Why you need to start thinking (and talking) about money –
What we're covering..
Money can be a taboo topic — a lot of people don’t want to talk about it.
But it is something that we all need to talk about.
If we don’t think or talk about money, how do we know what financial success looks like?
How can we help ourselves to become good with money, without thinking/talking about money?
Today we’re talking about the benefits you can get from thinking (and talking) about money.
Disclaimer: This website provides information for guidance and educational purposes only. The Grown-Up School does not provide regulated financial advice. You can seek independent financial advice from a suitably qualified and regulated professional advisor. Check out our disclaimer policy for more information.
Why it can be difficult to talk about money🤐
Your upbringing 🍼👶
Everyone grows up in different financial situations.
Some of us might’ve lived more comfortably… whilst a lot of us might’ve struggled.
If you were part of an upbringing with financial struggles, they could’ve been a big source of stress for you.
The pressure of bills and budgeting can be overwhelming, and lead to you being uncomfortable talking about money.
Talking about money is rude or greedy 🐷💸
A lot of people also get told growing up to avoid talking about money, because it could make you appear rude or greedy.
This is totally wrong!
Talking and learning about money makes you sensible – it helps you to look after yourself and others.
Money stresses 🤯
Money stress can be one of the worst feelings to ever experience.
Worrying about how you’re going to pay for food, shelter, and family can be particularly painful.
This stress can lead to a lot of people preferring to hide from money conversations, rather than talking about money.
I mean, who wants to create more stress by talking about those stresses, right?
Everyone makes mistakes in their life, but money mistakes can be particularly embarrassing and difficult to talk about.
- Been scammed
- Gotten into bad debt
- Struggled to pay for things
- Made bad investments
- Lost money
Talking about money mistakes can be really difficult – it’s important to learn from them and move on in a positive way.
Why you need to talk about money 🔊
The biggest problem is, not talking about money can lead to bad financial decisions and habits.
If we don’t talk about money, how will we know if we are saving enough?
How will we know if we’re earning enough?
Starting to think and talk about money more can make a huge difference in your life.
Getting on top of your finances 🪜🏔️
Talking about money with others can help get you on top of your finances.
It can be an uncomfortable thing to do – but for a lot of people it gives them the courage and support to deal with their money problems.
Forgot to check your bank balance this week? – If you’re talking regularly about money with other people close to you, perhaps they’ll remind you!
Need tips on saving money? Perhaps your friend has some tips of their own.
Not sure if your employer is paying you fairly? Your colleagues might be willing to talk about their earnings with you!
Increasing your income ⬆️📈💸
There are also plenty of ways that talking about money could help you increase the money you earn.
This could be through things like:
- Comparing salaries with others to consider if you could get a pay rise
- Learning about ways that other people have earned money e.g. side hustles, setting up a business
- Understanding more about how other people make investments successfully and manage their money
- Learning how much you might be able to sell things for
Reducing your spending ⬇️📉💸
Money saving tips are everywhere!
There are sooo many things that you can do – both big and small to help you hold onto your hard-won money.
Talking to others about money can help you to pick up savings tips everywhere you go.
It can help you to understand how other people can fit money saving into their busy lives.
Improving your relationships 💞
A survey conducted by Slater and Gordon in 2018 found that money worries were the biggest reason for getting divorced. 😟
People in relationships often struggle with things like:
- having different attitudes to money ⚖️
- different money goals 🏆
- disagreements over borrowing money 😠
- secret spending (sometimes even gambling, shopping, and debt problems) 🤫
- secret saving e.g. secret bank accounts 🏦
- spending too much money 💸
Talking about money in your relationships can help them to grow and improve.
Talking about money in relationships shows that you:
- trust the other person
- are on the same team
- care about your financial situation
- are serious about the relationship
- want to support each other
If that wasn’t enough, there have even been multiple studies over the years that indicates that talking about money can increase relationship satisfaction!
Reducing stress 🛀☀️
Did you know?
Talking about money can also reduce your stress.
Experiencing money issues/stress can create:
- sleep problems,
- low confidence,
- low energy levels,
- feelings of anger, shame, and fear,
- increased risk of depression and anxiety.
If you can start talking about money issues, and start to resolve them, you could take huge steps towards reducing your stress.
How to start thinking and talking about money 💭🔊
Mindset matters 🧠
Many people have a tough time making and managing money because they don’t have the right mindset.
If you think negatively about money, you’ll probably create a negative financial life for yourself.
If you constantly tell yourself “I’m rubbish with money” or, “I’m not good enough to earn a lot of money” – that will probably become your reality.
Developing a positive mindset about money, can help you to create a better reality.
To develop a positive mindset about money, you need to first change your thoughts about money.
You need to keep reminding yourself that you 100% deserve to:
- be financially stable
- feel secure, with enough money to live comfortably
- be paid well for the work you do
- feel financially prepared for emergencies
- be able to treat yourself
- have enough money to care for your loved ones
It’s not always easy – getting on top of your finances can often take:
- Attention to detail
But once you get there – financial stability gives you freedom, peace of mind, and choices.
Making a plan 📝✍️
Whether it’s a conversation with yourself, a financial advisor, or your close relationships, putting together a financial plan has got to be one of the most useful tools to staying on track with your money.
It’s a great place to start thinking about:
- Your financial goals e.g. moving house, going on holiday
- How much emergency savings you need
- When/how you could start investing money
- How much you earn and want to earn
- How much you spend, and where you could save money
Breaking bad habits🌪️☔
If you want to break financial bad habits, it involves looking at your finances closely.
This can mean getting really uncomfortable – maybe even having some very uncomfortable conversations.
If you can take the plunge- make a financial plan, and stick to it, you can make a real difference to your financial future.
Money and relationships💞💸
Talking about money with your close relationships can be difficult, but it needs to be done in order to make sure that you’re on the same page financially.
Talking about money with your close relationships can make sure that you have:
- an idea of what you can afford
- the same expectations for your lifestyle
- an understanding of each others money situation – the good, the bad, and the ugly
This can help you to:
- Make financial choices together
- Work as a team
- Avoid arguments
- Feel connected and trusted
Organising regular “money dates” to catch up on your money plans, can help you to keep up to date on each others’ financial situations.
Thinking positively about the past 💭☀️
You can’t change your upbringing, or past financial mistakes, but you can change the way you approach money for the future.
Try to think positively about the past, to help you to feel more positive about your financial future.
So that’s it!
Talking about money can help you to:
- get on top of your finances
- increase your income
- decrease your expenses
- improve your relationships
- reduce stress
Hopefully you’re feeling inspired to get talking about money!
If you know any friends or family members who might benefit from learning about talking about money, share this post with them!
Finally, don’t forget to check out our similar articles below!
Similar articles to “Why you need to start thinking (and talking) about money” ⬇️
for free daily Grown-Up lessons 🙌🎉