Sunday, April 6, 2008

Why Do People Avoid Talking About Their Finances?

Washington Post Personal Finance columnist, Michelle Singletary addressed the question of why people avoid talking about their finances in her latest column:

"Couples get married without discussing their financial history. Families fight about inheritances even before the deceased is six feet under. Why? Because Mom, Dad and Aunt Grace never discussed their wishes.
And when it comes to debt, some people keep so quiet that by the time they seek help their situation is dire. found that 47 percent of survey respondents would rather fess up about their weight, age or monthly mortgage or rent payment than discuss how much credit card debt they are carrying. "

Read the whole article here:

Why are personal finance discussions so scary to many people? Why are people so afraid of holding themselves accountable for the financial messes (and triumphs) they have been through? Digging yourself out of debt is nothing to be ashamed of. I for one love reading about people's personal finance success stories. That is what led me to reading personal finance blog. It is also what led me to starting my own personal finance blog.

Women seem to be afraid more than men to meet their financial struggles head on and end up paying for this in the end. Whether you are sinlge or married, have children or don't even have a pet (like me!); take small steps to educate yourself on your finances:

Open up ALL of your bills.
Start tracking spending and making a budget.
Start saving while paying down consumer debt.
TALK to your children about your finances so they don't make the same mistakes you did...basically, stop living with your head buried in the sand.

It's not easy but you will thank yourself in the end.