CNBC Make It is posting a new financial task to tackle each day for a month. These are all meant to be simple, time-sensitive activities to take your mind off of the news for a moment and, hopefully, put you on sturdier financial footing. This is day 27 of 30.
Most of us are conditioned not to talk about money, lest we come off as ungrateful, unknowledgeable or out of touch. But discussing our finances with people we trust and relate to is one of the best ways to learn more about money and how it works in our lives.
Today, take time to schedule a money talk with a friend, partner or group of people you trust. You can talk about a range of financial issues or focus on a specific money milestone you want to reach. Whatever you decide to discuss, having a friend or loved one's support can help quell some of the financial anxiety you are experiencing or encourage you to make progress toward your goals.
If you've never hosted a night dedicated to talking about money before, here are three tips to make it successful.
Maybe you want a money accountability buddy, or perhaps you want someone to help you hash out why you shop online every time you feel anxious. Think through who in your life would be the most open, honest and responsive, and invite them to chat.
If you are inviting more than one person, make sure that they are comfortable with each other too, since money can be an emotional and uncomfortable topic.
When you send an invitation, whether via text, email or something else, you will set the tone for the evening. Be open and conversational, and tell your friends exactly what you want to talk about and why it's important to you.
Whether your talk is on the phone or via Zoom or somewhere else, kick it off with an ice breaker. That could be, Did you get your stimulus check yet? Or, What are you spending more money on now than you were before?
If your money talk is primarily a check in with a friend on a goal you've both set, then that's an easy place to start.
From there, follow the natural current of the conversation and pepper in any other specific questions you have if there is a lull. For more tips, read this article.
While you may have scheduled the talk, listening to and reflecting on your friend or partner's observations is just as important as talking yourself. Don't forget to ask follow up questions and ask your guests if they have questions or topics they want to tackle. You want to make your guest or guests feel both comfortable and heard.
How long your money talk lasts and exactly what you talk about are up to you and your guests. But in these socially-distant times, it will hopefully bring you closer together.
Don't miss the last five days:
- Day 22: Turning saving into a game can help you stash away more money
- Day 23: Create a money mindfulness practice
- Day 24: Prepare for a spending quarantine
- Day 25: Give yourself a break if you're failing at your 2020 money goals
- Day 26: Decide which investment account is right for you