Here’s How to Get Through Those Tough Money Conversations With Those Closest To You

Here’s a few strategies to help you get through those tough money conversations. PennyGem’s Natasha Abellard has the story.

Transcript

00:00 (upbeat music)

00:02 At some point, we'll all have to have a conversation

00:06 where we are asking for more money.

00:08 And whether or not it's with your parents,

00:10 discussing debt with your significant other,

00:12 or with an employer for a better salary,

00:14 it can get awkward.

00:15 However, a few tips from NerdWallet

00:17 could make the conversations go smoother.

00:20 A 2018 survey from Merrill Lynch found that 70% of adults

00:24 aged 18 to 34 get some kind of financial help

00:27 from their parents.

00:28 So while there's no shame in asking for help,

00:30 when approaching mom and dad,

00:32 you should start with being specific

00:33 about what you need help for.

00:35 Also, admit your own mistakes instead of blaming anyone.

00:38 And make sure you have a plan in place

00:40 to show your parents how you are moving

00:42 toward financial independence.

00:43 If you're discussing debt with your partner,

00:45 make sure you both set a time aside

00:47 to have an honest and transparent conversation.

00:50 When it comes to your salary,

00:51 this conversation might seem hard,

00:53 but could potentially pay off.

00:55 The balance suggests that you do some research

00:57 to find out the appropriate range for your salary.

01:00 Afterwards, wait for the best time to have the conversation,

01:03 avoid throwing out your number first,

01:05 and consider negotiating your benefits

01:07 if your salary can't be changed.

01:09 [BLANK_AUDIO]