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Sibling love: Five must-have money discussions

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5 must have discussions with your sibling
November 27, 2020

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We have all heard the proverb, 'Blood is thicker than water'. If you grew up with siblings, you would agree that brothers and sisters are much more than family. The special emotional bond you share with siblings is deeper than the emotions you feel in love or friendship.

Siblings are your first friends who you grew up with in the same environment and shared the same parents. You were brought up in a similar discipline and might have experienced the same disappointments, in most cases.

But as we grow up and get busy with our lives, our physical contact reduces. It is possible that we unintentionally get emotionally detached from our siblings. There might be stretches where you don't talk to them for weeks and mind you, they were the same people you discussed everything with, during childhood and adolescence.

As distressing as the Covid-19 pandemic days were, they gave us pause to think beyond our daily lives. During quarantine, if you stayed within closed quarters with family members, you learnt to coexist in proximity. One of the relationships tested during the pandemic has been that of siblings. You might have fought for the same toys and your parents' attention as children but the self-isolation allowed to redefine the dynamics of sibling relationships.

Of course, there are chances you grew up with sibling rivalry, daily quarrels and ended up being resentful of each other. But you cannot deny that family relations are some of the most important ties we have in our life and you could put in an effort to reset it. If you were busy and feel guilty about not being actively around to see how your siblings changed in their adulthood, you could catch up with them now. It is never too late to revive your bond. As you get to know them better, it is time for you to check on their financial health to ensure they are standing on firm ground.

Let's talk about the things your sibling needs to plan for a secure financial future:

The tricky money talk

Finances can be a delicate topic to talk about with family members. If you have decided to initiate the conversation with your sibling, tread with caution. Older siblings usually end up playing the role of an adviser because they are assumed to be more responsible. They take up the role naturally to fill in the gaps in family dynamics. However, if you are a younger sibling and feel your brother/sister needs a serious financial dialogue, don't hesitate. They might or might not take your advice but it may save them from a life of debts and loans.

Reviewing spends

As basic as it sounds, the most important financial concept is spending less than you earn and investing the savings to build more money for future. You could ask your sibling to list all the essential and variable expenses they incur every month and see if they can cut back a little to put away a small sum of money aside. This can be seen as intruding but keep the gates of communication open at your end and let them discuss. If you feel they have been a spendthrift, call it out. After all, who better to break it to them than family?

Setting goals

Has your sibling been talking nonstop about the long solo trip they would like totakeacross Europe? You could inspire them to set aside a travel fund that can grow by parking in investment plans like Unit Linked Investment Plans (ULIP). It is better that they save and spend for their dream vacation rather than accumulating debt. HDFC Life offers flexible plans to suit your risk appetite and tenure of your goals.

Vacations, buying a car, credit card payments, paying off your loans are all part of your immediate goals and a relevant investment plan can comfortably help you fulfill these.

Life insurance

While your siblings can rely on you during untoward times, illness or medical emergency can appear in our lives during the most unexpected times. Instead of being a burden on the family who have to struggle to put together a contingency fund for their medical expenses, being prepared by investing in a health insurance is wiser.At HDFC Life, you could choose from a range of protection plans to spare your family from any economic implications when you aren't around.

What's their future strategy?

Although it might not be their top agenda, you must encourage them to start thinking about saving for retirement. The younger they are when they start insurance investments, the lower their premiums will be. Financial advisors suggest that 10 to 15% of your gross salary should go towards saving for your retirement. You could walk your sibling through the benefits of setting aside money for retirement fund before making any other expenses. Flexible plans like HDFC Life's Annuity Plan will allow them to choose from a wide range of annuity options to suit their needs.

Sibling relationships are often delicate and talking about money can be a thorny topic. Be mindful to not shame them for their choices, instead show that you care. Remember your limitations - you can provide them with financial advice but not force them to consider it. But once they are on board, you can be relieved that they are financially secured.

ARN: ED/07/20/19903

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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