According to a recent survey, talking about money ranked as the second most taboo topic for discussion. The only thing people dread more than talking about spending this holiday season? Talking about sex.
If you want help talking cash without filling family members with guilt, embarrassment, or resentment, here are some tips:
- Recognize misgivings over debts. According to the survey, people are really uncomfortable talking about debt and expenses but are more open to talking about assets and income. So avoid talking about student loans, and talk about much you and them are making doing side hustles instead.
- Talk concepts, not dollars. Money might be a taboo subject simply because the majority of us don’t make the best decisions with it. When it comes to millennials, the survey says we regret having a lack of emergency savings, low credit scores and keeping financial secrets from a spouse or partner. So if you think you’ve got some great advice for a millennial cousin, skip talking numbers, and provide strategies and suggestions in general terms.
- Focus on positive, long-term practices. “Focus on prudent, smart things to do correctly over time,” says Dew. Know someone is struggling to balance thier checkbook? Recommend they automate their finances. Even just $50 per paycheck into going a dedicated savings account could help them down the road. And like Dew says, “if the money comes out automatically, you won’t miss it.”
Also, if you have elderly family members, you might want to bring up potential fraud risks during the holidays since robocalls tend to target seniors. Remind them that if someone claims to be a Nigerian prince to just hang up…
Source: USA Today