Do money conversations stress you out?  One in three people say money conversations are the most frightening conversations you can have.  However, considering what a big impact money has on our relationships, having money conversations and setting boundaries is a vital skill to master.

Do you know how to have a money conversation? Do you know how to talk effectively about money matters with your loved ones or to say ‘no’? Can you express your money goals and share them with your partner, family members and friends?

Tip: Avoiding talking about money matters increases financial stress.

Just Surviving: Joseph is always the first person family members turn to when they need money. He is kind and always wants to help. He’s the first in his family to achieve a university degree and he has a good job but is really battling to make ends meet.  After sitting down with a coach, they worked out that he was spending 25% of his net income on family support, which he just can’t afford. He realised he can’t carry on like this and when he got another WhatsApp message from his brother requesting to borrow money, he decided he needed to sit down and have a money conversation with his family. He explained to them that he can only afford a set amount each month.  He has encouraged them to learn how to budget and referred them to his financial coach for support.

Steadily Striving: Linda is a single mom with two demanding teenage daughters to support. They are always pushing her boundaries and when they nag her, she ends up giving in.  After she met with her coach, she realised that if she wanted to reach her goal of saving for university fees, she needed to start having more honest money conversations with her children.  With the help of her coach, she has put firm boundaries in place, given her daughters a set, allowance and this has had the benefit of also teaching them the life skill of budgeting.

Totally Thriving: Patrick and Sarah are getting married next year and need to be careful with their expenses. They come from quite different backgrounds and realise they need to be on the same page financially and set goals for themselves as a couple.  They had a couple’s session with their coach and spent time looking at their different money personalities and discussed their goal to buy a home.  Their coach showed them how some of their money habits could be changed and emphasised the importance of teamwork when it comes to their finances.

Money problems are the most common cause of relationship stress. It’s important to foster open and honest communication with family members – share your financial goals, constraints, and limitations. Establishing clear boundaries will help manage expectations and prevent feelings of guilt or resentment. Chat to a financial coach about how to start having money conversations in your life.

Financial coaching is free, confidential, and accessible for you and your family

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