We need to talk about money

After all, money is just a medium of exchange. It cannot be used as a transportation, you can’t it eat, you can’t drink it, you can’t wear it, and you can’t live in it. However, it enables you to buy food, drinks, and transportation that allow you to make live easier. This is why talking about money is important.

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Talk about money

Managing our money and talking about this topic with your partner, children or family members is important. For most of us, taking care of our finances is a daunting task. Easy accessibility to credit, high interest rates as well as lack of knowledge ensures that many people and families are actually living deep in debt and way beyond their means.

In order to avoid getting in bad debt, people need to teach each other on how to properly deal with our personal finances. If we’re not taught how to mange money at young age, we will be making a lot of mistakes with our financial decisions as we grow older. The reason many men and women are struggling with handling money is actually quite simple – we don’t understand how to do it.

When money is tight, we don’t believe we’re making enough in order to put anything aside or develop anything even remotely looking like a financial plan. As our earnings scale up, we very quickly consume this additional cash and revel in our new-found freedoms.

If you already have a partner in life, both of you have to come up with a list of every one of your short, medium and long-term goals. Include anything and everything which will likely have a substantial financial commitment. These include your retirement, holidays, large purchases, building an emergency fund, etc.

Nowadays, talking about money seems awkward to many. But the truth is, this topic is important to be discussed. Continue reading at: https://www.watoday.com.au/money/planning-and-budgeting/we-need-to-talk-about-money-20190402-p519zx.html