Money hacks: talk money to make $$$

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We’ve all heard the expression “money talks” but have you ever thought about just talking money?

There’s ample evidence that being open to conversations about money will improve your personal bottom line (according to this US survey).

The 2016 Money Habits & Confessions Survey showed less than half of the survey respondents were comfortable talking about their personal financial situation with their partner.

So while that’s America, we’re assuming it’s probably an issue in Australia too.

The up shot is that if you can grab/force your partner or a parent or a mate to sit down and talk about money, it will have an overall positive effect.

This could flow onto the rest of your life. Being more comfortable talking about money will put you in a better position when it comes to negotiating your next payrise.

A 2016 survey by the Australian Securities and Investment Commission (ASIC) found 39 per cent of all people under the age of 35 found dealing with money stressful and overwhelming.

That’s why we want you to talk about it. Many of us succumb to peer pressure to fit in or go to certain restaurants but a simple, honest conversation about money is likely to stop you overspending.

So grab those bills, maybe a beer (or three), leave your judgement at the door, and use this checklist to start your conversation.

  • How did your parents handle money?
  • How do you handle your money?
  • I do / do not have a budget. It is ___.
  • My money goal is ____
  • I have ____ in debt (break it down for them too)

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Disclaimer: This article has been prepared for informational purposes only. The information in this article is general in nature and has not been prepared with your personal circumstances in mind, so please consider if any advice is appropriate to you before making any financial or taxation decisions.

Money Place AFSL Ltd ACN 601 061 438 holds Australian Financial Services Licence 466327 and Australian Credit Licence 466327.