After The Holidays, Financial and Money Conversations Can Be Tough Especially With Family

Here’s a few strategies to help you get through those tough money conversations. PennyGem’s Natasha Abellard has the story.

Transcript

00:00At some point, we'll all have to have a conversation where we are asking for more money.

00:08And whether or not it's with your parents, discussing debt with your significant other,

00:12or with an employer for a better salary, it can get awkward.

00:15However, a few tips from NerdWallet could make the conversations go smoother.

00:20A 2018 survey from Merrill Lynch found that 70% of adults aged 18-34 get some kind of

00:26financial help from their parents.

00:28So while there's no shame in asking for help, when approaching mom and dad, you should

00:32start with being specific about what you need help for.

00:35Also, admit your own mistakes instead of blaming anyone.

00:38And make sure you have a plan in place to show your parents how you are moving toward

00:42financial independence.

00:43If you're discussing debt with your partner, make sure you both set a time aside to have

00:47an honest and transparent conversation.

00:50When it comes to your salary, this conversation might seem hard but could potentially pay

00:55off.

00:56I would suggest that you do some research to find out the appropriate range for your

00:59salary.

01:00Afterwards, wait for the best time to have the conversation, avoid throwing out your

01:04number first, and consider negotiating your benefits if your salary can't be changed.