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How much information do you tell your friends and family about your finances? Do they know how much your salary is? Do they know what bills you have to pay? Do they know the state of your bank accounts?
I’ve been in circumstances where telling others about my financial situation ended up helping me. And I’ve been in circumstances where it was a disaster. Personal finance is often a touchy subject. You have to determine how much information you should reveal, and most importantly, who can be trusted with that information.
Sometimes it’s a good idea to talk about your finances with others. Your friends and family can offer some great suggestions for managing your finances. We can be blind to possible solutions when we’re in the middle of financial problems, and talking about your particular situation with others might bring some creative resolutions to light. You can also find out about new financial Web sites, good deals, and different ways to approach your finances.
Make sure that the people you confide in about your financial matters are dependable and respect your privacy. I made the mistake of telling one of my family members about the horrible financial situation my husband and I were in. She caught me at a time when I was distraught and completely overwhelmed with everything concerning money. I told her some embarrassing details, but I needed to vent to someone, and she seemed so sincere.
Several weeks later, I was stunned when my uncle asked me if everything was okay with my husband and me. I said everything was fine, and he said, “I heard that you’ve been having some money problems. Let me know if there’s anything I can do to help.” He then proceeded to tell me the details of what he had heard. My uncle meant well, but I would have given anything to be able to vanish on the spot.
My suggestion to you:
Choose your financial confidantes with care. You can learn to look at your financial problems from another point of view when you confide in others. You may also be putting yourself into an embarrassing situation if you choose the wrong person to confide in.
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