It doesn’t matter how intimate you are with your friends or colleagues, talking about money never seems right. Even though you talk on social media or over the phone, the money conversation never seems to be easy. It can make you quite uncomfortable.
Despite the fact that talking about money makes us uncomfortable there are times we can’t avoid it. There are many crucial situations where we need to discuss matters concerning money. Avoiding those conversations can hurt relationships and our financial health.
The most important question is where do you start? And when you do start, how do you continue the conversation?
It doesn’t matter what you’re doing, the idea of starting the conversation is a tough one. We have gathered a few tips that are quite helpful for you to get started on these three crucial money conversations.
Tip #1: Asking your employer for a raise
You might think this tip is not as helpful as you want it to be but the best thing to do is just to ask. You have to be prepared mentally before initiating the conversation.
It sounds easy but for some unknown reason, people don’t do it. In a survey, it was reported that at least 57% never negotiated for a raise. So, this asking thing may seem quite scary, but you never know unless you try, right?
Now, don’t get disappointed because a survey also suggested that 75% of those who asked for a raise got it. Before you march into your boss’s office to negotiate your raise, don’t forget to question yourself, Why do you deserve the raise?
Tip #2: Talking to your partner about money
When you’re in a relationship, it is vital to discuss financial matters with your spouse. These may be your spending habits, your financial history or your purchases. Many adults commit financial infidelity on their partner.
The reason behind money being the number one cause of stress in a relationship is quite simple. It’s the lack of communication. By talking about money on a regular basis, you can establish a healthy conversation so that you both know what you’re dealing with financially.
Tip #3: Teaching your kids about money
It is crucial to teach your kids about money since it will play a vital role in their future. The best way to teach your children about money is through games like Monopoly, or you can download an app that’s fun and educational. You can pretend to be a customer while your children run a make-believe store. The important part is to make them familiar with financial literacy at a tender age.
Now, these tips can help you with the money conversations, but it is imperative that you try and initiate the conversation. If you cannot start the conversation, there is no way you can continue the conversation.
So here’s hoping that you can overcome the fear of money conversations so that you can have a healthy financial life.