We all know someone who can’t seem to control their spending or make sound financial decisions. If that person is someone you care about, it’s understandable that you want to help them learn how to better manage their money. But simply telling them to “be more responsible” is rarely effective. For many people, talking about money can get uncomfortable really quickly, whether it’s saying no to someone who tends to take advantage of you or learning how to repair your own relationship with money. If you’re feeling a little out of touch, let’s take a look at ways you can help a loved one who’s struggling with their money without making anyone uncomfortable.
My partner is bad with money, what should I do? | How to deal with money and relationships
When it comes to money, tough love is rarely the way to go. Instead of criticizing or preaching, have an open conversation to better understand their underlying feelings and perceptions about money, so you can determine how best to help them. As I’ve argued before, we all have a money story, and it’s never as simple as “I’m bad with money.” Listen carefully for feelings like fear, inadequacy, or even resistance that are driving their financial habits. Try to get to the root causes.
Ask how they would like their financial situation to be different in an ideal world. What specific goals and time frames can you set together? Write these down and determine what initial steps they can take to begin working toward these goals. Offer to periodically evaluate their progress without judgment. Remember, you are not their financial advisor, but an accountability buddy.
Offer tools to help them build financial literacy at their own pace. Again, I’m not saying you have to be someone’s financial advisor, but there are plenty of reliable apps that can give your finances a boost. Other resources can include books, articles, budgeting apps, online courses, or even offering to meet with a financial advisor to talk about developing better money management habits. For more information, here are some of the best apps, depending on what kind of spender you are, or based on your savings goals.
