Money - Let’s Talk!
15 Jan 2020
You’ve probably seen an advert on the TV by Lloyds bank, suggesting that money is still a taboo topic, and that many people – just avoid talking about it.
So, the question is – should we in fact be more open about money?
Is it better to discuss finances with your partner, with your children etc?
It is quite likely that you manage your finances in the way that your parents did, maybe salary was never discussed, bank statements were left unopened, and financial rough spots were gilded over. Certainly, money is rarely discussed openly amongst friends, with it still being an avoided topic much like religion, death and maybe even Brexit!
Research Suggests Talking About Money is Good!
But research suggests that actually talking about money, can make us feel better. We feel more in control if we know exactly where we are. We feel valued at work, if we know we are being paid a salary in-line with others and relevant to our skills and experience. From a relationship perspective things are less fraught when you are pulling together towards the same goals, whether that is saving for a house, a dream holiday or preparing for children, retirement and so on.
So, if finances, or just the topic is a bit sticky – how do you change things?
- Take a long hard look at your money situation. All of the incoming, and all of the outgoings.
- Check your targets, if you carry on as you are, will you save enough to meet your long-term goals?
If you are conjoined financially with someone else, then try setting a time each month to have a chat about money. Do you have big bills coming up, like replacing an appliance or car repairs? Is there enough money saved in case of an emergency, like a boiler going? What insurance do you have in place in case of serious illness and so on?
Money & Relationships
Often in relationships there can be an attitude of saving or an attitude of spending. Conflicts are usual if you have one of each type. Setting some ground rules that you can both live with and agree to can avoid nasty surprises when statements roll around. For example, you may want to agree a per present allowance for birthdays and Christmas. If holidays are important, you may want to save an amount each month to ensure you can comfortably go away. You may want to talk about limits for amounts of money going out on things like mobile phone use and car payments.
Long-term Money Planning
- It’s also never too early to start thinking about long-term money decisions. Whether that is big purchases like a house, or saving for retirement. Of course, different life stages naturally raise different priorities – but it’s all about checking you are on target and are in-step with your partner and how joint funds are spent.
The upshot is that talking about money, actually brings about far more positives than you might imagine. So, deep breath and get your calculator buzzing!Tweet
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