Yesterday my friend texted me to ask some questions about debt. She wasn’t asking for herself, but a friend of hers who she’s helping to get out of debt. I love this, especially since having money conversations can be difficult.
A few weeks ago, I participated in a great Experian #CreditChat discussion on X focused on “Breaking the Money Taboo.”
While many people may think talking about money is taboo, being willing to have the conversation helps us to grow. Here are tips on how you can start the conversation and some nuggets of wisdom from that conversation.
Why Having the Money Conversation Matters
- The more you know, the more your money can grow. Having the money conversation can help us learn more and do better. How to Talk About Money With Family – And Why It’s Important
- There are so many reasons why it’s important to be willing to talk about money. Talking about it could help your money grow. Over 60% of Americans don’t talk about money—here’s why that could hold you back from building wealth
- During our #CreditChat, Leslie H. Tayne, Esq suggested, “Common taboo topics include debt, income, inheritance, and financial mistakes. People often feel shame or embarrassment about these issues, but open discussions can lead to support, advice, and better financial outcomes.”
- When it comes to talking about money with your partner, Just start the conversation. You may ask him/her how they learned about money and about their financial goals. Then, schedule regular meetings (monthly) to discuss your finances and work towards your goals together.
- Having open conversations about money is how we learn and grow. Financial literacy has proven to build financially stronger communities, improve credit scores and lives.
You don’t know what you don’t know. Stay curious and seek knowledge. Be open to talking about money more. If you’re struggling with your finances, be willing to ask for help. There are some great nonprofit organizations out there like Operation Hope and NFCC.
