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Make Getting Out Of Debt A Family Affair

From University of Nebraska-Lincoln, Extension NF91-7, Communicating About Money

Money is a common problem for a family, regardless of income, age and education of family members. Sometimes a lack of income to meet basic needs causes the money hassle. But, more often, inadequate communication about money is the root of financial problems.

When family members have different values and attitudes toward spending, saving or paying off debt, there is a potential for conflict. When family members do not "talk things out," even the best spending plan may not work.

Communication among family members is not always the easiest thing to do, but it is important if you want to get the most satisfaction from financial resources. Generally, the more open the communication about family finances, the better the quality of those decisions.

There are some communication guidelines that can help.