Money Manners: 'What should adult kids contribute to family holidays?'
Money Manners is Honey Money's weekly column dealing with money etiquette matters that can be the cause of many an awkward encounter. Submit your Money Manners questions to Jo Abi at jabi@nine.com.au
This week's question comes via a 9honey reader who has a question about family, travel and splitting costs.
Dilemma: 'How do we split travel costs with my parents and adult siblings?'
I am going on a family holiday with my parents and my brothers in July, and this is the first time we have done anything like this.
'I am going on a family holiday with my parents and my brothers in July.' Getty
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My parents are retired and they have said they are paying for the flights for everyone, and we will split the rest of the costs.
What is the best way to do this? I want to organise all of this before we go because I know at least one of my brothers will try and contribute as little as possible.
How do we split the cost of accommodation, groceries, food?
Advice: 'Plan ahead'
Splitting travel costs between adults can be tricky – particularly in a family situation involving adult children, and even more so in families that aren't used to having open conversations about money.
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That's where resentment breeds, and that's what we want to avoid ahead of a fun family holiday.
You don't want anyone to pay more than they should, and you don't what the more responsible out of all the adult siblings footing too much of bill.
Téa Angelos, founder and CEO of Smart Women Society, has weighed in on this topic with a brilliant suggestion.
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That's where resentment breeds, and that's what we want to avoid ahead of a fun family holiday. Getty Images/iStockphoto
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Speaking with 9honey on behalf of Australian cashback site Cashrewards, she suggested setting up a "family fund" ahead of the trip.
"It's smart to plan ahead, especially when family dynamics are in play," she said.
"For accommodation, groceries, and meals, set up a shared expense tracker – you can use an app like Splitwise or a spreadsheet also does the trick – where everyone contributes their share evenly," she continued.
'I want to organise all of this before we go because,' she explained in her dilemma. Getty Images/iStockphoto
For those looking to sort money matters before the trip begins, Angelos says to set up a "family fund" ahead of time "for groceries and split that amount equally upfront".
"By organising these details now, you'll avoid any drama during the trip and can focus on making great memories instead," she added.
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