Talking to the rest of your family about finances?

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Talking to the rest of your family about finances?

Post  TP on Tue Oct 25, 2011 11:39 pm

How much do you know about other members in your families finances? How much do they know about yours?

Does anyone give advice good or bad?
Do you discuss it? Do people make comments? Got anyone very rich in your family? Use this thread to discuss it and anything about families and money?

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TP

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Re: Talking to the rest of your family about finances?

Post  Teresa on Wed Oct 26, 2011 9:12 am

my parents know about our financial situation and we know about their. but thats pretty much it.
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Re: Talking to the rest of your family about finances?

Post  alec eiffel on Wed Oct 26, 2011 6:56 pm

We have been talking finances quite a lot recently.

Dan's dad knows nothing about our finances at all. My parents and I talk in general terms about things - I know about their will, their investments, savings and so on and they know our financial plans - but we don't know the specifics in terms of how much we all have. We've been talking to MIL about it because her husband is ill so we've been talking about wills and stuff. Dan has also taken over being the executor of his step-dad's Aunt's will incase his step dad dies before she does. Dan has been whisked away with his step dad to learn where all the money is, who to contact to deal with his pensions, how to access accounts and deal with solicitors when he dies. It's been a little depressing and very upsetting for MIL, but it needs to be done because he's very ill.


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Re: Talking to the rest of your family about finances?

Post  TP on Thu Oct 27, 2011 11:09 am

I know roughly my parents finances and they have given me and my sibings copies of thier will. Everything fair and square and left to their three children thats the way they want it to be and they wanted it all to be clear. My mum thinks she was treated unfairly by her own mother with favouritism shown towards her brother so maybe this is why she is upfront and organised.

I suspect my parents roughly know mine its not really discussed alot. They dont ask many questions.

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Re: Talking to the rest of your family about finances?

Post  marciared on Fri Oct 28, 2011 12:18 am

Our family always talk about what we dont have not what we do. Shocked
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Re: Talking to the rest of your family about finances?

Post  appletree on Fri Oct 28, 2011 2:24 am

marciared wrote:Our family always talk about what we dont have not what we do. Shocked

^^^^^^^^^^^^^this, we talk about what we would spend if we won the lottery but little else! I don't want my parents to know about our finances and theirs is none of our business. I do know if we were ever in trouble I would be able to go to them for help though Smile
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Re: Talking to the rest of your family about finances?

Post  flibsey on Fri Oct 28, 2011 4:40 am

I prefer not to discuss money, but me and my mum often end up doing it anyway! and when i get started, I can't stop!! basically, we're skint most of the time. so are my parents, and their idea of brassic is similar to ours. especially seeing as dad's just had to take a pay cut Sad

I don't like talking about money with my brothers in law because their idea of "skint" is completely different to ours and they're often pleading poverty but have sooo much more money than us!!! we're on one income and have a child and high rent. both the brothers in law live in a shared house (with eachother), no kids and their partners work too so that's 4 incomes and shared outgoings. they're skint because they go on foreign holidays so much!!! one set have just got back from tennerife and the others are off to bulgaria in a couple of weeks.

we stretched ourselves to near breaking to have a week in a chalet in norfolk. we went in august. we've just paid off the last of the credit card and overdraft.
jim's just managed to cobble our car back together AGAIN and that means we *might* be able to replace our sofa which is now more mend than it is original sofa. chest freezer plan is still on hiatus as the damned dryer has just been bodged again too.
and I had a tesco coupon for £5 off £25 and found a lovely coat in the sale, so woohoo I got a new winter coat! no darning pocket edges and cuffs again on my old one this year lol! oh that reminds me, I need to check hubby's coat before it gets really cold.

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Re: Talking to the rest of your family about finances?

Post  stiltwalker on Fri Oct 28, 2011 5:41 am

Aw Flibs know the feeing about levels of skint. We've got friends who think skint is not being able to buy the dvd box set they want til next month whereas we're thinking s*** the car needs taxing where's the money coming from? We're much like you, one income, high rent and council tax, very little public transport so need the car and 2 kids - one with additional needs. We know parents are ok, my parents know just how skint we are (and help out, take out for lunch, treats etc) we keep OH's parents a bit more in the dark though as they are quite elderly and we don't want them worrying. Mine are much less elderly and far les prone to panic! Laughing
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