Why Talking About Money is SO Important
We all love talking about shared experiences. When our car needs an unexpected repair, it feels good to know someone who has been there. When we accomplish a goal, it feels good to talk about it with friends and celebrate. So why does talking about money have to be any different?
Talking about money is not as taboo as it once was, but chatting about investments and insurance with friends while out for patio drinks is not as common as it should be in my opinion! There are so many benefits that come from talking about money, from becoming smarter, feeling less alone, and gaining confidence. Here are three big reasons why talking about money is important, with ideas on how to get the conversation started.
You Will Learn a Lot
The more we talk about money, the more you will learn. This is the same for any topic and it is one of the great things about having conversations with friends, coworkers, and family. But to learn, you have to go beyond the casual ‘yeah, bills are stressful’ conversation. You have to ask questions. Some of the questions that have lead to great money conversations for me include…
“Do you have investments? I am interested in getting into investing but I don’t know much about it.”
“Congrats on buying your first home! Can I ask how you saved up your deposit? I have some big financial goals and I would love to know how you accomplished yours!”
“Hey, let me ask, have you ever had credit card debt? I want to pay mine down and I am looking for smart strategies to pay it off quickly.”
Asking questions in a casual, open way creates an environment where both parties feel comfortable and free from judgement. We all deal with money and that means we all can talk about our experiences to learn and grow.
Keeps You Accountable to Your Goals
Have you ever set a money goal but then let it drop off your priority list? I definitely have! One of the reasons we can get discouraged in our money goals is that we don’t tell anyone about them. Not that you have to share all your goals with those around you. But sometimes discussing a struggle or triumph with a loved one can help keep you motivated. Especially if that loved one is 1) your partner, or 2) could provide some guidance or perspective – maybe someone who has accomplished that same goal.
Like most things, talking to someone who has already accomplished the goal that you have set for yourself is a great way to learn. But how do you know who in your social circle has accomplished that exciting money goal if NO ONE TALKS ABOUT MONEY??? This is another reason to share your money struggles and wins with your social circles – someone might want to come to YOU for advice!
Creates a Healthy Relationship with Money
The more you talk about money, the more comfortable and natural those conversations will become. Your confidence will grow and it won’t feel awkward to talk insurance, savings, and RRSPs. A few suggestions for topics that can create interesting conversations…
Books or podcasts about money – have you read or listened to any?
Mindset around money – how do you feel about money?
What in your childhood has influenced how you feel about money?
What are some goals around money that you are scared to admit you have?
And those are the three reasons that talking about money is so important. I hope you now have some more tools and awareness to have productive, comfortable conversations with people in your life that both normalize money struggles, and celebrate money wins! And keep in mind that if you want more content like this delivered to your inbox every week, you can subscribe to my newsletter.
As always, Belle