Cerulli Associates¹ estimates that $124 trillion in wealth will be transferred generationally through 2048, underscoring the need for transparent financial conversation amongst families. Whether you’re navigating shared expenses with your partner, teaching your kids about financial responsibility, or discussing long-term care with extended family, having open conversations about money helps set expectations and support thriving financial wellbeing.

Talking About Money with Your Partner

Money is a common source of tension in relationships, but open communication can help you work as a team. Start by discussing your financial priorities. Are you saving for a home, paying down debt, or planning for retirement? Understanding each other’s goals helps you align your efforts, create a unified collaborative plan, and prevents conflict down the road.

Once you’ve discussed your goals, decide how to handle shared expenses. Some couples split bills evenly, while others contribute based on income or maintain separate accounts for personal spending. There’s no right or wrong approach. The key is to find what feels fair and comfortable for both of you, while remaining open and transparent.

Make a habit of checking in regularly. Setting aside time each month to review your budget and savings goals keeps communication open and helps you adjust as life changes. These check-ins also provide an opportunity to celebrate wins and solve challenges together

Teaching Your Kids About Money

Talking about money with your kids helps them develop lifelong financial skills and understand the value of money. It provides them the tools they need to make smart choices well into the future.

Use everyday experiences as teaching opportunities. Include your kids in planning grocery trips or family outings to show them how to budget and prioritize. Explain why you’re choosing one option over another, like picking the store brand to save money. These small moments teach them about decision-making and the impact of financial choices.

Introduce the idea of saving early on. Encourage kids to set aside a portion of their allowance, birthday money, or earnings from chores. If you pay your children allowance, consider creating a mandatory “tax” for savings and donating. This will stress the importance of these activities, and prepare them for a real paycheck. It also helps them learn about delayed gratification and planning for future goals. Tools like Greenlight² are a great option for parents and kids to get started, offering a hands-on way to learn about saving, spending, and giving responsibly.

Navigating Money Conversations with Extended Family

Money conversations with extended family can be sensitive, especially when they involve topics like long-term care, inheritance, or shared expenses for family gatherings. These discussions are necessary, but they require empathy, respect, and careful planning.

Approach these conversations with understanding and compassion. Acknowledge that these topics can be emotional and remember that these discussions can make people uncomfortable. The goal is to understand each other’s wishes and reach a solution that respects everyone’s needs.

Be clear about shared expenses. Whether it’s planning holiday gatherings, vacations, or gifts, being upfront about budgets and contributions helps prevent misunderstandings. Suggesting cost-sharing ideas, like potluck-style meals or group gifts with spending limits, can ease financial stress and make gatherings more enjoyable for everyone.

When conversations get complicated, take a step back and give everyone time to process. Slowing down can help those uncomfortable with the conversation have time to process their emotions and reach a thoughtful conclusion, instead of an emotional one. Sometimes revisiting the topic later, with a fresh perspective, leads to better outcomes. It’s okay to acknowledge when you don’t have an immediate answer. What matters most is keeping the lines of communication open.

Navigating meaningful money conversations can feel challenging, but they’re worth the effort. By approaching these discussions with empathy, honesty, and a willingness to listen, you can build trust and strengthen your family’s financial wellbeing. If you need help getting started, Affinity is here to support you³.

This information is for informational purposes only, is intended to provide general guidance, and does not constitute legal, tax, or financial advice. Each person's circumstances differ and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and legal counsel to discuss your particular needs before making any financial or other commitments regarding the matters related to your condition.