So often when it comes to money, mum’s the word! But, it doesn’t have to be that way. In our two previous blogs, we’ve spoken about how hard it can be to address money conversations in a constructive and healthy way. Whether it’s due to cultural boundaries or gender stereotypes, there are many reasons why we struggle to talk about money.
Mother figures are the matriarchs that build and sustain much of the foundations of our lives. Their nurturing nature, strong resolve and sometimes-superhuman-resilience give us peace of mind that there’s always someone looking out for us. But when it comes to connecting with our father figures and talking about money, it’s not always easy for them to know where to start.
Our team at SFP aims to make working with your money (and life) easier so that you can enjoy more of it. Here are some ways to break the silence and stop treating financial planning like a well-kept secret.
Talk about your money goals
Whilst many family structures have evolved to have a greater awareness of the need for shared responsibility, many households still follow traditional approaches to making and spending their money. Men can feel stuck in the role of making money, and women in the role of apportioning the money to cover the monthly expenses. The problem with this separation is that the stress of not knowing if you’re covering your expenses falls on one person, and the stress of not knowing if there will be enough falls on the other person.
Connecting the two roles and sharing the responsibility immediately reduces the stress whilst making the relationship stronger.
Review your budget
When you can connect the earning and spending of your money, you can create and work with the budget. A budget is a great way to hold yourself accountable to the conversations that you’re beginning to have around your money. It also helps you identify just how much you can reasonably invest and look for opportunities to grow your wealth at a pace that is suitable for your family and household.
Start investing and keep going
Time is needed to build up wealth. The easiest way to do this is to start as soon as possible and remain invested for as long as possible. Investing doesn’t have to happen when you have lots of money; it can start with a couple of hundred each month. The principles and practice of investing help us develop healthier attitudes towards our money and create constructive conversations with our loved ones.
Regardless of your role in your household, you have a right to communicate openly and considerately with everyone else. The responsibility and stress shouldn’t be left up to one person.