Funny thing, money. On the one hand it can get us excited or give us a real sense of achievement (think reaching a savings goal). On the other hand, it’s something we tend to keep to ourselves. Whether our finances are in great shape or need a bit of TLC, talking about it openly with a partner or loved one could help you share your experiences and align your financial goals.
Why we don’t talk about money
There are all sorts of reasons we don’t discuss money, and the psychology behind it is different for each of us.
Some of us had it drummed into us at an early age. Remember gran telling you it was rude to talk about money? Well, her advice should have come with a few caveats.
Another reason is that, for many of us, our sense of self and success is wrapped up with how financially successful we are. So we play our cards very close to our chest. It’s also why we see people falling into the trap of using money they don’t have to project a false, more successful ‘version’ of themselves.
When we should be talking about money
Some things are best kept to yourself (like your PIN!), but there are circumstances where you could really benefit from an honest discussion about your finances. Here are a few examples:
- In a relationship? Talking openly about your finances with your partner could help you align your goals and pool your knowledge.
- Worried about your finances? Opening up to a close family member could help you regain psychological control of your situation.
- Planning for the long term? Talking to a licensed financial advisor about what you want to achieve could help you set achievable goals for the future.
Getting the conversation going
Once you’ve decided to have the chat and chosen a trusted person to talk to, here are three steps that’ll help you make the most of your time:
- Decide what you want from the conversation. Do you want advice, help or just someone to talk things through with?
- Share your feelings. If you’re feeling overwhelmed or worried, say so.
- Focus on outcomes. Try and walk away from the conversation with a positive change you can move forward with.
So there we are. Opening up about your finances could be a great help, but remember – your financial information is private, so treat it with care. You can still discuss goals, share hints and tips, and get advice without revealing sensitive information.
The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. Living Super, a sub-plan of OneSuper ABN 43 905 581 638 is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.