There appears to be a social taboo on talking about money. Many of us find talking about our personal finances strange or uncomfortable… but we don’t need to! In fact, talking about money can be really important, and here’s why…
Goodbye Shame, Hello Freedom
Starting open and honest conversations about your finances can help reduce any stress or shame you might be feeling.
Many people face financial struggles and have money worries. In fact, Wagestream’s 2022 Cost of Living Report found that 70% of UK employees are now worrying about money. Despite this, we often don’t realise that a lot of people are dealing with the same issues as us.
Talking about money can help reduce some of the stigma around financial converstaions and help you realise that you are not alone.
Sharing Tips
Talking to people you trust about money can open up a safe space where you can share any tips with each other.
Is there a certain tool they use to help them budget? Do they have a method they use to reduce spending?
You don’t have to adopt their strategies yourself if they don’t seem right for you, but it’s a free and useful way for you to generate new ideas that you hadn’t previously considered.
Talking about your Salary
Talking to people in similar jobs about your income can help you see whether you are being paid enough for your work. This may encourage you to seek a new employer or request a salary increase, which would in turn improve your financial situation.
A Helping Hand to the Next Generation
Talking about money can improve the financial literacy of your children. After all, how can they be expected to manage their finances and make responsible and beneficial financial choices if they’ve always been taught to avoid them?
You can start by introducing them to the money basics, so that they grow up to feel confident and assured when dealing with financial situations.
Talk to your Partner
Talking to your partner about money can help you avoid arguments further down the line.
Are your financial goals aligned? What are both of your attitudes to money?
You don’t have to have the exact same attitude to money but it’s important to understand your differences. You can be on different pages, but not a different book… failing to talk about money together can create resentment as you might fail to understand each other’s financial choices.
Additionally, if you have a joint bank account or both have your names on your mortgage or bills, any financial mistakes either of you make can affect the credit rating of the other… so talk about it!
Stay Judgement-free
When having these conversations about money, it’s important to let each other speak honestly and openly, without interruption or fear of judgement.
Creating this safe space is particularly important if you think someone you know might be being financially abused, as victims often struggle to seek help.