Financial Wellness Minute: Are the Holidays a Good Time to Talk About Money?

Get smarter about your money with this Financial Wellness Minute. I'm Jackie Formo, manager from the Fergus Falls Office of Mid Minnesota Federal Credit Union. Holiday gatherings may be a perfect opportunity to talk to family about important money issues, such as estate planning or long-term care. The right approach and a respectful attitude can help your family tackle potentially uncomfortable subjects. Here are some tips to remember when exploring the topic:

1. Take an indirect approach. Mention an article, something on TV, or what you personally are doing for yourself. Then ask your loved ones' perspective. Some questions you may ask are:
   1. How do they feel about the finances, housework or driving?
   2. Do they ever feel uncomfortable or unsafe?
   3. Do you ever feel like you might like to have a little bit of help?
2. Research some options in advance so you can present choices to your parents. If they don't have long-term care insurance, for example, can they sell investments or tap their home equity to pay for a nursing home stay. If bills aren't being paid, you can offer to set up autopayments.

Prepare to stop the conversation if your loved one gets angry, fearful or sad. Acknowledge "change is hard." And return to enjoying the holiday and make a plan to talk later. Want to know more or have a weekly financial wellness tip sent to you? Sign up below or, contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.