Latest news with #moneyTalks
Forbes
16-05-2025
- Business
- Forbes
Why Women Need To Talk About Money Openly And Often
Why Women Need To Talk About Money Openly And Often Women are told it's impolite, tacky, or inappropriate to talk about money, and as a result, we've been silenced. But that silence has cost us in our paychecks, pricing products and services, investing our money, and our financial confidence. But if we want more wealth in the hands of women, we need to talk about money openly and often. The silence does not protect us; it takes our financial power away from us. If you want to build your financial confidence, you need to break the silence around talking about money and make regular and unapologetic conversations around the subject. There are consequences when women don't talk about money, and we see those consequences show up through every part of life and business. One of the most immediate costs to not discussing money is income. The wage gap persists because many women don't know what the others are earning or what they should be charging. In business, this shows up as undercharging and not charging for the value that the client is receiving. This silence also enables financial abuse and a lack of power in relationships. When we don't have those open conversations about debt, financial goals, budgeting, or financial purchases, too many women stay unaware about their household finances. Some don't even realize when and how they are being manipulated or controlled financially until it's too late. When money isn't discussed openly, many feel they do not have the skills or knowledge to invest their money, ask questions, or even negotiate financial terms. This can breed shame around financial mistakes, leaving women feel isolated when struggling financially. The reality is that women who are struggling financially are never alone. There's no need for money conversations to be formal or intimidating. The best money conversations are simple exchanges that build clarity and confidence. It can be as straightforward as asking a fellow business owner what they charge for a similar service or talking with your partner about a shared financial goal. You could text a friend and ask what app they use for investing their money or how they are planning for their retirement. We need to get comfortable about using words like profit, equity, debt, cash flow, wealth, and being rich. There's too much shame around these words, and talking about these topics only help us gain financial power. We learn to set smarter goals, manage our money better, and avoid costly mistakes. Money is a tool but often gets clouded with emotion. But money is fuel for your life and your business, and the more frequent conversations are had around money, the less fear or insecurity you will feel around the topic. You'll be in a better position to make financial decisions when you talk about money and grow your knowledge. There are many ways you can get a conversation started when you want to start talking more about money with friends and family. Here are a few conversation starter ideas: When you surround yourself with people who also talk openly about money, it makes it easier. Join masterminds or groups where women talk about financial growth. Whether it's focused on business, investing, or budgeting, these are safe spaces to talk about money and share your concerns. The bottom line is that women need to be talking about money and normalizing the conversation. The more you speak openly about money, the more confidence and knowledge you will have. When women lead these conversations, we not only build our own wealth, but we help other women build theirs. We need to normalize women having more money, and managing their money to build wealth.
Mail & Guardian
15-05-2025
- Business
- Mail & Guardian
How to manage money as a couple when you earn differently
Stephanie Ferreira, Director and Financial Planning Specialist at Chartered Wealth Solutions. B y Stephanie Ferreira, Director and Financial Planning Specialist at Chartered Wealth Solutions In many relationships, one partner earns more than the other. One may have taken a career break, started a business, faced retrenchment or simply be in a lower-paying profession. While this is completely normal, it can lead to resentment, guilt or confusion about what feels fair – especially when couples haven't discussed how to manage the imbalance. With the right conversations, it is possible to balance income differences in a way that feels equal, empowering and practical for both partners. The emotional side of earning differently An income gap doesn't just affect the household budget – it can influence how each partner feels, behaves and communicates about money. One partner may feel guilty about spending money they didn't 'earn'. The higher earner may feel burdened by carrying most of the financial responsibility. The lower earner may feel 'less than' – even when contributing in other meaningful ways. These dynamics aren't unusual. But they do highlight the need for honest, structured conversations about money and long-term goals. What feels fair is deeply personal, and there's no one-size-fits-all solution. What matters is that both partners are heard, involved and part of the plan. What couples are doing in practice In my experience as a financial planner, couples manage income differences in various ways. The most common approach is to split joint expenses proportionally to income. If one partner earns more, they contribute more. Whatever's left, each person uses for their own spending or saving. Others prefer a straight 50/50 split, regardless of income. A few pool all their income into a shared account and pay both joint and individual expenses from there. This approach is less common and can be challenging to manage. It often requires careful budgeting and tracking, especially when it comes to things like debit orders, subscriptions or personal spending. On the opposite end, some couples don't know what the other earns – and avoid joint planning altogether. Finding an approach that works for both of you The most successful couples are those who have the conversation, agree on a structure that feels fair and review it regularly. Money is deeply personal, so what feels 'equal' to one couple may not feel that way to another. Start with shared goals Goals are a great way to align your thinking as a couple. Set short, medium and long-term goals together. Before you know it, you'll be talking about what matters most and how you want to prioritise your money. Maybe the focus over the next year is travel and experiences. Or perhaps it's paying off debt, buying a new car or saving for a home. Talk about when you'd like to retire or whether one of you wants to take time off to study or start something new. When both partners feel invested in the plan, money becomes something that brings you together – rather than something that causes stress or conflict. Make the conversations easier Money silence usually leads to money stress. Once your goals are clear, the conversations become easier. You're not just talking about numbers – you're talking about what matters to both of you. Carve out time to discuss any concerns, ensure your spending plan aligns with your goals, agree on how expenses will be split, who's responsible for what and how often you'll check in. A practical tip: Set up a joint card or account for monthly shared expenses like groceries or eating out. Each partner contributes a set amount. It keeps the admin simple – and avoids the ongoing 'whose turn is it?' discussions. Don't attach your worth to your income Earning less (or not at all) doesn't mean contributing less. Raising children, supporting a partner's career or managing the home are all valuable contributions. The way you divide financial responsibilities should reflect that. Even if one partner earns significantly more, managing money should still be a shared responsibility. Ensure both partners have financial security If one partner takes a career break – to raise children, start a new venture or study – consider allocating a portion of savings or investments in their name. Long-term financial security should belong to both partners, not just the higher earner. The same applies if one spouse is earning significantly less. Think long-term and consider how the current arrangement fits into your broader financial picture. When balancing different incomes in a relationship, the most important consideration is to engage in open and honest conversations. You don't need to earn the same to feel like equal partners. When both partners are involved, informed and secure, money becomes something you manage together – not something that comes between you. For more information, visit
