{"id":8226,"date":"2023-11-13T12:14:25","date_gmt":"2023-11-13T01:44:25","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/how-to-start-a-conversation-about-money\/"},"modified":"2023-11-13T12:14:25","modified_gmt":"2023-11-13T01:44:25","slug":"how-to-start-a-conversation-about-money","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/how-to-start-a-conversation-about-money\/","title":{"rendered":"How to start a conversation about money"},"content":{"rendered":"<div>\n<h3>Why it\u2019s so important to talk about your finances<\/h3>\n<p>According to this research<sup>1<\/sup>, one in two Australians don\u2019t sit down regularly to look at their finances and one in three say that money is a source of conflict in their relationship.\u00a0\u00a0<\/p>\n<p>To put conversations about money back on the table, Australians should sit down for at least 45 minutes one Monday each month, either individually, with their partner or other family members, to get familiar with their financial situation.<\/p>\n<p>Having regular discussions about money can help you manage your finances, reduce financial stress and improve your financial wellbeing.<\/p>\n<p>To help,\u00a0<a href=\"https:\/\/www.lissyabrahams.com\/\" target=\"_blank\" rel=\"noopener\">leading Australian psychotherapist\u202fLissy Abrahams<\/a>\u00a0created a conversation guide to get people started.\u00a0<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" alt=\"\" height=\"300\" src=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/wp-content\/uploads\/2023\/11\/How_to_start_a_conversation_about_money.png\" width=\"570\"><\/p>\n<h3>Tips for starting a conversation about money<\/h3>\n<p>Follow these simple steps to help you start a conversation about money.<\/p>\n<p><strong>Make a date to discuss financial matters<\/strong><\/p>\n<p>Talking about finances doesn\u2019t have to be boring. Find one Monday a month and pop it in your diary. When the day arrives cook a nice meal then turn off your devices for 45 minutes. Make sure you jot things down so you can go back to them later.<\/p>\n<p><strong>Set some boundaries around the conversation about money<\/strong><\/p>\n<p>At the start of the conversation set some boundaries. These include being:<\/p>\n<ul>\n<li>\n<p>open and honest<\/p>\n<\/li>\n<li>\n<p>curious about each other\u2019s views on money<\/p>\n<\/li>\n<li>\n<p>respectful \u2013 by being non-judgemental, not interrupting, and remembering no-one is right or wrong \u2013 just different.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Take a trip down memory lane to your childhood<\/strong><\/p>\n<p>Often our financial beliefs and behaviours are shaped from a very young age. From witnessing how our parents talked and\/or fought about money and their spending habits, we\u2019ve absorbed many messages about money.<\/p>\n<p>Typically, we either adopt their behaviours or go the opposite way. Understanding this about yourself, your partner, or other family members, helps you understand your similarities and differences around money matters so you can create healthy financial plans together.<\/p>\n<p>To understand how your attitudes are shaped by your childhood, ask questions like:<\/p>\n<ul>\n<li>\n<p>How did your parents talk about money?<\/p>\n<\/li>\n<li>\n<p>What, if anything, did you see them fight or stress about with money?<\/p>\n<\/li>\n<li>\n<p>What did you save or spend your money on growing up?<\/p>\n<\/li>\n<li>\n<p>Were you more of a saver or a spender? Why do you think you were?<\/p>\n<\/li>\n<li>\n<p>Are you similar or different to anyone in your family when it comes to money?<\/p>\n<\/li>\n<li>\n<p>What\u2019s the one thing you wish your parents told you or didn\u2019t tell you about money when you were a kid?<\/p>\n<\/li>\n<\/ul>\n<p><strong>Talk about your current attitudes towards money<\/strong><\/p>\n<p>Financial knowledge and skills are learned and continually need to evolve depending on your life stage. It\u2019s important to find ways to navigate this.<\/p>\n<p>To understand more about how you feel about money matters, ask questions like:<\/p>\n<ul>\n<li>\n<p>What money concerns do you have? Saving? Spending? Debt? The future?<\/p>\n<\/li>\n<li>\n<p>How do you feel when you make a big purchase?<\/p>\n<\/li>\n<li>\n<p>What\u2019s your initial reaction when thinking about having a loan or going into debt?<\/p>\n<\/li>\n<li>\n<p>What are three non-essential things you\u2019d buy if money was no issue?<\/p>\n<\/li>\n<li>\n<p>How important are financial goals and do you have any you\u2019re working towards?<\/p>\n<\/li>\n<\/ul>\n<p><strong>Assess your current situation<\/strong><\/p>\n<p>Even though it may feel awkward or initially confronting, it\u2019s important to know your numbers. Remember, there\u2019s no right or wrong. If you are doing this with a partner or family member, expect to have different financial ideas and spending habits. Be curious about these differences as it\u2019s about finding your way forward.<\/p>\n<p>To understand more about your current situation, ask questions like:<\/p>\n<ul>\n<li>\n<p>How much do you earn?<\/p>\n<\/li>\n<li>\n<p>What are your incoming and outgoing expenses?<\/p>\n<\/li>\n<li>\n<p>What debts or loans do you have, if any?<\/p>\n<\/li>\n<li>\n<p>How do you feel about joint finances? Should some bills or expenses be shared, and others separate?<\/p>\n<\/li>\n<li>\n<p>What\u2019s your approach to managing money? Do you have a budget? Set savings goals? Bucket money? Are you secretive about any bank accounts?<\/p>\n<\/li>\n<li>\n<p>What opportunities are there to reduce spending?<\/p>\n<\/li>\n<\/ul>\n<p><strong>Plan for the future<\/strong><\/p>\n<p>Whether it\u2019s a holiday, saving for a home deposit, buying a new car, or paying off debt, create exciting goals to work towards. This\u2019ll keep you motivated and in alignment with your goals.<\/p>\n<h3>Get started<\/h3>\n<p>If you need help getting this conversation started, give us a call.\u00a0<\/p>\n<p><span style=\"font-size: 10px\">1 Our research was conducted by NAB Economics and based on responses from 2,050 Australians weighted to the population, conducted from August to September 2022. <\/span><\/p>\n<p><span style=\"font-size: 10px\"><span>Source: <a href=\"https:\/\/www.nab.com.au\/personal\/life-moments\/manage-money\/money-basics\/start-a-conversation-about-money\" target=\"_blank\" rel=\"noopener\">NAB<\/a><\/span><\/span><\/p>\n<p>Reproduced with permission of National Australia Bank (\u2018NAB\u2019). This article was originally published at\u00a0https:\/\/www.nab.com.au\/personal\/life-moments\/manage-money\/money-basics\/start-a-conversation-about-money<\/p>\n<p>National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.<\/p>\n<p>\u00a9 2023 National Australia Bank Limited (\u201cNAB\u201d). All rights reserved.<\/p>\n<p>Important:<br \/>Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents\/information contained within the linked site(s) accessible from this page.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/latest-articles\/how-to-start-a-conversation-about-money\">How to start a conversation about money<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/\">MLC Contemporary<\/a>.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why it\u2019s so important to talk about your finances According to this research1, one in two Australians don\u2019t sit down&#8230;<\/p>\n","protected":false},"author":4,"featured_media":8227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - 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