“Sika y3 mogya.” Money is blood, this directly translates. There is nowhere that this proverb rings truer than in a developing society such as ours. In nations, ecosystems such as this where the gaps between the haves and have-nots are so steep, money conversations are easily rendered heated and contentious.
In ecosystems such as this where the ratio between ‘depender’ and ‘dependants’ are so huge, money issues are very easily rendered murky. It becomes important then, finding yourself in such an environment, to master the art of money talk—especially when it comes to loved ones such as your immediate nuclear family, extended family, and close friends. Consider doing the following when it comes to this matter.
Don’t put up a face, let them know the facts on the ground
Many a time, our outward appearances and perceptions do not match our present financial capacities. But the world around us, loved ones especially, may have the wrong impression and begin to demand of us, more than we are realistically capable of giving. Depending on the levels of relationship with these individuals, you should endeavour to be as transparent as possible with them on your cash flows. Once again, depending on the nature of this relationship, you can include these loved ones of yours in your financial journey, so they know, in real time, what your financial capacities are.
Shed the assumptions
Assumptions stemming from cultural, sociological dictations and expectations must be done away with. Men are such and such with money. Women are such and such with money. Such preconceived societal notions have such sheer capacity of being injurious. When it comes to the issue of money, approach your loved ones for who they are and have shown themselves to be.
Condescension is cancerous
It is so often the case that, in a cash-strapped society like ours, we tend to traditionally approach money with some sense of defensiveness and high-handedness. We approach money like a war zone, a jungle where one can easily be eaten. This one-dimensional perception of money is faulty. Money is an enabling resource… One capable of enabling peace—when approached correctly—not war.
Hence, as we master this art of shedding preconceived assumptions when approaching loved ones about money, we must also, very crucially, do so, all semblance of condescension. Flawed societal stipulations—such as that which says this gender is better placed to lead the money talk than that gender—are dangerous. For spouses, it is good to recognise each other’s particular strengths and weaknesses. In family A, the wife may be the more ‘money savvy’ one, in Family B, it may just be the husband.
A never-ending conversation
They say there are only two things certain in life: death and taxes. By ‘taxes’, they inadvertently mean money. The money talk is not an event; it doesn’t end after a period. It is an ongoing issue demanding ongoing attention. Hence, you must keep the gates of discourse open at all times when it comes to money.
Collaborative learning
Wisdom is not in one person’s head, indeed. Even in a union between a financial expert and a lay person, the latter also has certain insights that the former can glean from when it comes to money. When discussing money with loved ones, we risk veering off into the lane of contention if we make these loved ones feel like the learning is a one-sided affair. That they are supposed to sit under our money tutelage—with us giving no room for them to express their opinions too. This one-way affair in money-related discourse is a recipe for contentious disaster.
External learning
A family that prays together stays together. Are we right in also saying that a family that learns together flourishes together? We think so! There is no better way to attain collective upliftment than for you and your loved ones, depending on the nature of the relationship, to schedule and undertake joint external learning sessions such as attending money-related webinars, conferences, and seeking expert advice together. Letshego has an impressive track-record in this regard.
Our vision is to be a world-class retail financial services organisation meeting the needs of mass and middle-income individuals & MSEs. And to attain this dream, never-ending public education and financial sensitisation is imperative. We undertake active and highly engaging educational/informational campaigns on various media platforms, through physical conferences, virtual webinars, etc. And don’t forget that we are always a phone call away to answer all your money questions.
Set joint goals
Talking alone won’t cut it; learn to undertake the necessary actions together. Faith without deeds is dead. Words without actions are meaningless. After it’s all said and done, it is important that you take certain tried-and-tested financial steps—not alone, but together with your loved ones… Again, depending on the nature of the relationship at hand. By so doing, you find that you are always on the same page, completing each other’s sentences when the matter of money is at hand.
Depending on the nature of the relationship, you can open joint or separate savings accounts or fixed deposit accounts, and set joint targets for yourselves. The Letshego ‘LetsGo Save -*898# account and Fixed Deposit account offer some of the country’s most secure, flexible, and competitive interest rates on the market. With the Fixed Deposit account, you are presented with a range of investment tenures—91, 182, and 365 days. The ‘LetsGo Save – *898# account offers you an impressive 12% per annum (i.e., 1% per month) interest rate. At Letshego our mission is simple—to improve lives!
Contact us to help make your financial journey with your loved ones as smooth and fruitful as possible. Talking money is the new love language. Don’t be shy to let the conversation flow!
>>>No need to stress about your financial future! With Letshego’s Fixed Deposit Account, your money works for you 24/7. Don’t wait any longer! For more information, Email: [email protected] or call 0302208333/ 0800898000 (Telecel only) or WhatsApp 0263677677
