You’ve learnt lessons throughout your life. Some of them are unique to you, but many will apply to others too. Being open to sharing these will benefit those nearest and dearest to you – and help you reflect on what you’ve learnt.
This is profoundly true when it comes to how we make decisions around our finances. Sharing these lessons may be a sensitive topic but it’s worth breaking the ice!
Encouraging these conversations promotes honesty and transparency. Everyone has an opportunity to understand the goals and challenges of financial planning, can engage with how it relates to your (or their) personal circumstances and will be able to contribute their thoughts, fears and excitement for what you are building together.
How you share is also important, it is not as simple as saying, “I’m saving money.”
Start with what money means to you, and how it fits inside of more comprehensive events, dreams and goals. If you’re sharing this with your family, take the time to show them how the plans consider everyone. Tell your kids how investing is your way of taking their future seriously for anything they may want to do in the future. Remember, it’s not only about what you’re saving for, it’s also important to discuss what you’re currently spending.
It’s easier to make changes when you need them
As you open up these conversations, it’s considerably easier to adjust your budget and financial plan when needed. Those closest to you are less confused when change needs to happen and so the transition of spending habits becomes smoother; everyone knows why you’re saving – especially if you’ve made it known that it’s a collective effort.
Support is more forthcoming
When you share openly you have far more chance of receiving support to ensure the success of your plans, especially when the people included in the plan are invested in its success! Even if you’re sharing your plans with your adult children, or close friends who won’t benefit from your financial decisions directly, they will be able to support you in achieving your goals.
It’s a little like pushing a car. Pushing a car that has people inside, all by yourself, is much harder than them hopping out and helping you push.
Goals become reachable
When you’re able to be flexible, have loads of support… reaching the goals you’re working towards becomes that much easier.
Telling your spouse or partner that you’d like to save money to renovate your home will help them understand why you want to amend your household budget and with their support, it will be quicker and easier to save for those renovations. They can also help with managing the kids’ expectations and talk about how the changes will benefit everyone in the family.
Sharing your life and financial lessons with those closest to you promotes an environment of teamwork and inclusivity – and teamwork always trumps individual work!