Opinion on Telling the Income In House

dannydav07

Just wanted to get people’s thoughts on this. Do you think it’s a good idea to tell your family members your actual income, or is it better to mention a bit less to help with money saving?

Some people say being open keeps things honest and makes budgeting easier, while others think saying a lower amount helps avoid unnecessary spending or expectations.

What’s your take, full truth or a smart white lie for better saving habits?

flaneurs_lobster

Rather depends on the nature of your relationships with your family, although it would be rather odd (and unhealthy) to not share the truthful information with a spouse.

tacpot12

Definitely be honest with a spouse and children. Use the discussion with children to share where your money goes, so they have an understanding of what amount you have availbale for discretionary spending.

If you don't want to tell the wider family, you had better tell the children this, and tell them why you don't want them to discuss it. 

Cherryfudge

Surely trust and good habits count for a lot? So how would the family feel if you deceived them? And what legacy would it leave if you don't teach them that saving is important?

Depending on how old the family is, and their ability to comprehend, you could tell them what your disposable income is, after essentials and savings are accounted for. That's what you all have to 'play' with, the fun money.

If they can cope with it, you could tell them you need to allow X amount for food, X amount for utilities and Council Tax, X for Christmas and birthdays, X for clothing, X for travel, X for holidays, X for savings etc, so all that is accounted for, and you need each of these categories because (whatever is applicable). If they question how much you are saving (and they may miss it, tucked away in the 'boring' bits), you could say you need to have six months' income saved in case you are out of a job or need to replace the car/washing machine/roof, and that other money is saved for holidays etc.

WIAWSNB

Spouse/long-term partner? Deffo. To the penny. 

Children? I'd say only in general/ basic/ballpark terms, and if there's good cause - it isn't actually their business.

Other family members? Nope. Only if you want to for some bizarre reason, and then only with your partner's permission, or if there's a proper reason - I dunno, say a shared upkeep on a family holiday home? But, even then, not 'detail'; it isn't any of their business at all.

Swipe

It depends on the age of the children. Fine, if adults. However with younger children, it's only a matter of time before the conversation gets raised with friends and then the cat is out of the bag. As a teenager, my circle of friends all knew how much everyone's parents were on.

flaneurs_lobster

Swipe said:

It depends on the age of the children. Fine, if adults. However with younger children, it's only a matter of time before the conversation gets raised with friends and then the cat is out of the bag. As a teenager, my circle of friends all knew how much everyone's parents were on.

Perfectly acceptable to lie to the kids so that they leak to their mates (and their mates' parents).

Young kids, tell them your earn a "million, trillion pounds".

Older kids, just quadruple the real amount.

Yorkie1

As a child, I never thought it was any business of mine what my parents earned. Perhaps things have changed!

Swipe

Yorkie1 said:

As a child, I never thought it was any business of mine what my parents earned. Perhaps things have changed!

My parents told me to mind my own business.