We need to get over our embarrassment and start a dialogue about money. We need to talk openly about money with our kids, our partners, our friends, neighbours, financial advisors, work colleagues and bank managers. We need to talk with those in the know so we can understand money better. We need to pass on our accumulated fiscal wisdom - or ask for help if money management is a skill that has passed us by.
Why? Take a look at this list and start a conversation about money today!
1. In June, Consumer Debt in America rose $14.33 billion (in New Zealand they fell in June - but rose for the first time in 3 months in July). Having high levels of consumer debt - such as credit cards, hire purchase agreements, mortgages and personal loans - limits your choices about how, and even where, you choose to live. It ties you to working long hours, and steals away time you could be spending with loved ones. Sure, you might have more 'stuff', but wouldn't you rather have more choices?
2. The gap between the haves and have-nots is growing, globally and within countries. We can't address the unfair distribution of financial resources if we can't talk about money. Discuss what you earn, what you spend, what you buy, what you give . . . these conversations all help guide us to a decision on what is enough and what is fair.
3. We need our children to learn good financial management. If we can't openly discuss our fiscal failings and money management successes, we can't prepare our children to go out into the world as responsible, financially savvy citizens.
4. The more people we talk to about money, the more we learn and the better we can become at managing our own money and helping other people to manage theirs. We can learn more about how we can use our money to help those less fortunate or to enrich our community. We can learn how to make sure we always have enough to live comfortable and fulfilled lives.
5. According to the experts couples fight more about money than anything else. Talk about your feelings in regards to money, talk about your spending habits, make financial plans together. Being open and honest about money with your partner could save your relationship!
Join in the conversation at the Beating Debt Group at Care2!