The Most Embarrassing Topics About Money
Sometimes you just want to hide, instead of talking about it
Often it is difficult for women to talk openly with family and friends about money without being embarrassed. Personal finance is a difficult thing to discuss, even more so than politics and religion, according to a recent of survey 1,004 adults aged 25-75. Topics such as loans and saving can create uneasiness, so it’s important to delve into the issues and provide some suggestions for overcoming them.
Debt Amassed from Overspending
If you’re a woman without a budget or who spends beyond her means, debt can quickly and easily accumulate. Getting out of debt is the harder part and can be a source of embarrassment. Debt reduction strategies are actually quite straight forward. All takes it a realisation that you need to spend less than you earn is a good beginning. Meeting with a personal money coach that tailors budgeting strategies to females is a great way to gain the tools you need to gain control over your finances and climb out of debt.
Loaning Money to Loved Ones
Financial predicaments often arise after you lend money to family and friends if the money isn’t repaid. While your intentions are good in lending the funds, the risks can outweigh the benefit if the repayment doesn’t happen. Follow the rules to avoid future awkwardness if you decide to say yes when someone close asks to borrow your hard-earned money, including putting your terms in writing and charging interest. That is a loving thing you can do for yourself and your loved one. Don’t be an enabler, bring gentle reality checks with your offer of loaning your money.
Not Knowing the Basics of Saving Money
Creating money-saving habits need not be difficult or embarrassing. Build up your knowledge base when it comes to saving by recording your expenses, creating a budget, planning to maximize savings, and making specific goals to work toward within a certain timeframe and towards investment. I can help you with these steps, as well as suggesting ways to prioritize what you want to achieve so that you can optimize your save-to-spend ratio.
Conversations like these don’t have to leave you squirming in your seat! Instead, let’s start small, focusing on one part of the financial picture at a time to make money easier to chat about and manage.
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