Opinion on Telling the Income In House

MyRealNameToo

dannydav07 said:

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?

What "family" are you talking about? Spouse? Yes, 3rd cousin twice removed, probably not. 

Not sure how lies would make for better saving habits? At the end of the day if I drive to see my uncle he's going to see I drive an expensive car so telling him I've been on the dole for the last decade isnt going to be believed. My family will ask for a ride in the car, happened a few times, but won't expect us to pay for dinner or anything... in fact have only once managed to pay for dinner for my uncle and that was only because the bill arrived whilst he was in the toilet, all other times he's insisted on paying for us. 

sheramber

What other family members and why would you lie rather than say nothing? 

Pollycat

A somewhat odd (and ambiguous) question.

The only person who knows what my salary was and my pension income is is my husband.

Why would children or ny other family member need to know?

Baldytyke88

Yorkie1 said:

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

Some of the older generation are like that. I have always had the principle about being open and honest.

How do children learn if you don't tell them the truth?

strawb_shortcake

Baldytyke88 said:

Yorkie1 said:

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

Some of the older generation are like that. I have always had the principle about being open and honest.

How do children learn if you don't tell them the truth?

Learn what?

My children (16-22) could probably make an educated guess to be in the right ballpark of what I earn, but I've never felt the need to tell them what I earn, neither want to work in the same field as me so I'm not sure what purpose it would serve. They've always had what they needed and they know we will help them financially if they need it
My OH couldn't tell you what I earn, not because I don't tell him but he doesn't care, I'm fully responsible for all the bills, maintenance, food etc so he feels it's none of his business. 
I on the other hand, know exactly what he earns when he does work and as this is purely disposable income he gives me 50% whether I want it or not

sheramber

I guess the OP is not going to share his thoughts with us. 

Baldytyke88

strawb_shortcake said:

Learn what?

My OH couldn't tell you what I earn, not because I don't tell him but he doesn't care, I'm fully responsible for all the bills, maintenance, food etc so he feels it's none of his business. 
I on the other hand, know exactly what he earns when he does work and as this is purely disposable income he gives me 50% whether I want it or not

How can children learn about tax and every aspect of money if you keep it a secret.

I put £500 in a pension for my daughter when she was 21, so she would learn about tax breaks and learn that shares go up and possibly down.

Her pension is worth around £700 at the moment, after only a few years, the first investment went up and the second one is down around 15%

strawb_shortcake

Baldytyke88 said:

strawb_shortcake said:

Learn what?

My OH couldn't tell you what I earn, not because I don't tell him but he doesn't care, I'm fully responsible for all the bills, maintenance, food etc so he feels it's none of his business. 
I on the other hand, know exactly what he earns when he does work and as this is purely disposable income he gives me 50% whether I want it or not

How can children learn about tax and every aspect of money if you keep it a secret.

I put £500 in a pension for my daughter when she was 21, so she would learn about tax breaks and learn that shares go up and possibly down.

Her pension is worth around £700 at the moment, after only a few years, the first investment went up and the second one is down around 15%

You can help them learn all that without sharing your salary details. They know I have a DB pension, a LISA and savingsa inc Premium Bonds, they just don't know how much I earn or what savings I/we have, and I don't think they'd ask.
My Daughter enrolled herself into two pensions at 16 with her two different jobs. 
We've talked about ISA's my two oldest both have LISA'S to save for a house deposit. They know it needs to be a cash ISA and that S&S are  long term investments and why.

Pollycat

strawb_shortcake said:

Baldytyke88 said:

strawb_shortcake said:

Learn what?

My OH couldn't tell you what I earn, not because I don't tell him but he doesn't care, I'm fully responsible for all the bills, maintenance, food etc so he feels it's none of his business. 
I on the other hand, know exactly what he earns when he does work and as this is purely disposable income he gives me 50% whether I want it or not

How can children learn about tax and every aspect of money if you keep it a secret.

I put £500 in a pension for my daughter when she was 21, so she would learn about tax breaks and learn that shares go up and possibly down.

Her pension is worth around £700 at the moment, after only a few years, the first investment went up and the second one is down around 15%

You can help them learn all that without sharing your salary details. They know I have a DB pension, a LISA and savingsa inc Premium Bonds, they just don't know how much I earn or what savings I/we have, and I don't think they'd ask.
My Daughter enrolled herself into two pensions at 16 with her two different jobs. 
We've talked about ISA's my two oldest both have LISA'S to save for a house deposit. They know it needs to be a cash ISA and that S&S are  long term investments and why.

+1 to this ^^^.

Learning about saving, paying tax, using credit cards, living within your means, setting up a pension can all be taught without the need to tell your children how much you earn.

Baldytyke88

Pollycat said:

+1 to this ^^^.

Learning about saving, paying tax, using credit cards, living within your means, setting up a pension can all be taught without the need to tell your children how much you earn.

In several Nordic countries, including Sweden, Norway, and Finland, individual taxable income (which forms the basis of one's pay) is considered public information.

The old-fashioned view about keeping things secret can lead to distrust between partners and tax/benefit fraud/evasion. We know how much MPs and Councillor earn, everyone should be open and honest.