I’m a CFP: Here’s Why You’re Insecure About Money and Need a ‘Budget Buddy’

Financial Planners

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With current social media trends and information easily accessible on the internet, conversations around money have steadily become the norm. Trends showcase influencers’ real, sometimes deceiving, financial situations that do not match the lavish lifestyles they portray on social media.

However, this can open the door for conversations about finances. And this can be a good thing, leading to improvements in your personal finances in some cases. In fact, a recent survey found that 66% of Americans believe that having open conversations about money can help them achieve financial freedom.

GOBankingRates spoke to Kendall Meade, a certified financial planner with SoFi, about how money conversations can lead to financial freedom — and how you can start talking to your loved ones about money today.

Money Conversations Help Us To Continue Learning

By refusing to have conversations about our finances, we are closing ourselves off from truly learning. Meade said the root of feeling insecure about financial issues often comes from our childhoods.

“It goes back to [our] family and how [we] were raised — when we’re not talking about [money], we’re not learning,” Meade said.

Some may have been raised in households that openly discussed money, whereas others grew up in environments where money was never talked about with children.

In order to become financially free, you must be able to let go of your childhood values regarding money and adopt a mindset of growth. Being open to learning through discussing money with others is one way to work toward financial freedom.

Accountability Is Important

Talking about money with others allows you to feel supported and cared for, even if those people are not equipped to lend you a hand financially through a loan or paying for essentials. 

“You’re able to have that support system,” Meade said. “I would recommend everyone have a budget buddy — someone, a partner or a friend, who is in a similar situation as you.”

A budget buddy is someone who can support you in your goals of achieving financial freedom. This person is someone you can trust and is also benefiting from your efforts.

Ideally, both of you are walking the same path and have similar financial goals.

“Support one another — meet up once a month, just share your successes and your failures, and get ideas from one another,” Meade said. “Having that person that can hold you accountable can be really helpful.”

If you are unwilling to have conversations with others about money, you may be missing out on a perfect opportunity to find a budget buddy who can help you stay on track with your finances.

When in Doubt, Talk to a Professional

You may have taken those steps to talk about finances with others, but feel that their advice is unhelpful or that you need professional assistance beyond what friends and family can provide.

“Talking with a professional can be a good place where you can learn the basics,” Meade said.

Certified financial planners like Meade are professionally equipped to talk about any of your financial concerns. They are experts who have the tools necessary to aid struggling people, and can help you create a solid financial plan for the future.

By being willing to have money conversations with a professional, people can get the advice needed to get their life back on track.

Final Thought

It is no surprise that over half of Americans believe that financial freedom can be achieved through open dialogues regarding money.

Money is directly related to our emotions and happiness, and times are changing in regard to our willingness to discuss money matters with others. Now people close to us, as well as people online, are openly talking about both their financial struggles and successes.

Talking about money is one of the most effective ways to achieve financial freedom. In fact, it may be one of the most important first steps that will drastically change people’s perspectives on their finances.

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