Category Life Insurance

Breaking the Money Taboo: 7 Transformative Conversations for Financial Success

26 September 2023 Momentum Money
Cebile Zibi

Cebile Zibi

Momentum Money opens up the pandoras box of money conversation we all need to have with our loved ones.

Be honest with yourself. How often do you find yourself thinking about money? For most of us, it’s every hour of every day. This seemingly unquenchable force has a silent, yet relentless grip on our lives – often dictating our ability to be happy and move forward. Yet, despite the profound impact money has on our daily existence, the topic remains shrouded in secrecy – a taboo, even – among the people we hold closest to our hearts.

Chief Marketing Officer at Momentum Money Cebile Zibi poses the question, “Why is money such an emotional topic for most of us? Why aren’t we having more open discussions about money with our families, ourselves and with those we love? Instead, we choose to put up barriers that block us on our journey to financial independence.”

Momentum Money has now embarked on a brand mission to identify, unpack, and resolve the difficult money conversations that are holding so many South Africans back.

Together with marriage counsellors, a behavioural scientist, a psychologist, and a few media personalities, Momentum Money hosted a luncheon in which these difficult money conversations were the topic of conversation.

Here are some key conversations that came up during the event:

1. The Impact of Our Upbringing on Money Attitudes and Behaviours

How our upbringing shapes our view on money and influences our financial dynamics and behaviours in relationships and within our families.

2. Saying No to Family: Overcoming Financial Guilt and Obligations

Learning to prioritise our financial well-being by saying no to family members' financial requests and overcoming the guilt often associated with putting ourselves first.

3. Sharing Savings Goals: To Tell or Not to Tell?

Exploring the pros and cons of sharing our savings goals with partners and families, discussing important approaches to savings like aligning on savings goals, or revealing your own "secret" savings fund.

4. Trust vs. Dependence: Financial Independence in Relationships

It often happens that one member of a family becomes the controller of the finances. How do we navigate the balance between trust and financial independence within a family unit.

5. Rebuilding Financial Footing when your partner is gone

Whether it’s divorce, death, or the end of a long-term relationship, separating from your partner can be one of the most traumatic and emotional financial challenges. We can become so dependent on each other that we forget what they do for us, leaving us financially stranded when they are gone.

Couples need to have the right conversations with the right financial knowledge in place so they can be more prepared for the most unfortunate and tragic realities. This is especially critical when a partner passes away. When it comes to our finances, death needs to be part of the discussion.

6. The Importance of Discussing Death and Finances

Nobody wants to talk about it, but everyone knows that we all share the same fate. It shouldn’t be difficult to have a conversation about death and finances to ensure our loved ones continue to live the life you want for them when you are gone. Having crucial financial discussions that protect us and our families in the event of an unexpected death is vital.

7. Understanding the Psychology Behind Our Relationship with Money

We all need to explore the psychological factors that influence our spending habits and financial decisions. More importantly, we need to understand how we process and talk about this to build a stronger relationship with money and our loved ones.

In the end, Zibi says money doesn't have to be a mystery or a source of stress in your life. “These conversations can help transform our relationships with money, leading to stronger connections with the people in our lives. This is also the best way to start your savings journey, because it can and should be an individual journey,” she says.

Over the next few months Momentum Money will be exploring every one of these conversations to give them the individual attention they deserve.

“All progress begins with dialogue. Our fear of money is holding us back but a simple conversation can put us on the right financial footing together with those we hold most dear. What’s stopping you? Pick a conversation and take the first step towards financial freedom,” Zibi concludes.

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