Teamwork makes the dream work! A vital money move is to connect and collaborate with people who impact you financially, whether this is family or friends. Together you can achieve more!
With the cost of living being what it is, it's unusual for people to get together and not share the load. At a bring and braai, for example, you would ask people to bring something they are good at making or that you know they can afford.
What happens when it comes to managing your finances – do you share the load? When did you last connect and collaborate with those who impact you financially? Just like a bring and braai, could you share the load and not only be open to new ideas to make your money go further but also create financial awareness, financial literacy and a positive and supportive money attitude within your home environment?
While financial conversations may be uncomfortable at first, when you get into the habit of collaborating with those who impact you financially, you will soon see the benefits.
Here are some great ideas on how to get family members on board when it comes to financial wellness.
Conversation starters are a great way to break the ice and foster productive discussions and collaboration.
Who would be able to make R100 last the longest and why? What are ten basic things we always buy every month, and where is the cheapest place to buy these items? List ten items in the grocery cupboard and decide whether these are “wants” or “needs”. If you won the lottery, what would you do with the money?
Creating a shared goal is another great way to get everyone on the same page. Decide on a short-term goal together and then as a family work out how much you need to save and how you are going to go about doing this. Make the goal visible by for example putting up motivating pictures and a savings thermometer graphic that you can fill in together. Examples of goals might be a holiday at the end of the year or something for the house that you can all look forward to enjoying.
Brainstorm together asking family members to come up with ideas on how to save money on expenses. This could include groceries, water and electricity, cell phone or transport costs.
There are so many advantages to sharing the load and working together towards financial wellness. There is a sense of solidarity, and the added bonus is that people are more likely to stick to ideas that they helped to come up with. Working together also means you hold one another accountable for your actions and decisions – often preventing impulsive or irrational financial behaviours and ensuring everyone stays focused on the goal.
When you start to engage with others you also get to tap into the knowledge and expertise of those around you which can often boost your outlook, broaden your perspective and lead to better decision-making and more effective financial strategies.
Whether you are experiencing a financial challenge or want to celebrate a financial achievement, financial well-being is better when you do it together.
Reach out for financial coaching for more tips on how to work towards financial wellness.
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