Money … we spend it, we save it, we earn it, we lose it, we’re motivated by it, we dream about it, on the daily; but one thing we rarely do is talk about it. It’s time to change that and start talking about money!
Many of us have been brought up to believe that talking about money is rude. Studies have even found that people are more comfortable talking about escapades in the bedroom than they are talking about money. (True story!)
Unfortunately, not talking about money doesn’t help us earn more, save more, get out of debt faster or spend what we have more wisely. It actually does the exact opposite.
South African consumers are in a lot of debt – R1.5 trillion worth of debt. The number is so big that it’s hard to imagine, but the result is that 80% of people responding to a PayCurve survey in 2020 said they had to take expensive short-term loans to make it to month-end, and 70% said that a chunk of their monthly income went towards short-term debt. That’s a lot of hard-earned cash leaving bank accounts as fast as it enters.
If this all sounds way too close to home, you’re in good company. You might not realise it because no one’s talking about it, but your friends and family are probably having similar experiences. Talking about money could be what you need to do to start turning things around.
Why you should start talking about money
You don’t know what you don’t know
If you aren’t talking about money, you may not know things like what you should be paying in rent or if your expenses are way too high. More than anything else though, if you aren’t talking about money, how do you know if you need to improve your financial situation?
You can plan as a family
If your parents didn’t discuss money at home or you never discuss finances with your spouse or partner, you’re not alone. But here’s the thing, a family that regularly talks about money and has budget meetings together is more likely to be financially successful and happier than a family that doesn’t.
If you’re having these discussions – even if they’re uncomfortable at first – you can plan better, together. You know what you earn, you have a plan in place to pay off debt, save for your goals and build the life you dream about.
You can learn smart money tips from your community
Do you know how your more money savvy friends budget and manage their finances? Maybe it’s time you found out. There are great apps and tools, such as TymeBank’s GoalSave, that are available to help you budget, save and make smarter money choices, and the best way to find out about them is to share your experiences – and to ask the people you trust what their top tips are. Best of all? Their great advice is mahala.
You’ll give your kids a head start in life
Money-savvy kids will make smarter financial decisions, save more, end up in less debt and earn more. If you’re open about your finances, model healthy financial behaviours and help them to learn about saving from an early age, you’re setting them up for future success.
How to talk about money
Talking about money as a family
You don’t need to pull out bank statements and grab a calculator (though you could if you’re willing to), but you can start talking to your family members about household finances in general and where you can all work together to cut down on expenses and save more.
A money discussion is also a great time to talk about shared financial goals, get excited about saving up for a new TV or a holiday, and plan how to get there. A shared goal can be fun to achieve together while everyone begins practising better money habits.
Set aside a regular time to talk about finances
It won’t be easy to start talking about money, so you need to make it a habit. The best way to build a habit is to do it regularly. Set time aside with your family and friends, pop it into your calendar and make sure you keep it. The more you chat about money, the easier it will become.
Make the most of your money
The best part of talking about your finances is that you’ll pick up some great tips – and you’ll be able to share your top savings advice.
For example, did you know that with TymeBank’s EveryDay account you can:
- Save on monthly bank fees – there are NO monthly bank fees, FREE debit orders, and FREE EFT payments to other TymeBank accounts
- Get your salary paid a day early with our EarlyPay feature*
- Get a powerful GoalSave savings tool and earn up to 8% interest a year*
- Earn Pick n Pay Smart Shopper points when you swipe everywhere and DOUBLE in a Pick n Pay store
- SendMoney to anyone with an SA cellphone, or mahala from TymeBank to TymeBank