By Michelle Wanjiku
When was the last time you talked to your friends about money? Do your conversations ever include budgeting, saving, investment or anything financial?
If not, then it is about time for you to start talking about finances with your trusted friends.
Talking about money is something most of us tend to avoid especially if it is with people close to us. However, there is a lot you can learn from your friends when it comes to finances and how to better your financial situation.
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Here are some benefits of talking about your finances with friends?
1. You can learn how to better your salary
How much information you give your friends about your financial situation depends on you. If you are comfortable enough to talk to your friends about how much money you are earning then this can be a good way for you to learn some tricks on how to negotiate for a better salary.
Share your negotiation tips with them and tips on asking for a raise as well as when to do so. By doing this, you will then be better equipped to ask for a better salary which will then boost your financial stability.
However, you need to remember that every situation is different and just because your friend was able to have their salary doubled doesn’t mean the same applies to your organization.
So, you need to consider your organization and the policies it has regarding salary increment so that you don’t end up asking for too much and getting rejected.
2. You will be able to budget better
When it comes to budgeting and saving, having an accountability partner will help you a lot.
Sometimes you might be tempted to stray from your budget or fail to save the monthly amount you had promised yourself you would.
This is where your friends come in, as accountability partners your friends will ensure you are saving and sticking to your budget which is going to help you stick with your financial plan and boost your financial situation.
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3. You can pick up useful tips
When you start talking money with your friends, you will be surprised just how much you learn.
For example, I didn’t know much about Sacco’s and how they worked, but after mentioning this to my friends who apparently were in Sacco’s I got some useful information that helped me make informed choices on which one to join.
You will not be able to achieve financial freedom if you are not aware of things that can help you get there, so having the money discussion will help you become more knowledgeable on how to make your money work for you.
4. Feel less shame and guilt
When you come up with a savings plan and have to cut down on the night out with friends, they may think that you are avoiding them. So being honest with them and telling them why you have to cut down will help reserve your friendship.
Not to mention that they will then accommodate your needs. For example, if you promised to cut down on eating out and instead, saving that money; if your friends are aware of this, then they will not ask you to go out and instead will come up with a cheaper way for you to spend time together.
Something to remember though is that not everyone is willing to talk about their financial situation; this means that you should not force your friends to talk about it. You can lightly bring up the subject and if they are willing then go ahead just ensure that everyone remains respectful.
The point is to ensure that you are benefiting from good financial advice and making steps to achieving financial freedom.
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The writer is a Communication Officer/Digital marketer at Career Point Kenya. Email: email@example.com