It is observed that a majority of people are introvert when it comes to talking about money. People from certain communities considered money talk as a taboo. Thankfully, people are coming out of this shroud and understanding the importance of talking about finances with family and friends.
It is always better to open up and discuss issues and incidents with people you are close to. This sharing of knowledge helps people to have a better understanding about money. Life is too short to make all the mistakes yourself. Instead we could learn from others’ mistakes and implement healthy financial habits.
Parents must discuss about money with their kids when they reach a suitable age, say 4 or 5 years. This will instill sound financial habits in their minds. They will value money right from a very early age to be responsible adults. If you have grown-up children you can tell them about your money issues and how you got trapped into it. You can tell them how you plan to come out of it. They will definitely lend a helping hand by taking up a part-time job to help you cope with the financial woes. Not asking for a huge pocket money and spending prudently is the least they can do.
Opening up to parents and friends about financial opportunities as well as problems will give you a deeper insight. They can suggest you ways to invest your money in productive avenues. They can also suggest effectual solutions to your problems on the basis of what they might have faced in the past. They may know someone who overcame a problem similar to yours. If your family or friends have considerable amount of resources they can help you get out of the soup by lending you some part of it interest-free.
You can sit down and talk to your spouse about finances. Here both of you have a shared goal of being financially sound and to have a better future. You both can act as a backup for each other provided you both are aware of all the transactions that move the money in and out from your pocket. For example, if the husband is sick, then the wife can manage the timely payments of credit card bills, insurance premiums and loan EMIs so that they do not have to incur heavy penalties. They can also act as arbitrators and keep a check on each other’s expenses.
Talking to experts about your monetary despair is yet another alternative. These experts deal with economic issues of people day in and day out. They can provide viable solutions to your debt issues by offering you to sign for loan management and debt reduction programs. They can advise you on the best investment options that will help your saving grow substantially. You may also find ways to save on taxes.
It’s imperative to bear in mind that you talk about money to a right person whom you trust, who is a well-wisher as well as knowledgeable.