Benefits Of Talking Openly And Honestly About Money With Loved Ones

Money can be the most sensitive topic to talk about, for some people. The one’s who have a lot, never really need to worry. The ones who are struggling, never seem to have enough. But, one thing is certain, conversation about these matters is often stunted by flashing a credit card to quiet embarrassing money moments. While it may be difficult to discuss what’s going on in your financial world with those closest to you, open communication can surprisingly have more benefits than negative effects — and we tell you why and how to approach the whole money topic appropriately.

A Gain In Confidence

Of course, it’s nice knowing you have enough money in your account to cover the bills and put food in the fridge, but when you’re handing over your debit card to buy a $10 shirt and you begin to worry you won’t have enough to cover the cost, it’s time to start talking numbers. Sitting down with a friend or family member — who you know is good with money — is the perfect person to help you set up a budget that works for you, your lifestyle and savings goals. You’ll feel great about your financial reset and have a newfound sense of confidence when you receive your next paycheck; with an idea on how to properly spend it.

Motivation To Be More Aggressive With Your Financial Goals, Budget And Spending

If you find yourself making a less than a desirable salary and your near empty savings account makes you want to cry, there’s nothing like talking with your more successful friends on how they climbed the corporate ladder quicker. Hell, at the very least, they may give you some insider tips on how they save money. Their path might not align exactly with yours, but their desirable lifestyle is definitely the kind of motivation you need to tighten the belt — and hunker down on stashing your cash.

A Better Understanding Of What You Can And Can’t Afford

Credit cards make things seem as though you can afford anything. Unfortunately, those low monthly payments can quickly balloon when that convenient piece of plastic begins to cover the meals out with friends, weekend trips and other small luxuries. Talking to family and friends about money, setting a monthly budget and how to best stretch a dollar isn’t always fun, but it will give you a clear indication of what you can and can’t afford. When you’re constantly trying to keep up with your friends’ spending habits, you’ll never be able to really afford anything. But, learning to scale back and be honest when you can’t afford a trip, group dinner or spa day will lessen the feelings of FOMO. It will also help develop healthier spending habits for you.

Opportunities You Didn’t Know Were There

Sharing your financial situation can sometimes be downright embarrassing. Admitting to someone close to you that you only make a fraction of their weekly paycheck can make you feel pretty low. However, if you keep quiet, there’s the possibility of missing out on money making opportunities you didn’t know were right in front of you. No one is really paying attention to what everyone else’s work life looks likes. However, by being vocal and letting friends and family know you need to find ways to make extra money, they’ll be more willing to think of you next time an opportunity pops up that they can hire or recommend you for. Plus, there are a whole bunch of odd jobs that are available for getting extra cash, you just need to know where to look.

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