It Might be Time for a Checkup, Financially Speaking

A lot of people don’t like to talk about money. When the topic comes up, many people don’t have much to say. Could it have something to do with the fact that so many Americans are financially illiterate? Is it because a lot of people are unsure of how to feel about money because the conversations aren’t had growing up, not in social circles with friends, or in relationships with partners? Or is it because of the identity, emotions and social status we attach to it? It’s all of these things plus more. There are a lot of reasons why people choose not to talk about money, but in order to do something about the financial literacy problem and to mend economic disparities, we have to be willing to talk about it, be open to listening about it, and understand why knowing how to manage and talk about finances is critical to our survival and success.

 

It’s time for a thorough examination of how we perceive, feel about and utilize our finances; taking the time to assess not just your budget but also assessing your relationship with and communication about these things. Know that you aren’t alone. In a 2017 report by Acorns, 68% or respondents indicated that they would rather talk about their weight rather than how much money they have in savings. In this same accord, a study from Fidelity Investments, found that 43% of Americans indicated that they do not know how much their spouse makes.

 

There are resources to help you change your financial situation. At MoCaFi we help you Spend Smart, Build Credit and Do You as we guide you along your path to economic mobility, offering low cost financial services, rent reporting, VantageScore tracking and the Mobility Score. 

 

What is the Mobility Score and how does it work?

The Mobility Score measures and rewards positive financial health. We use your activity on the platform to assess money management, financial literacy, and financial planning activities. As you engage in activities in the MoCaFi app, your score will increase. Your individual Mobility Score unlocks new services and resources in the app. For example, you may unlock access to personal financial coaching, housing counseling, credit score counseling, and more once you attain a certain score. 

 

What else can I do to start feeling better, financially?

Getting access to affordable financial services is vital to your financial situation in order to be able to conduct transactions that are essential to living. You’ll also want to understand where you are and where you’re headed. Here are some things to think about as you work to create a better financial future.

 

Get an attitude adjustment 

Be honest with yourself and lay it all out. Do you like or dislike talking about money? If you clam up when the topic comes up, ask yourself why that is. Whatever is helping to construct these roadblocks, release it and start thinking about the new way you want to feel when the topic of money arises. 

 

Have you attached your worth as a person to your financial situation? If you have, get unattached. Get a new attitude about money and finances. The more you work to understand money and how to properly manage your finances, the easier it’ll be to start to form new thoughts and perspectives. 

 

Communicate 

This doesn’t mean you have to run around sharing every detail about your finances with anyone who will listen but it does mean having conversations about finances when it’s necessary. Be open with your partner about finances: talk about your current situation, what you want for your future, and how you can get there. Don’t be afraid to talk to your children about money, don’t repeat the cycle that got you to this point. Talking finances with your friends might prove beneficial as well, giving you all opportunities to share resources and grow. When you keep your mouth closed, you may miss opportunities to learn, to earn and to share. 

 

Learn 

Spend time understanding finances, start with the basics and don’t stop there. There are ample resources such as books, articles, blogs, podcasts, social accounts, workshops and more to help you understand and continue to grow.  

 

Plan 

What’s your plan? Do you have goals and a strategy on how you’ll achieve the results you want? A monthly budget is part of your overall plan. You’ll want to know where you currently stand so you can decide how you need to move. 

 

The topic of finances is one you can’t avoid so find a way to gain control and use it to serve you and your goals.