| Hi Taylor
- Any tips for how I can talk about money more comfortably? I
find myself not hanging out with friends because I'm trying to cut
back on spending, but I hate the idea of my finances hurting relationships.
Is there a way to broach the subject?
Hi Charlotte - Yes! There are many ways to open up this conversation,
and it's a shame, so many people feel like money is an untouchable
topic. I promise you'll feel better if you talk about your finances
with friends. Let's look at a few ways you can get started.
Be as honest as possible. The very thing that's keeping
you from opening up - the idea that people will know don't have
a lot of money - might be exactly what you need to bring up. Almost
everyone has their form of financial struggle, making this a universal
issue that really won't alienate you in ways you think it might.
When you tell people you're trying to spend less and improve your
financial situation, they'll probably be sympathetic and might
even offer helpful advice. I know it's uncomfortable feeling like
the person who doesn't have any money, but people have varying
incomes. That's just life, and it's not as big a deal as we make
it out to be.
2. Talk in terms of goals. If you feel uncomfortable because
you don't have much, you should find a way to put a positive spin
on the conversation. Instead of focusing on not making enough
money, talk to people about your savings and retirement goals.
When you approach frugality from a place of responsibility, there's
no reason to feel ashamed. If you seem excited about the money
you're saving and the path you're on, friends and family won't
question it. More likely, they'll be happy for you.
3. Ask questions. Sometimes the best way to kick off a
difficult conversation is to let another person do the talking.
Without being too heavy-handed or invasive, ask your friends if
they budget, what their financial goals are if they have an advisor
they like working with. If they feel comfortable with the conversation,
it will be easy to discuss your personal situation and get on
the same page. Best of all, you and your friends can learn from
each other. If more people spoke freely about money, people would
probably have way fewer financial woes.
| I won't lie
and say it's easy to start this conversation. Finding your angle takes
a little time, but at some point, you just have to rip the band-aid
off and start talking. Come at the conversation from a positive place,
and you'll definitely feel better after the talk.
Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.