For something that affects so much of most people’s daily lives, money can be tough to talk about.

But like most difficult topics, having honest conversations is the way to go. They can help you reduce stress levels and make sure everyone’s on the same page when it comes to your household’s financial situation.

For example, if you talk to your kids about money — how much items cost, why it’s important to save, etc. — you can set them up to be financially savvy as they get older.

Similarly, if you’re clear with your spouse and the rest of your family about how much housing and utilities cost, they might better understand how much money is available for eating out or shopping.

Here are some tips to help you talk to your family members about money:

  • Growing up: When you’re talking to your partner about money — and you need to find a way to do that without fighting — a good place to start is by asking them how their family handled money when they were growing up. Their experience was likely different from yours, which means you approach money differently.
  • Goals: To set a positive tone with your partner when talking about money, ask them about their goals. When do they want to retire? Do they have a dream vacation or purchase they’d like to make?
  • Managing money: Show your children how you track your checking, savings, and retirement funds. That way, they can see that it’s important to manage finances and how to do so.
  • Education: When it comes to higher education or vocational training for your kids, start talking to them when they’re teens — if not earlier — about how to pay for it. They’ll need to understand what you can afford and how student loans work.
  • Parents: If you’re helping your parents as they age, you’ll need to understand their financial situation. It may not have to be detailed, but you’ll need to know if they have a plan for their later years. If they don’t, you’ll need to work through how to handle that. And asking questions will also help you get a grasp on their wishes and set expectations.

As always, if you need help with wealth management or financial planninglet us know.