Why is talking about money taboo?
Have you ever felt compelled to ask a friend or family member a question about money but stopped yourself because you’ve been told it’s rude? Discussing money is considered bad manners among many Americans, but there could be benefits to having more open and honest conversations when it comes to our finances.
5 benefits of talking about money
Here’s how talking about money can be good for your mental and financial health:
Discussing expenses can help you establish a budget
When planning a budget, it helps to have a baseline understanding of what others spend on similar items. Having a community of like-minded individuals with whom you’re able to speak freely about expenses can be very helpful. Ask friends or neighbors what you can expect to spend on items like rent, groceries, or utilities to help set expectations for yourself. If someone doesn’t feel comfortable giving you the exact amount they spend, they can also speak of past experiences or share general information.
Talking about careers and salaries can help you earn more
Talking about money can help you [boost your earning power](http://mlion.us/vFjXto at work. Join a networking group within your industry and speak with individuals who have a similar work history. This will help give you a salary range to look for when job hunting. When speaking about wages, never ask for someone’s specific salary, instead speak in generalities. Ask questions about what an entry-level person may make compared to a senior-level position within a specific area of expertise. This information should give you the overall range, which you can use to compare to your background. If you don’t feel comfortable having these conversations, use a website like Glassdoor to compare salaries across all industries.
Being open about money helps you teach your children about finances
Having money talks with your child is a proven way to help them better establish financial wellness in adulthood. Financial literacy is not often taught in school, so implementing small lessons at home that are easy to understand is important. Try these:
- Implement chores in exchange for an allowance, so your kids learn the value of money. Explaining how you work hard to put food on the table is important.
- Start a piggy bank where they can put change, and then have them deposit it into the bank at the end of the year to watch their savings grow.
- Have your child choose a special toy they want, and help them save half the purchase price. You cover the rest.
- Use cash when shopping with children to help them better understand the exchange of money for a product and sneak in a math lesson too!
You’ll learn additional finance tips when you share yours with others
There’s no better feeling than knowing you got a good deal for something or bragging about that good deal to your friends. Don’t be afraid to share best practices with your circle like purchasing in bulk, shopping private labels, or finding the best coupons. The more financial tips you can share with others, the more people will be willing to share with you.
Financial tips extend far beyond shopping. The MoneyLion app offers free daily financial tips to users on topics that include savings, banking, and investing. Users are also able to earn rewards for staying on top of their finances, which they can exchange for gift cards to their favorite stores.
Talking about money helps you make smarter financial choices
Asking questions about money can make you a more savvy consumer, so you can get the most value for your money. Whether you’re planning a major purchase or looking for an investment company to work with, ask your inner circle for recommendations. If you want a greater variety of opinions, read online reviews and join online communities. Yelp and Facebook are great places to start.
MoneyLion Plus offers you a supportive forum to talk about money
Get an online community of your own when you join MoneyLion Plus. Members of MoneyLion Plus use the Plus Facebook Group to ask questions and share advice about personal finance topics. They’re able to motivate each other to continue saving, investing and building credit. Many members also feel inclined to share their personal experience using the Plus platform. Members participate in contests that allow them to win additional rewards as well.
Not a member? MoneyLion Plus membership also gives you access to 5.99% APR loans, a managed investment account, credit building, and other perks. Nearly 70% of members have increased their credit scores by an average of 30 points after signing up for Plus.* Learn more about MoneyLion Plus today in the MoneyLion app or at moneylion.com/plus.
Results not guaranteed. Your experience and circumstances may be different. Data was sourced from more than 11,000 MoneyLion Plus members who have signed up for MoneyLion credit monitoring, taken out a MoneyLion Plus loan, and made on-time MoneyLion Plus loan payments.
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