“Others might be feeling similarly and are too nervous to speak up!” So don’t feel bad about saying something is out of your budget for now, says Kapusta. In fact, a recent Fidelity survey found that more than half of women (53%) cut back on non-essential expenses and entertainment in the past year. In this economy, people are paying more attention to their finances. But keep in mind, you might not be the only person feeling this way, says Kapusta. That might feel uncomfortable at first-especially if you’re used to people-pleasing. For example, “Heads up that I can only pay for my own meal right now so I don’t want to split the check.” Or “Thank you so much for including me, but I’m actually going to opt out. If saying “no” or adjusting money expectations with people is still new for you, try having a few go-to responses in your back pocket, Minaa B.
It’s a lot easier to say “let’s go to the cheaper matinee performance” if you know the Friday night outing will eat into your vacation fund or your rent budget, for instance. Having a basic understanding of your budget is so important, agrees Minaa B., LMSW, licensed therapist, social worker, writer, and founder of Minaa B. “You’re going to feel so much more confident about where you stand with your finances the moment you wrap your head around it,” Kapusta says. But knowing what you can and can’t afford is the first step to beginning to feel better about your finances, says Lorna Kapusta, head of Women and Customer Engagement at Fidelity Investments. And yet, 57% of young Americans dread the thought of budgeting and 65% admit they avoid thinking about their finances altogether, according to a Fidelity study. Know your money situation-and have some go-to phrases.įirst things first, in order to have more productive and comfortable conversations about money, you’ll need to understand your finances. We consulted the professionals to get their advice for navigating awkward money conversations. But we’re here to say that it’s time to end the taboo of talking about money.
Clueing people into what you can afford can feel so awkward that you want to enter the witness protection program. Who among us has been at a meal with a friend when you realized-gulp-the menu was way over your budget? Or maybe you’re hanging out with a bunch of people and an activity gets suggested (that everyone is clearly stoked about) that will single-handedly demolish your savings.
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