Communicating about finances best bet

May 04, 2011

Families are advised to keep an open line of communication when it comes to finances

A report says families that talk about their financial status are more likely to save money in the long run.

Experts told that people who talk about their money troubles, money-saving goals or other financial concerns are more likely to have success in saving their cash. They suggest people communicate with a trusted friend or family member about their financial plight and their intent to escape it, since doing so will make them accountable to another person who will hold them to their goals. It's especially important for partners to be clear on each other's financial struggles and successes, which can include bank accounts and life insurance policies.

In order to avoid battling over funds, the source suggest couples set a "spending limit," an amount each person can be trusted to spend on frivolous items each week guilt-free. That will make it easier to swallow the pill when it comes time to save their money, said the report.

Couples ought to stay open and communicative regarding their savings and retirement goals, said experts, as more retirees are becoming unsure of their income status as they age. Recent surveys show the importance of a strong savings plan backed by a life insurance policy.

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