From an early age, most people are taught that talking about money is not polite; however, remaining silent has many negative consequences. Money conversations help create pathways for a deeper understanding of money management by allowing others to share their best practices and understanding. Here are a few positive outcomes of money conversations.
Normalizing these conversations. Have you ever wondered if your money habits are normal? When money habits are kept secret, the potential for new ideas is stymied. The fear of not being perfect or not knowing something keeps many from sharing great ideas for budgeting, debt reduction and growing savings by investing. Imagine how many great ideas could be shared if societal norms allowed us to brainstorm solutions.
Transparency of salary and the cost of benefits. Another area of mystery is what someone in your position is paid or the cost of employment benefits between companies. If you have ever been surprised by the cost of benefits after switching employment, you are not alone. It is easy to compare salaries with online sources, but comparing the cost of benefits between employers is not as transparent.
Financial missteps as cautionary tales. Often the fear of embarrassment following a financial misstep causes it to be hidden. When a mistake is hidden, then others are unable to learn from it. This causes the same problems to continue to happen instead of spreading solutions that work.
Loss of accountability. Accountability partners are common in the physical health community, but not in the financial health industry. Plans become stronger when paired with a trustworthy peer to share triumphs and challenges. The excitement gained by shared momentum can be a powerful motivator. Also, when goals are shared, there is more of an incentive to accomplish them.
These are just a few of the benefits that are missed by the silence surrounding money. If you are ready to start any type of money journey, whether it be as simple as a budget or as complex as an investment strategy, qualified financial professionals can be a powerful teammate. Finding the right professional for your stage of life is easier by encouraging money conversations.
Article by Tina Herndon, TFCU Financial Educator
About the author
Tina Herndon began her financial career managing three native not-for-profit loan funds and completed a financial counseling session with each loan closing. She served as the Financial Education and Training Manager for the national nonprofit financial counseling and education service, BALANCE, where one of her responsibilities was main presenter. In 2022, she joined the Financial Empowerment team at Tinker Federal Credit Union (TFCU) as a Financial Educator. Learn more about TFCU’s Financial Education team here.