Changing employment patterns and roles for men and women, along with uncertain economic times have caused us to rethink how we earn and how we spend. It is easy for family members to be guided by messages heard from the world around them. Often, the result can be a loss of knowing what is really important to each individual and to families as a whole. Anticipating and dealing with change as it affects the way money is used is a challenging aspect of financial management. Clarifying values, analyzing potential causes of money problems, and developing some skills in communication can make money management a satisfying experience for your family.
Most families face money problems because of a lack of planning and communication.
These problems generally fall under four categories. Value Conflicts To save or spend, to buy life insurance or a new car, to pay for college tuition or stereo equipment-these choices reflect values and potential conflicts. No two persons have exactly the same values, but when there are sharp differences in values in a family, negotiation is vital. Dissimilar values between spouses will either result in each establishing different goals and priorities-or none at all. Unrealistic Goals Striving immediately for the same quality house, furnishings, and car that took your parents 30 years to earn is a common problem.