The importance of having the right money conversations cannot be overstated, even though the idea seems to make some of us uncomfortable enough to avoid these conversations.

However, money affects all your relationships and, in particular, your relationship with your partner and your family. Constructive money conversations will ensure that your finances are not a strain on your relationships, but rather builds trust and teamwork.

Here are four important money conversations you should have for a better financial future, even if it makes you feel a little uncomfortable at first.

1. A money conversation with your partner

Given that money is the most common cause of relationship stress, a money conversation with your partner could be one of the most important conversations you ever have.

Have an honest and open talk with your partner about money, your beliefs about it and what each of you would like to change.

Team up to draw up a family budget, have regular money meetings, make decisions together and learn together by, for example, attending a financial workshop.

2. A money conversation with your children

Children are often left out of financial conversations, especially if finances are tight.

However, it is important to teach children about money while they are growing up, because financial literacy is not taught anywhere else. Teach them how to budget, show them the importance of saving and investing, and help them to understand how to use credit wisely.

Children are often more willing to accept financial limits and to contribute to the family’s financial goals if they are included in the plan.

Regular constructive money conversations with your kids will ensure they feel more secure now and give them a better chance at a financially healthy life.

3. A money conversation with your financial service providers

Have money conversations with the businesses that provide the financial products, services and solutions you use, such as your bank, your advisers and your financial service providers.

Speak to them about what your financial needs and ensure that you are getting value for your money, which means the right quality product or service for you atthe best price, whether for insurance, finance, loans, savings or investments.

4. A money conversation with your employer

Having a money conversation with your employer may seem the most difficult, but speaking up about your ambitions for the future can open new opportunities.
Find out how your employer believes you could do your job even better and how you could add more value to the company. Volunteer for additional projects and responsibilities. Let your employer know you are keen to work your way up the career ladder and to prepare yourself for a promotion or a better position.

These four conversations don’t require much time or effort, but they will add value to your relationships and contribute to a better financial future.