The Money Talk: Being open and honest key to building a solid financial future
(NC) It's no secret that money is a taboo topic. Many couples avoid talking about money until the last minute, before marriage or moving in together; parents often find it a complicated topic to discuss with their kids. However, when it comes to building a solid financial future, now is the time to start having the money talk.
“It's important for couples and families to talk openly and honestly about money so that everyone is on the same financial page,” said Crystal Wong, Senior Regional Manager, TD Wealth Financial Planning. “From dividing household finances to sharing your spending and savings habits, these conversations can have a positive impact on everyone.”
Wong suggested the following ways to start having the financial talk:
Talking to your significant other – Whether you're a spender or saver, communicate how you approach money early in your relationship to ensure there are no surprises later on. It's important to discuss things like cash flow and savings goals on a regular basis with your partner to develop a secure financial future together.
Talking to your child – From starting a piggy bank to saving for a new bike, teach your child about planning, budgeting and saving. Start the conversation early and continue to make money lessons relevant to your child's age so they can understand where their money is going.
Talking to a third party – Talking to a financial planner can help clarify what you want for your future and how to make it happen. The sooner you start planning, the better. A financial planner can help create a personalized plan and keep you on track to achieving your goals.
“It's all about being open and honest upfront and having regular financial conversations to help benefit the entire family, now and down the road,” Wong added.
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