Make an Appointment

Talking About Finances With Friends

Discussing finances with friends can feel overwhelming. Many people still consider it taboo. However, in recent years there has been a movement towards normalizing conversations about money within our social circles, including our friends. Talking about finances with your peers can lead to better financial decisions, reduced money anxiety, and strengthened bonds. Sharing financial experiences—both the successes and challenges—helps everyone learn and grow.

But what’s appropriate to share, and how can these discussions benefit everyone involved?


Setting Boundaries and Knowing What to Share

Before diving into money talk, it’s important to respect everyone’s comfort levels. Not everyone is ready to discuss the details of their finances. And that’s okay! Start by acknowledging that money is on your mind and gauge their reaction or interest in discussing it further. Here are a few topics that can be discussed without crossing personal boundaries:
 
  1. Investments: Instead of sharing exact figures, focus on general strategies, like the benefits of diversification or experiences with different types of investments. These discussions can help introduce new opportunities and foster informed decision-making.
  2. Spending Habits: Sharing tips on budgeting, managing discretionary spending, and reducing unnecessary expenses can lead to better financial discipline and inspire healthier habits.
  3. Banking Benefits and Referrals: If you’ve had a positive experience with a particular bank (or credit union!) share it. Referring friends to financial institutions you trust can help them find better deals and services (a lot of financial institutions offer referral bonuses too, so it’s a win-win for both of you). 

Navigating Potential Challenges

There are so many benefits to open and honest conversations about money with friends. However, it’s important to navigate these conversations carefully. Here are a few tips to get you started:
 
  1. Privacy and Respect: Always respect the boundaries of others. If a friend isn’t comfortable discussing certain aspects of their financial life, don’t push them. It’s crucial to maintain trust and ensure everyone feels safe and respected.
  2. How to Handle Disagreements: Financial decisions are personal, and friends may have different opinions. It's important to remember that everyone has a unique relationship to money based on their background and experiences. If disagreements arise, focus on understanding each other’s perspectives rather than proving a point.
  3. Avoid Comparisons: Comparing your financial situations can lead to envy or resentment. Remember that everyone’s financial journey is unique, and what works for one person may not be right for another.
Tip: Sharing financial goals can help you stay accountable
When friends share financial goals, they can encourage each other to stick to their plans. For instance, if you and a friend are both trying to save for a vacation, you can check in on each other’s progress and celebrate milestones together. Sharing your financial goals with friends can also help them understand why you may be cutting back on social costs and may lead to you embracing budget-friendly activities together.   


Encouraging Positive Financial Habits Among Friends

Promoting financial literacy within your social circle can have long-lasting benefits. By sharing resources, attending workshops together, or simply discussing money more openly, you can help each other grow financially. For example, share your favorite book focused on personal finance or attend financial webinars together. Discuss your new favorite budgeting app, credit card point strategies, or a nifty retirement calculator you found. These activities can help everyone in your group make better financial decisions and reap the rewards together.


Point Breeze Picks 

Member Referral Bonus
Refer a friend to join Point Breeze Credit Union to open a savings and checking account and you both will receive a $50 bonus! 

Visa Credit Cards
Check out the rewards and cash back you can get with no annual fee on our Visa Credit Cards! Get solid and low interest rates and exclusive offers while you shop.

Maximize Your Financial Wellness
Check out our blog post on maximizing your financial wellness— complete with tips on making financial goals, creating spending and savings plans, and holding yourself accountable by sharing your goals with a friend!
 

Point Breeze Credit Union is a full-service financial institution with locations throughout Maryland.