Should I Seek Money Advice From Friends?

Should I Seek Money Advice From Friends?

For many people, money is one of those topics that tends to be avoided or barely spoken about, especially when it comes to family members. However, research shows that individuals much prefer to communicate about their finances with their friends instead. For whatever reason this may be, opening up about your financial struggles can always be somewhat helpful, especially if you’re talking to the right people. In some cases, expressing your feelings and concerns towards your financial issues can help you let go and progress, which could otherwise result in mental health issues. Not only this but communicating with those around you could even help you gain some insight into your issues and guide you to make better decisions. On the other hand, there are many downsides. So, should you really be seeking any kind of money advice from your friends or those around you?

Speaking to People You Trust

Honestly, there is no right or wrong answer in terms of who you should and shouldn’t speak to regarding your finances. In fact, if you’re willing to share that information, you could really ask as many people as you’d like too. This way, you’ll be able to make your own judgement about whose advice you think would be best to listen to and potentially take tips from. However, before using any information, we advise that you communicate with people you trust. After all, unless they work in the financial industry or have extremely good financial management skills, their advice won’t always benefit you.

Does Their Advice Align With Your Goals?

Whether you’ve found someone you trust to communicate with or not, you need to consider whether or not their financial goals align with yours. For many people, their finances reflect their goals in life and where they aspire to be in the long term. If you are seeking advice from someone who doesn’t understand this or has different goals, you may find it more difficult to relate to or incorporate their advice into your daily budget/routine.

Professional Advice

Professional advice from a financial advisor isn’t something that everybody can afford or is willing to pay for. In fact, only slightly more than half of adults in a recent study said that, in the previous 12 months, financial difficulties had driven them to seek financial advice. Luckily, free professional information is available to everybody online. Even though it may be a little vaguer, websites like Money Helper can help you get a rough idea of how you can fix your finances without breaking the bank or falling into any further debt.

Our finances are something that we all struggle with at certain times throughout life. If you find yourself struggling to pay a debt or for something essential, here at LoanPig we can help. Click here for more information regarding payday and short term loans.