Money Etiquette, Part Two.

I am slightly fixated on money etiquette. Following up my article earlier this year on the topic, I have found some fresh ideas on the topic. And if you think money etiquette isn’t an issue for you, chances are you’ll have a chance to reconsider in the near future when, inevitably, someone asks you how much you earn, spent on that jacket or whether you could spare $50 bucks. When that time comes, here are a couple of ways to arm yourself against the sticky situation.

Keep It In Real Time

I know people dump each other via text these days, but keeping it old-fashioned and in the real world will go a long way to saving yourself from a potentially disastrous situation. Texts, emails, pithy facebook comments are all far too easy to misread and could get you into a whole lot more trouble than you were in initially. Pick up the phone, or meet them in person. Yes, you’re uncomfortable. It’s money issues, everyone gets uncomfortable at that point. Yes, you might have bad news to tell them. But it will go down far smoother if you show that you have the respect and empathy for them to discuss it in person. After all, they would be missing 95% of what you were trying to say if you communicated it electronically. The importance of body language and tone is paramount when discussing a sensitive topic like money.

Keep It Real

The article that sparked my renewed etiquette fervour was one to be found in- unsurprisingly, as it is my current personal finance obsession- the Smart Cookies section of the Globe and Mail. In it, the author cited an example of a friend who had asked a colleague’s salary, found hers to be less and negotiated a higher salary as a result. It’s not a story I find particularly inspiring. Firstly, I don’t think that asking a colleagues salary really figures prominently in the ‘appropriate’ column of life. Secondly, as mentioned later in the article, there are a million reasons you might have different salary levels. Keep it real by looking at job ads on Seek to see what people in your position can expect to be paid. Discuss your wage openly with your boss, and try and negotiate improved benefits as part of a package. No sticky situation, no tensions at work and the potential for you to get a raise into the bargain.

Keep It Really Honest

The article mentioned the one time that an honest reply is a necessity- investment. If your friend wants to dash off and paint for a year, all power to them. If they want to invest a business opportunity and you know it’s a dicey call, don’t hold back in order to spare their feelings. A bad business investment will hurt more than their feelings. Knowing what’s important to bring up, and what’s not is crucial in avoiding sticky money situations. Have a conversation about requests for loans, or defaulting on rent. If you feel someone is constantly taking advantage of you financially, bring on the chat. On the other hand, if a friend breaks one of your nice glasses, remind yourself that you love them, it’s only money in the end and let it all go to the keeper.

Related Posts

• How to be polite with money in all respects

  Parents bewail them, grandparents remember them and children appear to not have any of them. Manners. When confronted with a small army of cutlery at a fancy restaurant, what knife should you use? What wine glass for which wine? And should men open doors for women, or is that a faux par? Manners and etiquette [...]

• You’ve earned it, so why feel guilty?

  We’ve all had an attack of the guilts at some point. Whether or not you are rolling in it, at some point in your life you turn on the TV and notice that you happen to be in the richest 1% of the world because you have more than $10 in your bank account. Then [...]

• Money Beliefs, And How To Change Them

  The way we think about money has a significant effect on how much money we have. So before we write yet another budget, how about thinking about these three money beliefs and whether they relate to you?

• Money saving tips for people in their 20′s

  Some things are obvious- don’t drink yourself into a coma regularly. Try not to damage your brain permanently with all manner of illegal substances. Don’t leave yourself with a permanent limp due to some escapades involving a stairwell and an impossible dare. But what actions are you taking in your 20s that hamper your finances? [...]

• Top 5 Awkward Money Situations & How To Handle Them

  Here are the top five situations you may find yourself feeling awkward in when it comes to money. We look at how to avoid them and what to do once these situations arise.