As Halloween approaches, it’s ironic to think that I’d sooner face ghosts, vampires, zombies and even demons over having an honest and open conversation about my finances with myself; let alone anyone else. Money, for numerous reasons, has always been a taboo topic - yet it’s something we all need to get by. Not having these discussions not only stops us from achieving our own financial goals (or ghouls if you will 👻); it also prevents us from achieving economic equality together. It’s not our fault we’re in the dark - a lack of education, secrecy around the subject and the desire of the rich to get richer has put us here; but if we stay, most of us we’ll end up digging ourselves into a hole that’s difficult to escape - and future generations will bear the same consequences if we don’t do something about it.
It’s not all scary stories though - in order to fight the money monsters, here are 5 tips to not only achieve your own financial ghouls; but help others do so too! 🎃
- Check in with yourself. I know; Stephen King’s got nothing on sitting down with your bank statements and debt - but it’s got to be done. The sooner you understand the exact situation you’re in, the sooner you’ll be on your journey to incredible financial health. As it can be an emotional subject, we suggest planning ahead and making sure you’re in the right mindset to do so; whether means being with a loved one, listening to some music or with a glass of wine - whatever you need to do to create a calm and relaxed environment so you can focus on the task at hand. Once you’ve taken the time to understand your situation, start working on your budget and writing out your goals, a topic we’ve explored in this blog.
- Check in with others. It can be frightening to be the first to bring up the topic of money, but I promise others will be glad you have! Talk to your friends and loved ones about finances; whether that’s what you earn, any worries you have, what your goals are or just general thoughts on the topic. Breaking the ice and starting these conversations not only demystifies the subject and helps you realise you’re not alone - it could lead to you learning things you wouldn’t have been able to otherwise.
- Be open at work. Work can already be a spooky place for some, but being open about your salary can benefit both you and your colleagues. What bonuses were given out? What shares do people earn? What wages are everyone making? These discussions between you can result in more fair and equal pay, something we all deserve.
- Stay in the know. I know the news is scarier than any horror film out right now, but keeping up-to-date with economic affairs will help your financial health. If you’re aware of interest rates, inflation and looming recessions, you can plan ahead; reducing the negative impacts that periods of economic uncertainty can cause. What’s more, the more you understand economics, the more you can use it to your advantage - such as asking for a payrise that matches inflation at work, or investing in shares you’re aware are doing well. Knowledge is key, and we keep it simple by updating you weekly on our instagram!
- Spread the information. Finally, take this information and spread it amongst your friends and family! Being financially stable is great - but it’s even better when it’s shared; creating a happier, safer and healthier world 🌎
These tips may sound scary to follow, but they’re not nearly as horrifying as what can happen if you don’t. What’s more, Incredible is here to help - with our spookily great app that not only connects all of your credit in one place; it helps you get out of debt quicker and saves you money in the process - improving your credit score! Now that’s some frighteningly good news 👻