The 5 rules for talking about money

Money can be difficult to talk about, and many financial issues are complicated to tackle. Few people like to talk about money, and it's even harder because so many look at money in different ways, with varying needs and expectations. Money brings up so many strong emotions that people prefer to avoid discussing it, because it can lead to arguments. Here are the 5 rules for talking about money with your kids, parents, and friends.

1. Plan the conversation

Because money can be a charged topic, you shouldn't start talking about it without knowing what you want to say. The danger of being unprepared is the inability to deal with the responses you could get. When plotting the conversation, write down your ideal outcome with as many specifics as possible, and decide in advance how you'll respond to different reactions. Keep the vibe positive and constructive. Don't blame or judge anyone during the course of the conversation. Instead, listen and let the other person talk as much as possible. It's best not to have money conversations over the dinner table or combined with any other activity. Set a separate time and place for the conversation and have a written agenda for yourself. This will help assure that you don't forget anything you need to say and also help to keep emotions out of the moment. It's important to consider what it means to the person you'll be talking to before you start a conversation. When one family member views money as a means to immediate gratification but you think of it as a status marker of hard work and achievements, then the conversation has to make room for both those viewpoints, or else it will feel like a struggle.

2. Teach kids, in simple ways they can understand

Financial literacy isn't always taught in schools. So it's critical you give your kids a basic understanding of how savings, credit, and investing work. A good way to do that is by including your child in everyday shopping. At the grocery store, bring along a toy shopping cart and give your child a list of items to find with the lowest price. This will get them thinking of finances independent of you.


3. Be on top of your parent's financial situation

As parents age, adult children are often forced to move into a caregiver role. That means you need to know about your parents' finances — which can be challenging. Getting a professional involved. "Hiring a financial advisor can make the process less personal and much easier. Documents that can provide a full financial picture include tax returns, bank and brokerage statements, as well as insurance policies

4. When friends have problems, be a consultant—not an ATM

When a friend or relative asks for a loan, the trick is to help them, not become an ATM. "Never loan money that you will need in the foreseeable future. Instead of offering money, he says, show the friend how you organize and operate your personal finances. However, if the friend is repeatedly in dire straits, their problem with money may be deeper. "Suggest they get counseling to help for their need to be dependent.

5. If you're the one who needs a loan, always present a repayment plan

You'll make your request more convincing if you tell someone you're asking for a loan how you plan to repay it. You'll also commit yourself to resolve the debt, and you'll protect the personal relationship, the experts say. "Insist on paying interest at a rate of at least what your family member would earn if he or she put the money in a high yield savings account. setting the monthly repayment amount and specifying the interest rate. The best way to set up a repayment plan is to set up automatic payments from your checking account. This will help to eliminate a monthly conversation that could get uncomfortable.

SCB has a financial helper for people who are struggling with financial problems and need money urgently. Able to use SCB Speedy Loan service with a maximum loan amount of 5 million baht. Easy to make money by yourself through SCB Easy App. No need to meet anyone, don't be shy, don't be confused. Read more here

The matter of money is a matter that each person may look at from different angles. People of each age, each generation, or even men and women have a view of spending money. Money management and investment are not the same. There are no fixed rules for money management standards for each individual. But when it comes to talking about money, plan the conversation first. And speaking honestly will make conversations about money go smoothly and without discord.