Most people with lots of money don’t talk about it much. There are a few out there who love to gloat how they’ve managed to line their pockets with the almighty dollar, but they are few and far between. Talking about your spending habits or lack thereof openly seems kind of…awkward?
So, should I talk about my spending?
If you’re currently in debt, talking about your spending could be useful, especially to someone like an investment adviser or a financial planner. But these people are paid to know about your spending habits and use them alongside your investment goals to create a plan for you.
I’m more so thinking along the lines of should you discuss your spending habits with friends or family? It’s difficult, but it’s definitely possible.
First off, in order to talk about your spending habits with others, you have to have some sort of a genuine connection with the person. Talking about your spending, especially if it’s getting out of control with someone you’ve known for a limited amount of time generally doesn’t have the same effect.
Why? Well, I’m going to be pretty blunt here. They simply don’t care. Go up to a random person on the street and tell them you spent $400 on a limited edition top of the line gadget but you’re going crazy because it put your credit card over the 5 figure mark and they will probably just call you an idiot. Now, obviously you aren’t going to be doing this, but having the conversation with someone you’ve known for 6 months may not have a much better result.
This is where good friends and family come in
Whether it be your best friend, your mother, or your spouse, these are the people you want to talk to about your spending, especially if it is getting out of control. In the case of your best friend, they probably have your best interests at heart, and, unless they are absolutely terrible with spending as well (which in that case, you can both enjoy your own regrets together and seek a third party for help) they will maybe give you some tips or advice to help you get back on track. This is especially the case when you’re debt is beginning to rise and you’re not sure what to do. But, be sure to tell them this.
It doesn’t really help the situation at all when you simply tell them you’ve been spending too much recently. You’ve got to tell them you’re spending more than you make. I had this exact situation happen to me, where a friend came forward and told me he has desperately got to get his finances and spending habits in order. I kind of shrugged it off, because he makes a 6 figure salary and I kind of thought he was just wasting money that was in his bank account. Little did I know (and like I said, he had forgot to mention) he had wracked up over $40 000 in consumer debt.
The next best choice? A member of your family, particularly an older one. One that has been through the perils, probably has made the same mistakes as you. Tell them about your situation, your spending habits, and ask for any advice on how to get them in line.
All in all, it’s your choice whether or not you’d like to talk about them
I really don’t talk to many people about my finances.Whatever I choose to spend, and whatever I choose to spend it on is ultimately my choice. For most people, this will be the case. The only situation that I would recommend you talk about your finances is if your spending is getting a little out of control and you’re accruing debt. Spending money is somewhat of an addiction, and one you may need help with. And most people who know they have a problem, tend to spend more to keep their mind off the problem.
All that said, you don’t need to talk to friends or family about it. There are a ton of professionals who take a lot of pride in getting peoples finances in order. Head to your local bank and see what they can do for you. I won’t go too in depth in this article, but if you are already quite deep in the never ending hole that is debt, you can definitely look towards consolidation services as well.