Discussing a loan with a relative? How to spend the holiday budget? Or how to trim the household bills? Talking about money can be tricky, but here are some ways to have easier, more informed conversations.
The key to any money conversation is being clear on the what and when.
Not sure where to start? Viewing your transactions online can give you a really clear view of your money.
Go in knowing what your ideal outcome is, with the facts and figures ready to help you make your case. For example, if you want to talk about the household budget:
Don’t just say the first thing that comes to mind - consider your words. Try using ‘I statements’ instead of ‘You statements’. For example, if a relative asks for a loan: “I’d like to help but can’t right now” is less confrontational than “You’re asking too much”. Consider your tone, too. Staying positive and friendly makes even tough talks easier.
Be clear about what you need or want. If you can’t or don’t want to spend money on something, say so. And be upfront if you think it’s best if one or both of you had a conversation with your bank.
Not all money conversations can be resolved in one go. If you’re talking about large sums or budget changes:
Once you’ve wrapped up the conversation, make sure that everyone knows what’s been decided and what the next steps are. That will help you avoid an even more awkward conversation in the future.
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