Why Talking about Money is difficult:
Often, the conversations surrounding money, though born out of necessity, never materialize. Families usually cower at the mere thought of talking about money. Learning how to talk about money doesn’t have to be intimidating.
Books that can help
Reading books or playing games on money and couples can help give you better insight into starting to talk about money with your spouse or partner. Some books that are worth your consideration can be found here:
Money Talks: The Ultimate Couple’s Guide to Communicating about Money by Talaat and Tai McNeely
Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner by David Bach
Money Games-Debt Freedon for Couples: Make a Game out of Your Money Goals and Reach Financial Freedom Together! by Heidi Ifland Nash
When we initiate these conversations about money, we must be aware that everyone doesn’t come from the same background, where money talks and emotions are the same.
For some, discussing, for instance, how much we are paid, how much we owe, what assets and liabilities we have, how much we have or have not saved, and our credit scores are considered improper. You want to help yourself and your partner move beyond this ideology.
For others, it’s a matter of not knowing how to talk about money or not realizing the need to have such discussions. Think of how often you have heard or experienced situations where the family land or assets are seemingly squandered or happ haphazardly lost or drained.
The assumption is that a younger generation just sold the land or stock because they were greedy for money. They didn’t care about what their family may have gone through or how hard they had to work for it.
However, the problem is often that they need a frame of reference for handling financial situations because they were never taught.
The result is that individuals grow up with no concept of managing their finances, much less the finances of loved ones who may need them to do so at some point in life.
Money Talks are Essential for Growth
Recently, I had the chance to convince a family member that she should use a high-interest-rate savings account. She didn’t know such an account existed and assumed that her bank was giving her the best they could.
This was a great segway into having other personal finance conversations with her that may have seemed awkward in the past.
Financial conversations are essential when, for instance, you are the oldest of your siblings or sandwiched between caring for children and aging parents. Or when you and your spouse can’t see eye to eye about managing income.
For many, you have already felt the pressure of being there for the family when life does the things it does to us all. You know, those unexpected and expected things in life.
Today, think about an awkward financial conversation you may need to have with a friend or loved one.