Bridging financial generational gap in the family

Many a times there are financial clashes of interest among members of a family. This may be due to generational needs and differences of each member. While a child may wants frequent visits to recreational sites, your teenager due to age and peer influence thinks it’s time to stock his or her wardrobe with the latest trends in fashion.

 You have to further your education, plan for retirement, yet you have aged parents to look after.

 How do you resolve these? Every member of the family needs to be catered for, putting the ages, sexes and needs into consideration.

 First of all discuss with members of your family, outline your plans and how you intend to achieve them, draw out your budget putting your earnings, savings and expenditures into consideration.

 Its never a bad idea if your family know how much you earn, make financial discussions as open as possible and give room for the suggestions for everybody not lording over them in decision making. You never can tell their advise will save the family from financial wreck.

Make these discussions as democratic as possible, table down the goals of the family before them, your own personal goals and that of each member, making them know that proper planing will help each member achieve their personal goals and collective goals together.

 Put into consideration the different attitudes of family members toward money and find common ground to achieve your goals.

 When in financial difficulty and you cannot afford  to give your child the usual treat, find free and inexpensive alternatives that can keep your child from feeling the brunt of financial hardship.

 You can explain to your teenage child that having the basic necessities of life is most important, making him or her understand your financial strength, the need for you to cater for the family and plan for your retirement so that you don’t become a liability to your children.

Hope Ikwe