How to tread the delicate line of talking money with parents

Money is always a sensitive topic of conversation. More so when the people involved are your parents who have always seen themselves as the responsible ones in the relationship. But there comes a day when it may be necessary for you to step in to help them make the right decisions and manage their finances, and you need to be ready for it. Be respectful in the way you approach and deal with it. Here are some dos and don'ts when bringing up money matters with parents. Assess if they are ready When parents are financially independent, they are likely to be more resistant to the idea of others (you) involving themselves in their financial affairs. They see it as unwarranted interference. You need to watch out for the signs that they are in need of help. Common signs that tell you that they are ready include situations when you see them missing bill payments, forgetting and overlooking important details in financial transactions such as dates and signatures, avoiding and postponing decisions related to money because of which balances build up in the savings bank account, showing difficulty in following financial conversations and ideas, inability to understand risk in products and falling for dubious investment scheme

This article was originally published on July 14, 2018.