We Need To Talk About Money

We Need To Talk About Money

Many of us have social taboos over money and are left confused when we have to cope with costly social plans with friends and loved ones.

Many people have money anxieties, and are money vigilant. Most of us do not feel comfortable saying no to friends who are making plans that require money, and bail out using excuses like not being well or not having any interest.

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How to Gracefully Turn Down Plans You Can’t Afford

thecut.com

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People have different kinds of relationships with money, many of them are irrational. People can get emotional or feel awkward talking about it, even being prickly or turning defensive.

The feelings of being judged or ashamed are natural and maybe necessary at times.

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The pandemic has helped many reassess their relationship with money and how much they splurge socially.

There is a need to organize the social calendar and make it less obligatory and more financially transparent.

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If we have social friendships that border on fake territory, it is no use being transparent about one’s financial differences. One can simply say no to the plans.

If the friendship is real, it is a great idea to discuss the differences in our financial priorities.

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Myth: Shop Early for the Best Deals

While early holiday shopping can snag you discounts and the best selection, you are most likely to get the best deal just before holiday shopping.

Retailers need to move holiday-specific merchandise because they are seasonal items. You can probably score deals 20% and 30% deeper in December, while the same article will be slashed by 50% or 60% in January. Not every item should be left for the last-minute sale, but fun and unnecessary items can be bought as the holidays get closer or even post-holiday to stock up for other events.

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9 Money Myths & Mistakes That Could Cost You

moneycrashers.com

  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. Check Your Interest Rate: Pay off loans, open saving accounts and negotiate credit debts based on interest rates.
  3. Track Your Net Worth: The difference between your assets and debt — it tells you your financial standing. 

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50 Personal Finance Tips That Will Change the Way You Think About Money

themuse.com

Talking Money as a Family

Talking about money within the family is still taboo in many places, yet the discussion doesn’t have to be dead serious.

Taking the time to talk to the family about the financial situation and how to manage them where everyone gets to have a say is setting up everyone to contribute to the family’s financial goals and better money handling as they grow.

If you’re unsure how to discuss finances with your family, you can read the Money as You Grow guide from the Consumer Financial Protection Bureau as a resource.

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Want To Teach Your Kids About Money? Start By Including Them In The Conversation : Life Kit

npr.org

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