance from their parents or guardians? These things will help guide the conversation and give context for how much control over finances each individual has.
What are some of the issues that concern you most at this moment? Are there any bills coming due soon that might cause problems for the family as a whole (like car repairs), or could be paid off by saving up some extra cash (like having enough money saved up for college)? Do any members of your household need financial support right now (new clothes/shoes)? Knowing what issue(s) matter most can help guide both sides toward solutions rather than just talking past each other because they’re focusing on different things entirely

Explain the situation.

Explaining the situation is the first step. You can use this opportunity to let your parents know that you’re worried about money and want to help them. It’s also a good idea to explain what you are worried about–for example, if there isn’t enough money left over after paying bills each month or if your family will get evicted from their home because they can’t pay rent anymore.

Tell them how much you care about them and how much it means to you that they raised you in such a loving way; this will make them feel more comfortable talking about finances with their child. Letting parents know that their child wants to help out gives them confidence in discussing financial matters with their kids because they won’t feel like they are being lectured or judged by their children when talking about money matters together as a family unit!

Be respectful and polite.

Be respectful and polite.
Don’t be condescending or rude.
Ask questions if you don’t understand something, but don’t assume that someone else will know more about your finances than you do–and never make an assumption about their ability to answer questions about money without asking them first!
Say “I don’t know” when appropriate, and ask for help when needed.

Be prepared for an honest conversation.

Be aware of your own feelings and how they might affect the conversation.
Be aware of the other person’s feelings and how they might affect the conversation.
Listen carefully to what is being said without interrupting or judging what is being said or who is saying it (this includes yourself). Seek to understand where people are coming from before offering feedback or taking action. Ask questions if there are things that you don’t understand or agree with; don’t assume you know everything about another person’s situation just because they’re family members!

Start with a solution in mind.

When you have a solution in mind, it’s easier to discuss the issue with your parents. You can explain why you think that particular option is best and what it would mean for everyone involved.

If your parents don’t agree with your ideas, don’t get upset or defensive–instead, listen carefully to their concerns and try to find common ground between them and yourself. Even if they disagree with everything you say, if they understand where you’re coming from and see how much thought went into making these decisions, then there’s a good chance that they’ll be more open-minded about working together as a family on solving this problem!

It may take some time before everyone is happy with any decisions made but at least now everyone knows where each other stands, so there will be fewer surprises later down the road when unexpected expenses arise again (which happens often).

Don’t be afraid to ask for help.

If your parents are open to talking about money, don’t be afraid to ask for help. If they’re not, then you’ll have to find another way (see below).

Don’t be afraid to ask for advice: Parents can offer wisdom about life in general and also about specific situations in which you may find yourself–especially if those situations involve money matters.
Don’t be afraid of asking them for loans or gifts: Remember that people love giving gifts; it makes them feel good! And as long as they aren’t paying off debts on their own dime, offering loans is often a good way of helping out family members who need some extra cash flow until payday comes around again next month–or even just until next week’s paycheck arrives at work!

Kids need to feel comfortable discussing money matters with their parents, but it might take some time before they feel ready.

You may want to begin by explaining the situation. For example, if your parents are currently paying for your cell phone plan and you’ve decided that it’s time for you to start paying for it yourself, explain why this is important to you. Then ask them if they’re willing to help with the transition.

If they’re not on board with what you’re proposing, try asking them how much money would make a difference in their decision-making process–and then see if there are other ways in which you can meet halfway between those two points (e.g., “I think $50 per month would be fair.”). If all else fails and no compromise can be reached between parent and child–or even if there is one–then ask yourself whether or not getting upset about this particular situation will actually help anyone get anywhere closer to reaching an agreement (and most likely answer: no).

Conclusion

We hope that this guide has helped you understand the importance of having open conversations about money with your kids. We know it’s not always easy, but we also believe that it’s worth the effort. When you and your child can talk openly about financial matters, it helps them develop good habits early on–and those habits will last a lifetime.