The Importance of Talking About Your Finances with Friends and Family
In a recent Bankrate.com survey they found that 47 percent of survey respondents would rather fess up about their weight, age or monthly mortgage than discuss how much credit card debt they are carrying. There is a certain amount of human embarrassment associated with debt (especially credit card debt), which makes talking about our finances particularly difficult. To the contrary of this guilt-debt mindset, it’s important to talk about our finances, especially with those we are closest to. Below are a few positive reasons to bear it all when it comes to communicating personal debt to friends and family.
Support
People who truly care about you will not judge you based off of how much debt you have accrued. In many instances, they will be able to relate from being in similar predicament at some point in their life as well. Just like in many hard life changing events, like dieting or trying to quit smoking, it’s difficult without the constant support of those we see everyday.
Goal Setting
Family and friends can help us set realistic goals to get back on the right track. Whether you need to pay down credit card debt or home equity loans, setting reachable goals is a great first start. Involving those who care in the goal setting process gives them an emotional stake in your quest for financial freedom, which will keep them involved until the very end.
Stay on Track
Constant reminders and discussions from family and friends can be key in keeping our spending on track. Knowing that an expensive purchase could raise questions from those that know our financial situation may be the deterrent necessary to keep spending at a minimum.
Guidance
People have different strengths and weaknesses and often times some of our best friends excel in the exact opposite fields as we do, which may attract us to them in the first place. Take advantage of the financial knowledge that surrounds us all, making a few smart financial decisions can be the difference of us climbing out of debt or sinking further. Don’t be embarrassed to seek professional financial counseling as well; it likely could end up being the best purchase of your life. $
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I agree that accountability is a huge help in staying on track. Financial challenges are part of who we are – it doesn’t make sense to try and hide part of ourselves from our close friends.